CinemaStar Luxury Theaters announces second-quarter financial results; San Diego chain posts first quarterly profit since February IPO.SAN DIEGO--(BUSINESS WIRE)--Nov. 14, 1995--CinemaStar Luxury Theaters (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 Tuesday: see week. announced financial results for the three months and six months ended Sept. 30, 1995. Total revenue for the three months was $3,219,333, compared with revenue of $3,159,414, for the same period in the previous year. Net income for the three months was $58,096, or 1 cent per share, compared with a net loss of $60,886, or 1 cent per share, in the same period of last year. Total revenue for the six months ended Sept. 30, 1995, was $5,898,834, compared with revenue of $5,528,492 for the same period last year. The net loss for the six months was $160,389, or 3 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. , compared with a loss of $654,931, or 9 cents per share, in the first six months of the previous fiscal year. "We are very pleased with the results for the quarter," said CinemaStar Luxury Theater President John Ellison Jr. "The profitability reflects our efforts to hold down expenses while we implement our strategy for growth." Ellison noted that the revenue results included one and a half months of receipts from the Chula Vista Chula Vista (ch  `lə), city (1990 pop. 135,163), San Diego co., S Calif., on San Diego Bay; inc. 1911. 6 theater that CinemaStar acquired from
United Artists in August. The company now has 30 screens in operation
in 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. County.
CinemaStar has further expansion in the works, said Ellison. Two theaters in Riverside -- a 14-screen UltraPlex in the Mission Grove Plaza and the University Village 10-plex adjacent to the UC Riverside campus -- are planned to open in February and May 1996, respectively, he said. In addition, a 10-plex theater is scheduled to open in Buena Park Buena Park (bwā`nə), city (1990 pop. 68,784), Orange co., S Calif.; inc. 1953. Food processing, the manufacture of aircraft, and tourism are important to the city's economy. , Calif., in late spring of next year. CinemaStar's complexes incorporate state-of-the-art technology, including high-quality projection and audio capabilities, such as advanced digital sound environment systems, along with luxurious amenities such as high-back, reclining seats and extra-wide aisles between seat rows. The company completed an initial public offering of common stock and warrants in February 1995. CONTACT: CinemaStar Luxury Theaters, San Diego Randy The name Randy generally derives from the names Randall or Randolph (meaning wolf with a shield). Randy is used as a given name primarily in the US and Canada. Men known as Randy
or McQUERTERGROUP Don Markley, 619/450-0030 |
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