Cineplex Odeon Corporation Announces Year End and Fourth Quarter 1996 Results.TORONTO--(BUSINESS WIRE)--Feb. 18, 1997--CINEPLEX ODEON CORP. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). ,NYSE NYSE See: New York Stock Exchange :CPX CPX Command Post Exercise CPX Culebra Puerto Rico (airport code) CPX Cleft Palate, X-Linked CPX Corel Painter X CPX Compare with X (6502 processor instruction) CPX Command Post/Paper Exercise .) Cineplex Odeon Corporation today announced its financial results for the year and three months ended December December: see month. 31, 1996. All amounts are in U.S. dollars. Total revenue for the year ended December 31, 1996 was $509,692,000 compared to $513,150,000 in the year ended December 31, 1995. Excluding the impact of certain theatres in Florida Florida, state, United States Florida (flôr`ĭdə, flŏr`–), state in the extreme SE United States. A long, low peninsula between the Atlantic Ocean (E) and the Gulf of Mexico (W), Florida is bordered by Georgia and and Georgia Georgia, country, Asia Georgia (jôr`jə), Georgian Sakartvelo, Rus. Gruziya, officially Republic of Georgia, republic (2005 est. pop. 4,677,000), c.26,900 sq mi (69,700 sq km), in W Transcaucasia. which were sold in the second quarter of 1995, total revenue for the year ended December 31, 1996 increased by 1 percent. In the three month period ended December 31, 1996, total revenue was $121,582,000 compared to $125,005,000 in the three months ended December 31, 1995, a decline of 2.7 percent. The decline in total revenue in the fourth quarter of 1996 reflects the impact of a disappointing film release schedule, particularly in the first half of the quarter. Earnings before interest, taxes, depreciation and amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
The net loss for the year ended December 31, 1996 was $31,082,000, or $0.19 per share, compared to $32,907,000, or $0.29 per share, for the year ended December 31, 1995. For the 1996 fourth quarter, the net loss totaled $9,885,000, or $0.06 per share, versus a net loss of $6,984,000, or $0.06 per share, in the corresponding prior year period. The 1996 loss per share reflects the additional number of shares issued during the year. Allen Al·len , Edgar 1892-1943. American anatomist who is noted for his studies of hormones and for the discovery (1923) of estrogen. Karp KARP Korean Association of Retired Persons , President and Chief Executive Officer of Cineplex Odeon, stated, "1996 was a disappointing year for our Corporation. Revenues for the year were impacted in part by softness in the industry, from the beginning of the Summer Olympics Olympics Sports medicine An international competition among (traditionally) nonprofessional athletes trained in a particular summer or winter sport, which is held every 4 yrs in a selected city. See Paralympics, Special Olympics, World Medical Games. through November November: see month. , as well as relatively weak performance of a number of our key suppliers. Additionally, 1996 revenue did not benefit significantly from our new build program as the vast majority of our new screens were opened in late November and early December. "However, we enter 1997 optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op . Our new build program is beginning to ramp up Ramp Up To increase a company's operations in anticipation of increased demand. Notes: A company might 'ramp up' operations if they just signed a contract creating substantially more demand for their product. See also: Demand, Economies of Scale , with 90 of 1996's 108 new screens opening in the last two months of the year. We expect to accelerate new screen openings, to nearly 200 in 1997. We are also looking forward to a strong slate of pictures, including a significant number of films from our key suppliers, over the balance of the year. Meanwhile, outside of North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , we are very excited about the early returns from our first international multiplex See multiplexing. in Budapest Budapest (b  `dəpĕst'), city (1990 pop. 2,016,100), capital of Hungary, N central Hungary, on both banks of the Danube. , Hungary Hungary, Hung. Magyarország, officially Republic of Hungary, republic (2005 est. pop. 10,007,000), 35,919 sq mi (93,030 sq km), central Europe. , which opened in the
fourth quarter of 1996."
Cineplex Odeon is an entertainment corporation which owns and operates motion picture cinemas and related food service concessions in 6 Canadian provinces Noun 1. Canadian province - Canada is divided into 12 provinces for administrative purposes province, state - the territory occupied by one of the constituent administrative districts of a nation; "his state is in the deep south" , 12 U.S. states A U.S. state is any one of the fifty subnational entities of the United States, although four states use the official title "commonwealth". The separate state governments and the federal government share sovereignty, in that an American is a citizen both of the federal entity and and the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). , and one theatre with 6 screens in Budapest, Hungary. With headquarters in Toronto Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing , Cineplex Odeon is one of the largest exhibitors in North America and the largest in Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of , with 1,549 screens in 316 locations. The Corporation's shares are traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. and the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. . -0-
CINEPLEX ODEON CORPORATION
CONSOLIDATED INCOME STATEMENT
(in thousands of U.S. dollars except per share figures)
3 Months Ended 3 Months Ended Year Ended Year Ended
December 31, December 31, December 31, December 31,
1996 1995 1996 1995
------------ ------------ ------------ ----------
REVENUE
Admissions $ 84,879 $ 88,850 $ 358,973 $ 365,220
Concessions 29,535 30,063 126,636 126,319
Other 7,168 6,092 24,083 21,611
----------- ----------- ----------- -----------
121,582 125,005 509,692 513,150
EXPENSES
Theatre
operations
and other
expenses 101,928 101,060 418,328 418,731
Cost of
concessions 5,034 5,254 22,357 22,016
General and
administrative 4,862 4,323 18,192 17,575
Depreciation
and
amortization 11,272 10,915 43,648 42,621
----------- ----------- ----------- -----------
123,096 121,552 502,525 500,943
----------- ----------- ----------- -----------
Income/(loss)
before the
undernoted (1,514) 3,453 7,167 12,207
Other expenses (82) (56) (1,377) (2,862)
----------- ----------- ----------- -----------
Income/(loss)
before interest
on long-term
debt and
income taxes (1,596) 3,397 5,790 9,345
Interest on
long-term debt 8,004 10,103 35,482 40,983
----------- ----------- ----------- -----------
Loss before
income taxes (9,600) (6,706) (29,692) (31,638)
Income taxes 285 278 1,390 1,269
----------- ----------- ----------- -----------
NET LOSS $ (9,885) $ (6,984) $ (31,082) $ (32,907)
----------- ----------- ----------- -----------
----------- ----------- ----------- -----------
BASIC
Weighted average
shares
outstanding 176,775,000 114,785,000 163,473,000 114,764,000
Net loss
per share ($0.06) ($0.06) ($0.19) ($0.29)
FULLY DILUTED
Weighted average
shares
outstanding 191,320,000 122,623,000 176,107,000 122,616,000
Net loss
per share ($0.06) ($0.06) ($0.19) ($0.29)
CINEPLEX ODEON CORPORATION
CONSOLIDATED BALANCE SHEET
(in thousands of U.S. dollars)
December 31, 1996 December 31, 1995
----------------- -----------------
ASSETS
CURRENT ASSETS
Cash $ 2,718 $ 1,604
Accounts receivable 9,552 10,362
Other 8,852 7,614
--------- ---------
21,122 19,580
PROPERTY, EQUIPMENT
AND LEASEHOLDS 579,841 583,442
OTHER ASSETS
Long-term investments
and receivables 2,535 3,945
Goodwill
(less accumulated
amortization of $11,281;
1995 - $10,167) 32,816 33,927
Deferred charges
(less accumulated
amortization of $3,671;
1995 - $2,395) 7,857 8,749
--------- ---------
43,208 46,621
--------- ---------
TOTAL ASSETS $ 644,171 $ 649,643
--------- ---------
--------- ---------
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable
and accruals $ 59,474 $ 59,591
Deferred income 17,150 14,930
Current portion of
long-term debt and
other obligations 6,926 7,146
--------- ---------
83,550 81,667
LONG-TERM DEBT 326,058 381,857
CAPITALIZED LEASE OBLIGATIONS 8,317 10,451
DEFERRED INCOME 6,594 8,428
PENSION OBLIGATION 1,072 1,248
SHAREHOLDERS' EQUITY
Capital stock 555,374 472,479
Translation adjustment 4,016 3,241
Retained earnings (deficit) (340,810) (309,728)
--------- ---------
218,580 165,992
--------- ---------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $ 644,171 $ 649,643
--------- ---------
--------- ---------
CINEPLEX ODEON CORPORATION
CONSOLIDATED STATEMENT OF CHANGES IN CASH RESOURCES
(in thousands of U.S. dollars except per share figures)
Year Ended Year Ended
December 31, 1996 December 31, 1995
----------------- -----------------
CASH PROVIDED BY (USED FOR)
OPERATING ACTIVITIES
Net loss $ (31,082) $ (32,907)
Depreciation
and amortization 43,648 42,621
Other non-cash items (2,098) 1,258
--------- ---------
10,468 10,972
Net change in
non-cash working
capital 1,948 (7,450)
--------- ---------
12,416 3,522
--------- ---------
FINANCING ACTIVITIES
Decrease in long-term
debt and other
obligations (58,411) (9,289)
Increase in long-term
debt and other
obligations - 14,085
Net change in operating
credit facilities - -
Issue of share capital,
net of issue costs 82,895 64
Fees associated
with refinancing - -
Other 175 (615)
--------- ---------
24,659 4,245
--------- ---------
INVESTMENT ACTIVITIES
Additions to property,
equipment and
leaseholds (36,989) (30,749)
Long-term investments - (109)
Proceeds on sale of
certain theatre
properties 1,974 23,674
Proceeds on sale of
non-theatre
related assets - -
Other (946) (530)
--------- ---------
(35,961) (7,714)
--------- ---------
NET INCREASE DURING YEAR 1,114 53
CASH AT BEGINNING OF YEAR 1,604 1,551
--------- ---------
CASH AT END OF YEAR $ 2,718 $ 1,604
--------- ---------
--------- ---------
CASH FLOW FROM OPERATING
ACTIVITIES PER SHARE
Basic $ 0.08 $ 0.03
Fully Diluted $ 0.07 $ 0.03
CHANGE IN NON-CASH WORKING CAPITAL
Current assets
Accounts receivable $ 1,117 $ 629
Other (1,024) 1,383
Current liabilities
Accounts payable
and accruals (998) (9,509)
Deferred income 2,157 508
Income taxes payable 696 (461)
--------- ---------
$ 1,948 $ (7,450)
--------- ---------
--------- ---------
CONTACT: Cineplex Odeon Corporation Howard Howard, English noble family. Landowners in Norfolk from the 13th cent., the Howards obtained the duchy of Norfolk through the marriage of Sir Robert Howard to Margaret Mowbray, daughter of Thomas Mowbray, 1st duke of Norfolk. Lichtman Lichtman is the surname of several people:
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