CinemaStar Luxury Theaters announces first-quarter financial results.SAN DIEGO--(BUSINESS WIRE)--Aug. 13, 1996--CinemaStar Luxury Theaters 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 :LUXY) Tuesday announced financial results for the first fiscal quarter ended June 30, 1996. Total revenue for the three-month period was $4,260,403, a 59 percent increase over revenue of $2,679,501 for the same period in the previous year. The net loss for the quarter was $16,117, compared with a net loss in the first fiscal quarter last year of $218,485, or 4 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. . Quarter-to-quarter comparisons were affected by the addition of two theaters -- the Chula Vista Chula Vista (ch  `lə), city (1990 pop. 135,163), San Diego co., S Calif., on San Diego Bay; inc. 1911. 6 and the Riverside Mission Grove 14 --
since the close of the first fiscal quarter last year.
"Overall, we are very pleased with the progress CinemaStar has made, and with the results for the quarter," said John Ellison Jr., CinemaStar's president and chief executive officer. "The company generated cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses of approximately $511,000." According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Ellison, the success of early summer hits such as "Twister" and "Mission: Impossible" were key to the company's performance, particularly at the new Riverside location. "In its first moth of operation, the 14-screen Ultraplex was breaking attendance records for the Riverside market," he said. CinemaStar Luxury Theaters operates five first-run movie theaters, with a total of 44 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, . A sixth theater -- a 10-screen Ultraplex in Perris, Calif. -- will open later this month; and the company has announced plans to open another 10-plex adjacent to the campus of the University of California, Riverside The University of California, Riverside, commonly known as UCR or UC Riverside, is a public research university and one of ten campuses of the University of California system. , in the fall. In addition, the company's international subsidiary, CinemaStar Luxury Theaters S.A. de C.V., has signed agreements to co-develop two theaters in Mexico -- a 12-plex in Guadalajara, and a 10-plex in Tijuana -- with leading business groups in that country. All of CinemaStar's theaters feature high-quality projection and audio systems, including LucasFilm's 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 system in many auditoriums, along with luxurious amenities such as high-back reclining seats and extra-wide aisles between seat rows. -0- NOTE: With the exception of historical information, the statements set forth above include forward-looking statements that involve risks and uncertainties. The company wishes to caution readers that a number of important factors could cause actual results to differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements are discussed in the company's filings with the Securities and Exchange Commission, including its recent filings on form 10-KSB and form 10-QSB. More information about the company is available in those filings. 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. Jon Meloan, 619/630-2011 or McQUERTERGROUP Don Markley, 619/450-0030 |
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