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CINEPLEX ODEON CORPORATION ANNOUNCES 1992 THIRD QUARTER RESULTS

 CINEPLEX ODEON CORPORATION ANNOUNCES 1992 THIRD QUARTER RESULTS
 TORONTO, Nov. 6 /PRNewswire/ -- Cineplex Odeon Corporation (NYSE: CPX) announced today its financial results for both the three and nine month periods ended Sept. 30, 1992. All currency amounts are in U.S. dollars.
 The third quarter 1992 net loss was $7,169,000 on revenues of $132,700,000 compared to a third quarter 1991 net loss of $15,010,000 on revenues of $136,580,000. For the nine months ended Sept. 30, 1992, net loss was $28,635,000 on revenues of $392,805,000. Net loss for the corresponding period in 1991 was $53,848,000 on revenues of $417,228,000. The net loss for the first nine months of 1991 included a loss from discontinued operations of $13,328,000. Although revenues in the first nine months of 1992 were approximately $24,400,000 less than the levels achieved in the comparable period of the prior year, the corporation reduced its net loss by approximately $25,200,000.
 Loss per share for the third quarter of 1992 on both basic and fully diluted basis was $0.09 as compared to $0.31 per share for the third quarter of 1991. Loss per share for the current nine month period on both basic and fully diluted basis was $0.34 as compared to $1.13 per share in the corresponding period in 1991.
 Cash flow from operations for the nine month period ended Sept. 30, 1992, amounted to a net outflow of $4,292,000 as compared to a net inflow of $7,302,000 for the corresponding period in 1991. The net cash outflow for the first nine months of 1992 was impacted by the net change in non-cash working capital which used $6,862,000 of available operating cash flow. In the comparable period of 1991, net change in non-cash working capital contributed $11,502,000 to operating cash flow.
 The corporation's cash flow from operations, after excluding the impact of the net change in non-cash working capital, amounted to a net inflow of $2,570,000 for the first nine months of 1992 as compared to a net outflow of $4,200,000 for the same period of the prior year.
 Interest on long-term debt for the third quarter of 1992 when compared against the third quarter of 1991 decreased by 32.9 percent to $8,686,000 and decreased for the first nine months of 1992 when compared against the same period in the prior year by 36.4 percent to $26,784,000. The decrease is primarily attributable to the reduced average level of debt outstanding in the respective periods and the reduced effective interest rate levels.
 General and administrative expenses decreased by 15.7 percent to $4,057,000 during the third quarter of 1992 when compared to the third quarter of 1991 and by 13.6 percent to $13,232,000 during the first nine months of 1992 when compared to the same period in the prior year. The decrease reflects the continuing impact of the cost reduction program initiated in 1990.
 Allen Karp, president and chief executive officer of Cineplex Odeon Corporation said, "During the third quarter of 1992, corporation's financial performance continued its steady improvement in the face of disappointing industry box office results. The impact of the corporation's restructuring program will continue to reap rewards as revenue improves through the traditionally strong American Thanksgiving and Christmas season. The corporation has continued to reduce its bank debt having made a $20,000,000 principal repayment under its bank credit facilities in the third quarter and, more recently, a $17,000,000 principal repayment in conjunction with the completed special warrant transaction."
 Cineplex Odeon is one of North America's largest theatre circuits with approximately 1,614 screens in 366 locations.
 CINEPLEX ODEON CORPORATION
 CONSOLIDATED INCOME STATEMENT
 (In thousands of U.S. dollars except per share figures)
 (Unaudited)
 3 Months Ended 3 Months Ended
 Sept. 30, 1992 Sept. 30, 1991
 REVENUE
 Admissions $ 94,504 $ 97,809
 Concessions 32,178 32,321
 Distribution and other 6,018 6,450
 132,700 136,580
 EXPENSES
 Theatre operations,
 distribution and other
 expenses 112,789 115,375
 Cost of concessions 4,436 4,473
 General and administrative 4,057 4,810
 Depreciation and amortization 10,484 10,975
 131,766 135,633
 Income/(loss) from continuing
 operations before the
 undernoted 934 947
 Other income (expenses) 834 (2,670)
 Income/(loss) from continuing
 operations before interest
 on long-term debt and income
 taxes 1,768 (1,723)
 Interest on long-term debt 8,686 12,948
 Loss from continuing
 operations before
 income taxes (6,918) (14,671)
 Income taxes (recoveries) 251 339
 Loss from continuing
 operations (7,169) (15,010)
 Discontinued operations
 Loss from operations 0 0
 Loss on disposal 0 0
 NET LOSS $ (7,169) $ (15,010)
 BASIC
 Weighted average
 shares outstanding 83,362,000 47,694,000
 Loss per share from
 continuing operations $ (0.09) $ (0.31)
 Loss per share $ (0.09) $ (0.31)
 FULLY DILUTED
 Weighted average shares
 outstanding 87,143,000 51,246,000
 Loss per share
 from continuing
 operations $ (0.09) $ (0.31)
 Loss per share $ (0.09) $ (0.31)
 CINEPLEX ODEON CORPORATION
 CONSOLIDATED INCOME STATEMENT
 (In thousands of U.S. dollars except per share figures)
 (Unaudited)
 9 Months Ended 9 Months Ended
 Sept. 30, 1992 Sept. 30, 1991
 REVENUE
 Admissions $ 282,400 $ 300,982
 Concessions 94,717 95,318
 Distribution and other 15,688 20,928
 392,805 417,228
 EXPENSES
 Theatre operations,
 distribution and other
 expenses 335,927 351,285
 Cost of concessions 13,207 14,872
 General and administrative 13,232 15,318
 Depreciation and amortization 31,982 32,576
 394,348 414,051
 Income/(loss) from continuing
 operations before the
 undernoted (1,543) 3,177
 Other income (expenses) 624 (3,374)
 Income/(loss) from continuing
 operations before interest
 on long-term debt and income
 taxes (919) (197)
 Interest on long-term debt 26,784 42,117
 Loss from continuing
 operations before
 income taxes (27,703) (42,314)
 Income taxes (recoveries) 932 (1,794)
 Loss from continuing
 operations (28,635) (40,520)
 Discontinued operations
 Loss from operations 0 (4,028)
 Loss on disposal 0 (9,300)
 NET LOSS $ (28,635) $ (53,848)
 BASIC
 Weighted average
 shares outstanding 83,362,000 47,693,000
 Loss per share from
 continuing operations $ (0.34) $ (0.85)
 Loss per share $ (0.34) $ (1.13)
 FULLY DILUTED
 Weighted average shares
 outstanding 87,152,000 50,840,000
 Loss per share
 from continuing
 operations $ (0.34) $ (0.85)
 Loss per share $ (0.34) $ (1.13)
 The accompanying notes are an integral part of these unaudited consolidated financial statements.
 CINEPLEX ODEON CORPORATION
 CONSOLIDATED BALANCE SHEET
 (in thousands of U.S. dollars)
 Unaudited Audited
 9/30/92 12/31/91
 ASSETS
 CURRENT ASSETS
 Cash $ 1,102 $ 1,088
 Accounts receivable 16,619 21,511
 Advances to distributors and
 producers 6,651 7,496
 Distribution costs 1,446 2,232
 Inventories 4,898 5,317
 Prepaid expenses and deposits 2,461 2,427
 33,177 40,071
 PROPERTY, EQUIPMENT AND LEASEHOLDS 666,785 710,657
 OTHER ASSETS
 Long-term investments and
 receivables 6,420 6,650
 Goodwill 40,273 41,733
 Deferred charges 5,043 5,962
 51,736 54,345
 TOTAL ASSETS $751,698 $805,073
 LIABILITIES AND SHAREHOLDERS' EQUITY
 CURRENT LIABILITIES
 Accounts payable and accruals $ 76,672 $ 89,719
 Deferred income 9,004 14,450
 Income taxes payable 2,181 2,344
 Current portion of long-term debt
 and other obligations 73,191 62,382
 161,048 168,895
 LONG-TERM DEBT 404,341 410,182
 CAPITALIZED LEASE OBLIGATIONS 6,902 9,646
 PENSION OBLIGATIONS 2,396 2,602
 SHAREHOLDERS' EQUITY
 Capital Stock 408,468 408,466
 Translation adjustment 11,105 19,209
 Retained earnings (deficit) (242,562) (213,927)
 177,011 213,748
 TOTAL LIABILITIES AND SHAREHOLDERS'
 EQUITY $ 751,698 $ 805,073
 The accompanying notes are an integral part of these unaudited consolidated financial statements.
 CINEPLEX ODEON CORPORATION
 CONSOLIDATED STATEMENT OF CHANGES IN CASH RESOURCES
 (in thousands of U.S. dollars)
 (Unaudited)
 9 Months Ended 9 Months Ended
 September 30, 1992 September 30, 1991
 CASH PROVIDED BY (USED FOR)
 OPERATING ACTIVITIES
 Loss from continuing
 operations $ (28,635) $ (40,520)
 Depreciation and
 amortization 31,982 32,576
 Other non-cash items (777) 7,772
 Net change in non-cash
 working capital (6,862) 11,502
 (4,292) 11,330
 Cash flow from discontinued
 operations (4,028)
 (4,292) 7,302
 FINANCING ACTIVITIES
 Decrease in long-term
 debt and other
 obligations (23,023) (2,993)
 Increase in long-term
 debt and other
 obligations 31,676 44,321
 Issue of share capital 2 15
 Change in translation
 adjustment 661 (862)
 Other (1,377) (8,693)
 7,939 31,788
 INVESTMENT ACTIVITIES
 Proceeds on sale of certain
 theatre properties 19,445 4,410
 Additions to property,
 equipment and leaseholds (21,345) (13,384)
 Other (1,733) (4,728)
 (3,633) (13,702)
 NET INCREASE (DECREASE)
 DURING PERIOD 14 25,388
 CASH AT BEGINNING OF PERIOD 1,088 (25,540)
 CASH AT END OF PERIOD $ 1,102 $ (152)
 The accompanying notes are an integral part of these unaudited consolidated financial statements.
 -0- 11/6/92
 /CONTACT: Howard Lichtman, executive vice-president, marketing and communications of Cineplex Odeon Corporation, 416-323-6634/
 (CPX) CO: Cineplex Odeon Corporation ST: Ontario IN: ENT SU: ERN


PS -- NY025 -- 8142 11/06/92 11:26 EST
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