(Source: The Knoxville News-Sentinel)
By The Knoxville News Sentinel, Tenn.
Oct. 29--KNOXVILLE -- Regal Entertainment Group today reported a
third-quarter net loss of $1.8 million on revenue of $673.5 million, down from
revenue of $757.6 million in third quarter 2008.
The largest U.S. theater operator, which declared a cash dividend of 18
cents per common share, said the net loss attributable to controlling interest
compared to earnings of $31 million in the same quarter last year.
The diluted loss per share was 1 cent compared to diluted earnings per
share of 20 cents in third quarter 2008.
Excluding certain items, Regal posted earnings of 5 cents per share for
the three months ended Oct. 1 compared to earnings of 25 cents per share a
year earlier. Many analysts expected Regal to report earnings of 7 cents per
share, according to Thomson Reuters I/B/E/S.
Regal said total revenues for the three quarters ended October 1 were
$2.1 billion compared to $2 billion for the three quarters ended Sept. 25,
2008. Earnings attributable to controlling interest were $60 million in the
first three quarters of 2009 compared to $82.8 million in the first three
quarters of 2008. The Knoxville-based company said the results for the quarter
and the year to date were affected by a shift in Regal's fiscal calendar.
Regal board members approved the dividend per Classes A and B common
shares payable on Dec. 17 to stockholders of record on Dec. 9.
"We are pleased with the strong year-to-date box office results, the
success of films released in the premium-priced 3-D and IMAX formats, and the
increase in our year-to-date free cash flow," Amy Miles, Regal CEO, said in a
statement. "We are also encouraged by the early fourth quarter box office
results and the outlook for the remainder of the year."
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