Cinema Ride releases results for first nine months of 1996; records first profit in third quarter.STUDIO CITY, Calif.--(BUSINESS WIRE)--Dec. 6, 1996--Cinema Ride Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :MOVE) has released financial results for the nine months ended Sept. 30, 1996. Revenues for the nine months increased by 41.83 percent as compared with the same period in 1995, while operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. before depreciation and interest for 1996 decreased by 15.90 percent from 1995. Revenues for the third quarter 1996 increased 50.54 percent over 1995, enabling the company to record its first profitable quarter. "We are very pleased with our progress in 1996," said Mitch Francis, Cinema Ride's chief executive officer. "We just opened our third location -- in the heart of Times Square in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. -- and revenues from our Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. location continue to excel. Third quarter revenues reflect less than a full month of income from our new Times Square location. "Early indications are that revenues from our Times Square location will be comparable to those from our Las Vegas location," he continued. "We expect revenues for the year to exceed $3 million, which is an increase of approximately 35 percent over the prior year. We have also lowered operating costs operating costs npl → gastos mpl operacionales at each location and are in discussions to obtain financing. We are very pleased with the market enthusiasm for our 3-D attractions and we are looking forward to continuing our growth," he added. Cinema Ride develops, owns and operates amusement rides featuring the first 3-D motion simulator facilities in the United States. These rides combine projected three-dimensional action films with hydraulically mobilized seating platforms that move in concert with the on-screen on·screen or on-screen adj. & adv. 1. As shown on a movie, television, or display screen. 2. Within public view; in public. action. To date, the company has developed and opened three facilities, in The Forum Shops at Caesars Palace, Las Vegas; The West Edmonton Mall West Edmonton Mall (WEM), located in Edmonton, Alberta, Canada is the largest shopping mall in North America and the third largest in the world. , Edmonton, Alberta; and, Times Square in New York City. Cinema Ride Inc. has headquarters in Studio City, Calif. CONTACT: Cinema Ride Inc., Studio City Mitch Francis, 818/761-1002 or Self & Associates Trudy M. Self, 818/880-5437 |
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