Cineplex (CGX.TO) reported narrower net loss and higher total revenues in the first quarter, the company said on Monday.
First quarter net loss was C$22.4 million, compared to net loss of $36.6 million in the corresponding year-ago quarter.
The company reported first quarter net loss from continuing operations of $22.4 million, compared to net loss from continuing operations of $35.1 million in the year-ago quarter.
First quarter total revenues were around $291 million, compared to $251.7 million in the year-ago quarter.
The company also achieved first quarter box office revenues of $127.4 million, an increase of 25% over the prior year, it added.
"We remain focused on strengthening our balance sheet, enhancing financial flexibility, and delivering shareholder returns," said Ellis Jacob, President and Chief Executive Officer. "During the quarter, we extended the maturity of our Bank Credit Agreement and returned capital to shareholders through share repurchases under our NCIB, reinforcing our commitment to a balanced and disciplined capital allocation strategy."
"Following a positive first quarter, April box office revenues were up 17% year over year," added the CEO. "With the excitement coming out of CinemaCon, the industry is energized by the strength of the theatrical slate. With our ongoing focus on delivering premium guest experiences, we are well positioned to capitalize on the compelling film slate to deliver improved cash flow."