Cineplex Odeon Corporation Reports Results For Second Quarter 1997.TORONTO--(BUSINESS WIRE)--Aug. 7, 1997--Cineplex Odeon O`de´on n. 1. A kind of theater in ancient Greece, smaller than the dramatic theater and roofed over, in which poets and musicians submitted their works to the approval of the public, and contended for prizes; - hence, in modern usage, the Corporation (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 announced today its financial results for the three months and six months ended June June: see month. 30, 1997. All amounts are in U.S. dollars. Total revenue for the three-month period ended June 30, 1997 increased 8 percent to $127,215,000 compared to $117,783,000 in the three-month period ended June 30, 1996. Total revenue for the first six months of 1997 increased 13 percent to $277,761,000 vs. $246,134,000 in the first six months of 1996. 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.
"Despite only a 2.9 percent increase in industry box office compared to 1996, Cineplex Odeon's box office was up 6 percent for the quarter," said 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 CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Cineplex Odeon. "Although Cineplex Odeon outperformed the industry In terms of box office during the second quarter, we were disappointed with the increase in film costs which we believe is directly attributable to the manner in which films were released during the quarter. Many of the films released received tremendous attention during their opening weekends, but did not have the staying power to continue generating significant box office traffic thereafter. "Exhibitors pay a much larger percentage of box office revenue to a film's distributor in the opening weeks of a film's release compared to the percentage paid during the later weeks," said Mr. Karp. "Consequently, the release patterns during the second quarter resulted in increased film costs as a percentage of box office revenue compared to last year. This was the major factor negatively affecting our EBITDA. "The release pattern of distributing films to 4,000 or 5,000 screens at once is harmful to both the exhibition and distribution industry for a number of reasons," said Mr. Karp. "It sets the stage for the early burn-out of new releases. As well, with the mega-hit movies debuting on so many screens, other films are not seeing the positive effects of spill-over business." Mr. Karp added, "We are hopeful that this phenomenon is an aberration, since in other respects we are enjoying positive results as we 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. our aggressive expansion program." For the three-month period ended June 30, 1997, the corporation recorded net loss of $14,579,000 or $0.08 per share, compared to a net loss of $11,070,000 or $0.06 per share for the comparable period in 1996. For the six-month period, the net loss was $12,472,000 or $0.07 per share, compared to a net loss of $18,227,000 or $0.12 per share in 1996. Cineplex Odeon also stated that discussions are still underway with respect to a possible merger between Cineplex Odeon and Sony SONY Standard Oil of New York (common, but untrue; it's an urban legend) Retail Entertainment, Inc.'s Loews The name Loews can refer to several articles in the Wikipedia:
The corporation reconfirmed that under the terms currently being considered, Loews will join with all existing Cineplex Odeon shareholders in the combined entity. No assurances can be given at this time that an agreement will be entered into with Sony, or if entered into that a transaction will be completed. Any transaction would be subject to a number of approvals, including shareholder and regulatory approvals in both Canada and the United States The United States and Canada share a unique legal relationship. U.S. law looks northward with a mixture of optimism and cooperation, viewing Canada as an integral part of U.S. economic and environmental policy. . Cineplex Odeon is an entertainment corporation which owns and operates motion picture cinemas and related food services food services Hospital services A 24/7 department in a hospital that provides for the nutritional needs of inpatients–eg, those needing special diets, preparing meals and transporting them to the floor and, through the cafeteria, the hospital staff and concessions in six 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 American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of states, 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 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. . 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 the largest exhibitor 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 , and one of the
largest in 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. , with 1,585 screens in 314 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 BALANCE SHEET
(in thousands of U.S. dollars)
Unaudited Audited
June 30, 1997 December 31, 1996
------------- -----------------
ASSETS
CURRENT ASSETS
Cash $2,625 $2,718
Accounts receivable 13,094 9,552
Other 11,220 8,852
------------- -----------------
26,939 21,122
PROPERTY, EQUIPMENT AND
LEASEHOLDS 579,085 579,841
OTHER ASSETS
Long-term investments and
receivables 1,812 2,535
Goodwill 32,258 32,816
Deferred charges 7,912 7,857
------------- -----------------
41,982 43,208
------------- -----------------
TOTAL ASSETS $648,006 $644,171
------------- -----------------
------------- -----------------
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable and
accruals $58,605 $59,474
Deferred income 18,380 17,150
Current portion of long-term
debt and other obligations 7,178 6,926
------------- -----------------
84,163 83,550
LONG-TERM DEBT 345,479 326,058
CAPITALIZED LEASE OBLIGATIONS 7,293 8,317
DEFERRED INCOME 5,198 6,594
PENSION OBLIGATION 991 1,072
SHAREHOLDERS' EQUITY
Capital stock 555,399 555,374
Translation adjustment 2,765 4,016
Retained earnings
(deficit) (353,282) (340,810)
------------- -----------------
204,882 218,580
COMMITMENTS AND CONTINGENCIES
------------- -----------------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $648,006 $644,171
------------- -----------------
------------- -----------------
CINEPLEX ODEON CORPORATION
CONSOLIDATED INCOME STATEMENT
(in thousands of U.S. dollars except per share figures)
Unaudited
3 Months 3 Months 6 Months 6 Months
Ended Ended Ended Ended
June 30, June 30, June 30, June 30,
1997 1996 1997 1996
-------- -------- -------- --------
REVENUE
Admissions $87,932 $82,942 $194,324 $174,201
Concessions 33,203 29,071 71,550 60,932
Other 6,080 5,770 11,887 11,001
-------- -------- -------- --------
127,215 117,783 277,761 246,134
EXPENSES
Theatre
operations
and other
expenses 110,297 99,171 226,782 202,988
Cost of
concessions 6,249 5,142 13,363 10,850
General and
administrative 5,041 4,530 10,208 8,705
Depreciation and
amortization 11,155 10,733 22,176 21,433
-------- -------- -------- --------
132,742 119,576 272,529 243,976
-------- -------- -------- --------
Income/(loss)
before the
undernoted (5,527) (1,793) 5,232 2,158
Other expenses (495) (64) (568) (837)
-------- -------- -------- --------
Income/(loss) before interest on long-term
debt and
income taxes (6,022) (1,857) 4,664 1,321
Interest on
long-term debt 8,297 8,821 16,570 18,742
-------- -------- -------- --------
Loss before
income taxes (14,319) (10,678) (11,906) (17,421)
Income taxes 260 392 566 806
-------- -------- -------- --------
NET LOSS $(14,579) $(11,070) $(12,472) $(18,227)
-------- -------- -------- --------
-------- -------- -------- --------
BASIC
Weighted
average shares
outstanding 176,796,000 176,510,000 176,790,000 150,030,000
Loss per
share ($0.08) ($0.06) ($0.07) ($0.12)
FULLY DILUTED
Weighted average
shares
outstanding 191,252,000 183,311,000 191,271,000 157,347,000
Loss per share ($0.08) ($0.06) ($0.07) ($0.12)
CINEPLEX ODEON CORPORATION
CONSOLIDATED STATEMENT OF CHANGES IN CASH RESOURCES
(in thousands of U.S. dollars except per share figures)
Unaudited
6 Months Ended 6 Months Ended
June 30, 1997 June 30, 1996
------------- --------------
CASH PROVIDED BY(USED FOR)
OPERATING ACTIVITIES
Net loss $(12,472) $(18,227)
Depreciation and
amortization 22,176 21,433
Other non-cash items (1,344) (901)
------------- --------------
8,360 2,305
Net change in non-cash
working capital (5,538) (439)
------------- --------------
2,822 1,866
------------- --------------
FINANCING ACTIVITIES
Decrease in long-term
debt and other
obligations (1,932) (72,201)
Increase in long-term
debt and other
obligations 20,435 -
Issue of share capital,
net of issue costs 25 82,871
Other (126) (789)
------------- --------------
18,402 9,881
------------- --------------
INVESTMENT ACTIVITIES
Additions to property,
equipment and
leaseholds (24,316) (11,540)
Long-term investments - (11)
Proceeds on sale of
certain theatre
properties 2,626 712
Other 373 (762)
------------- --------------
(21,317) (11,601)
------------- --------------
NET INCREASE(DECREASE)
DURING PERIOD (93) 146
CASH AT BEGINNING OF PERIOD 2,718 1,604
------------- --------------
CASH AT END OF PERIOD $2,625 $1,750
------------- --------------
------------- --------------
CASH FLOW FROM OPERATING
ACTIVITIES PER SHARE
Basic $0.02 $0.01
Fully Diluted $0.01 $0.01
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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