CinemaStar Luxury Theaters Reports Strong First Quarter Revenue Growth.SAN DIEGO--(BUSINESS WIRE)--Aug. 15, 1997--CinemaStar Luxury Theaters Inc. (Nasdaq:LUXY) Friday Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant reported revenues of $5.8 million for its first fiscal quarter ended June June: see month. 30, 1997, up 35 percent from $4.3 million a year ago. The increase reflects significant growth in theater attendance from a greater number of screens in operation, including the company's newly expanded 13-screen Ultraplex theater in Oceanside Oceanside. 1 City (1990 pop. 128,398), San Diego co., S Calif., on the Gulf of Santa Catalina; inc. 1888. It is a commercial and trading center for an inland farm area and for nearby Camp Pendleton, a huge U.S. marine corps amphibious base. , Calif.,and two new Ultraplex entertainment centers in Riverside, Calif. However, the company reported a first quarter net loss of $878,897, compared with a net loss of $993,685 for the corresponding quarter last year. On a per-share basis, calculated on 25 percent more shares outstanding, the company's net loss for the quarter was $0.11 per share, compared with $0.16 per share a year ago. For the first quarter, admissions revenue increased 32 percent to $3,915,058, compared with $2,963,529. Concessions revenue rose 43 percent to $1,719,006, vs. $1,202,922 a year ago. John Ellison El·li·son , Ralph Waldo 1914-1994. American writer whose novel Invisible Man (1952) is a naturalistic depiction of a young Black man's struggle against American society. Noun 1. Jr., president and chief executive officer, noted that the number of new screens in operation for the first quarter has increased to 64 from 44 at the end of the fiscal year 1996, reflecting a year of expansion in underserved markets. Five additional screens were added two days after the end of the quarter, bringing the total to 69 screens. Ellison added that cash flow from operating activities was a positive $170,000. "Our goal continues to be the development of luxury theater complexes in those areas where there is a need to fulfill ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. the viewing public's demand for a quality filmgoing experience," Ellison said. Separately, the company announced that it is continuing active discussions with a group of investors led by Rust Capital Ltd., an Austin Austin. 1 City (1990 pop. 21,907), seat of Mower co., SE Minn., on the Cedar River, near the Iowa line; inc. 1868. The commercial and industrial center of a rich farm region, it is noted as home to the Hormel meatpacking company, whose Spam Town museum , Texas venture capital firm, to complete an agreement allowing Rust to purchase newly issued shares of CinemaStar's common stock for $15 million. A previous letter of intent with Rust has expired ex·pire v. ex·pired, ex·pir·ing, ex·pires v.intr. 1. To come to an end; terminate: My membership in the club has expired. 2. , but the parties are negotiating an agreement. No assurance can be given that an agreement will be reached. CinemaStar Luxury Theaters, founded in 1989, operates seven first-run movie theaters, with a total of 69 screens 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, . CinemaStar theaters feature high quality projection and sound capabilities, 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 sound environment systems in most auditoriums, along with luxury amenities such as high-back reclining seats and extra wide aisles between seat rows. -0- The information contained in this news 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 plan, 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/A on file with the Securities and Exchange Commission. -0-
CINEMASTAR LUXURY THEATERS
Statement of Income
Three Months Ended Year Ended
June 30, March 31,
(unaudited) (audited)
1997 1996 1997 1996
Total revenues $5,752,733 $4,260,403 $19,631,621 $11,524,740
Total costs and
expenses 6,451,314 4,128,503 21,201,275 11,863,275
Operating loss (698,581) 131,900 (1,569,654) (338,535)
Other income (expense):
Non-cash interest
expense related
to convertible
debentures -- (977,568) (2,048,997) --
Interest expense -- -- (678,041) (400,966)
Other expense (186,869) (150,661) (43,018) --
Interest income 6,553 2,644 36,940 102,516
Total other expense (180,316) (1,125,585) (2,733,116) (298,450)
Loss before provision
for income taxes (878,897) (993,685) (4,302,770) (636,985)
Provision for income
taxes -- -- (1,600) (1,600)
Net loss $ (878,897) $ (993,685) $ (4,304,370) $ (638,585)
Net loss per common
share $ (.11) $ (.16) $ (.61) $ (.10)
Weighted average number of
common shares and share
equivalents
outstanding 7,790,747 6,254,000 7,099,000 6,200,000
CONTACT: CinemaStar Luxury Theaters Inc., San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. John Ellison Jr. or Alan A`lan´ n. 1. A wolfhound. Grossberg, 619/630-2011 or Pondel Parsons Parsons, city (1990 pop. 11,924), Labette co., SE Kans.; inc. 1871. It is a shipping point for dairy products, grain, and livestock. Manufactures include ammunition, wire and paper products, plastics, and appliances. & Wilkinson Craig Parsons/Michael Pollock, 310/207-9300 |
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