CinemaStar Announces First Quarter Results.Business Editors SAN DIEGO--(BUSINESS WIRE)--Aug. 21, 2000 CinemaStar Luxury Theaters, Inc. (Nasdaq:LUXY) today announced results of operations for its first quarter ended June June: see month. 30, 2000. For the three months ended June 30, 2000, the Company reported total revenues of $7.1 million compared to $7.3 million for the three month period ended June 30, 1999. The Company's net loss for the quarter was $848,000 or ($0.13) per common share, compared to a net loss of $429,000 or ($0.11) per common share for 1999. Theater cash flow, a common measure of performance for movie exhibitors, was $673,000 or 9.4% of total revenues for the three months ended June 30, 2000, compared to theater cash flow of $981,000 or 13.4% of total revenues for the same period in the prior year. Jack Crosby Crosby, town (1991 pop. 54,116), Sefton metropolitan district, NW England, on Liverpool Bay. Formed in 1937 from the urban districts of Great Crosby and Waterloo-with-Seaforth, Crosby is primarily residential. The town's history dates back more than 1,000 years. , Co-Chief Executive Officer of CinemaStar, said "We are successfully weathering a down-cycle in this industry, and hope to improve margins by closing losing operations, avoiding excessive leverage, and capturing migrated audience flow from terminated ter·mi·nate v. ter·mi·nat·ed, ter·mi·nat·ing, ter·mi·nates v.tr. 1. To bring to an end or halt: theater operations in our markets." The Company completed the expansion of its Mission Grove theater from 14 to 18 screens in early April. The four screen expansion features stadium seating, high-back love seats, retractable re·tract v. re·tract·ed, re·tract·ing, re·tracts v.tr. 1. To take back; disavow: refused to retract the statement. 2. cup holders, and state-of-the-art projection projection, in psychology: see defense mechanism. See rear-projection TV, front-projection TV and LCD panel. (theory) projection - In domain theory, a function, f, which is (a) idempotent, i.e. and sound equipment. The expansion, which encompasses approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 20,000 square feet, includes a full service concession stand Concession stand is the term used to refer to a place where patrons can purchase snacks or food at a cinema, fair, Stadium, or other entertainment venue. Some events or venues contract out the right to sell food to third parties. in addition to the four new stadium auditoriums. The expansion of the Mission Grove complex further solidifies CinemaStar's position as the premier theater operator in Riverside Riverside. 1 City (1990 pop. 226,505), seat of Riverside co., S Calif.; inc. 1883. One of the fastest growing U.S. cities in the late 20th cent., it is famous for its orange industry. County. The Company closed its six screen theater on Third Avenue in Chula Vista, California “Chula Vista” redirects here. For the area in Florida, see Chula Vista, Florida. Chula Vista is a city in southern San Diego County, California, United States. at the end of June. The Company is offering the property for sale, and does not anticipate re-opening the theater. CinemaStar owns and operates seven motion picture theaters in southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, (87 screens) and one theater in Tijuana Tijuana (tēhwä`nä), city (1990 pop. 698,752), Baja California state, NW Mexico, just south of the U.S. border. It is a gaudy border resort, noted for its racetracks and bullfights. An irrigated agricultural area surrounds the city. , Mexico Mexico, city, Mexico Mexico or Mexico City, Span. Ciudad de México (Méjico), city (1990 pop. 8,236,960; 1991 met. area est. 20,899,000), central Mexico, capital and largest city of Mexico. (10 screens), for a total of nine theaters (97 screens). CinemaStar theaters feature high-quality projection and sound systems, including LucasFilm THX A design system that provides realistic sound playback for movie and home theater from THX, Ltd., San Rafael, CA (www.thx.com), an independent spin-off from Lucasfilm, Ltd. The THX Sound System was developed during the production of the Return of the Jedi in 1982 and named after George Stereo Surround Sound An audio recording and playback system that uses five or more channels plus a subwoofer channel. See 5.1 channel and 3D audio. environment systems, along with luxury amenities such as high-back reclining seats and extra-wide aisles between seat rows. Further information may be obtained from the Company's website: www.cinemastar.com.
CINEMASTAR LUXURY THEATERS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE QUARTER ENDED JUNE 30
(UNAUDITED)
Three Months ended June 30,
2000 1999
---- ----
REVENUES:
Admissions $ 4,825,368 $ 5,055,021
Concessions 2,084,307 2,093,434
Other operating revenues 210,476 156,917
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TOTAL REVENUES 7,120,151 7,305,372
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COSTS AND EXPENSES:
Film rental and booking costs 2,445,249 2,902,221
Cost of concession supplies 369,680 375,812
Theater operating expenses 3,632,663 3,046,044
Selling, general and
administrative expenses 642,487 732,784
Depreciation and amortization 797,490 597,127
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TOTAL COSTS AND EXPENSES 7,887,569 7,653,988
----------- -----------
OPERATING LOSS (767,418) (348,616)
OTHER INCOME (EXPENSE):
Interest expense (154,179) (93,016)
Interest income 10,861 12,602
----------- -----------
TOTAL OTHER EXPENSE (143,318) (80,414)
----------- -----------
LOSS BEFORE PROVISION
FOR INCOME TAXES (910,736) (429,030)
PROVISION FOR INCOME TAXES (62,237) --
----------- -----------
NET LOSS $ (848,499) $ (429,030)
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BASIC AND DILUTED
NET LOSS PER SHARE $ (0.13) $ (0.11)
=========== ===========
WEIGHTED AVERAGE SHARES 6,289,196 3,864,986
=========== ===========
CINEMASTAR LUXURY THEATERS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
FOR THE QUARTER ENDED JUNE 30
(UNAUDITED)
June 30,
2000
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 717,718
Prepaid expenses 203,730
Other current assets 346,115
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TOTAL CURRENT ASSETS 1,267,563
Property and equipment, net 13,327,921
Deposits and other assets 561,528
------------
TOTAL ASSETS $ 15,157,012
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LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Line of credit $ 2,000,000
Current portion of long-term debt and capital lease
obligations 29,391
Accounts payable 1,359,462
Accrued liabilities 426,934
Deferred revenue 485,249
------------
TOTAL CURRENT LIABILITIES 4,301,036
Long-term debt and capital lease obligations,
net of current portion 1,693,498
Deferred rent liability 4,763,968
------------
TOTAL LIABILITIES 10,758,502
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STOCKHOLDERS' EQUITY:
Common stock, $0.01 par value;
authorized shares 20,000,000;
issued and outstanding shares 6,289,196 62,892
Additional paid-in capital 29,665,121
Accumulated deficit (25,329,503)
------------
TOTAL STOCKHOLDERS' EQUITY 4,398,510
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 15,157,012
============
The information contained in this press release contains certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risk and uncertainties, such as the statements of the Company's plans, objectives, expectations and intentions. The Company's actual results could differ materially from those indicated by such statements as a result of various factors, including those discussed in the Company's Form 10-KSB and Form 10-QSB on file with the SEC. |
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