Cineplex Inc. says it’s increasing its dividend, but has reported a lower first-quarter net profit of $5.1 million due to severe winter weather in parts of the country and weaker box office draws.
The national theatre chain said it earned eights cents per share diluted, down 42.5% from $8.8 million, or 14 cents per share diluted, in the same quarter of 2013.
However, revenues were up 12.9% to $280 million year-over-year mainly due to the 2013 acquisitions of 24 Empire theatres and digital media company EK3 Technologies Inc.
Cineplex announced a 4.2% dividend increase to $1.50 per share annually, up from the current $1.44 per share.
The theatre chain says its box office revenue was up 7.6% to $156.2 million, compared with $145.2 million year-over-year.
