TORONTO, March 13,
2023 /CNW/ - (TSX: CGX) – Today, Cineplex Inc.
("Cineplex" or the "Company") reported February box office revenues
of $37 million, which amounts to 88
per cent of box office revenues generated during the same month in
2019. Leading film performances in February included Ant-Man and
the Wasp: Quantumania, which delivered 40 percent more domestic
box office revenues in its opening weekend than the previous film
in the Marvel series in 2018 and delivered 32 percent of Cineplex's
box office for the month. Other box office drivers included
the continued strength of Avatar: The Way of Water, now the
third highest grossing film of all time at $2.3 billion of worldwide box office, and Puss
in Boots: The Last Wish, which has grossed over $460 million to date globally.
"These results demonstrate that when there is compelling
content, consumer enthusiasm for theatrical moviegoing is as strong
as ever. Not only are consumers clearly showing a strong interest
in coming to our theatres, but theatre food service revenues
exceeded the same month in 2019 and we continue to see significant
growth in attendance for premium experiences," said Ellis Jacob, President & CEO. "In fact,
Cineplex attracted the highest percentage of moviegoers to premium
offerings of any exhibitor in North
America, with UltraAVX, VIP Cinemas, IMAX, D-BOX, 4DX,
ScreenX and RealD 3D accounting for 75 per cent of Ant-Man and
the Wasp: Quantumania's February box office revenues. In
addition, Cineplex's North American market share for this film grew
nearly 200 basis points when compared to the release of Ant-Man
and the Wasp in 2018."
These results combined with Cineplex's content broadening
strategy enabled the Company to outperform the February North
American box office recovery compared to 2019 levels by nearly 13
per cent. International film product accounted for five of the top
20 films during the month of February. For each of these five
films, Cineplex earned an impressive 35 to 87 per cent of the North
American market. Pathaan, the recent Bollywood feature that
premiered in late January is now Cineplex's highest grossing
Bollywood title ever; in February, it became the fourth highest
grossing film for Cineplex with a 35 per cent market share.
Cineplex also saw success with the film, The Wandering Earth
2, which was the Company's number one opening for a Mandarin
language film ever, delivering a 37 percent domestic market share
in the month of February.
"We continue to see momentum through our focus on alternative
content to balance the ebb and flow of Hollywood film slate. In addition, the
investments we have made in premium experiences in our theatres
continue to deliver strong returns. As we look ahead, we have high
confidence in the ongoing recovery of content supply and box office
revenues, and our team's ability to capitalize on the opportunities
that lie ahead. We are excited by the robust slate of both
blockbusters and international film product for the remainder of
2023 and are encouraged by recent commitments from non-traditional
studios to exclusive theatrical window, such as Amazon's movie
Air" Jacob concluded.
Period
|
2019 Box Office
(i)
|
2023 Box Office
(i)
|
2023 as a Percentage
of 2019
|
January
|
$52,034
|
$45,744
|
88 %
|
February
|
$41,892
|
$36,950
|
88 %
|
(i) Balances are in
thousands of dollars.
|
About Cineplex
Cineplex (TSX:CGX) is a top-tier Canadian brand that operates in
the Film Entertainment and Content, Amusement and Leisure, and
Media sectors. Cineplex offers a unique escape from the everyday to
millions of guests through its circuit of over 170 movie theatres
and location-based entertainment venues. In addition to being
Canada's largest and most
innovative film exhibitor, the company operates Canada's favourite destination for 'Eats
& Entertainment' (The Rec Room), complexes specially designed
for teens and families (Playdium), and a newly launched
entertainment concept that brings movies, amusement gaming, dining,
and live performances together under one roof (Cineplex Junxion).
It also operates successful businesses in digital commerce
(CineplexStore.com), alternative programming (Cineplex Events),
motion picture distribution (Cineplex Pictures), cinema media
(Cineplex Media), digital place-based media (Cineplex Digital
Media) and amusement solutions (Player One Amusement Group).
Providing even more value for its guests, Cineplex is a partner in
Scene+, Canada's largest
entertainment and lifestyle loyalty program.
Proudly recognized as having one of the country's Most Admired
Corporate Cultures, Cineplex employs over 10,000 people in its
offices and venues across Canada
and the United States. To learn
more, visit Cineplex.com.
Caution Regarding Forward-Looking
Statements
Certain information included in this news release contains
forward-looking statements within the meaning of applicable
securities laws. These forward-looking statements include, among
others, statements with respect to Cineplex's objectives, goals and
strategies to achieve those objectives and goals, as well as
statements with respect to Cineplex's beliefs, plans, objectives,
expectations, anticipations, estimates and intentions. The words
"may", "will", "could", "should", "would", "suspect", "outlook",
"believe", "plan", "anticipate", "estimate", "expect", "intend",
"forecast", "objective" and "continue" (or the negative thereof),
and words and expressions of similar import, are intended to
identify forward-looking statements.
By their very nature, forward-looking statements involve
inherent risks and uncertainties, including those described in
Cineplex's Annual Information Form ("AIF"), its MD&A for the
year ended December 31, 2022
(collectively, the "MD&A"). Those risks and uncertainties, both
general and specific, give rise to the possibility that
predictions, forecasts, projections and other forward-looking
statements will not be achieved. Certain material factors or
assumptions are applied in making forward-looking statements and
actual results may differ materially from those expressed or
implied in such statements. Cineplex cautions readers not to place
undue reliance on these statements, as a number of important
factors, many of which are beyond Cineplex's control, could cause
actual results to differ materially from the beliefs, plans,
objectives, expectations, anticipations, estimates and intentions
expressed in such forward-looking statements. These factors
include, but are not limited to, the duration and impact of the
COVID-19 pandemic on Cineplex, the movie exhibition industry and
the economy in general, as well as Cineplex's response to the
COVID-19 pandemic as it relates to the closure of its theatres and
location-based entertainment venues, employee reductions and other
cost-cutting initiatives, and increased expenses relating to safety
measures taken at its facilities to protect the health and
well-being of customers and employees; Cineplex's expectations with
respect to liquidity and capital expenditures, including its
ability to meet its ongoing capital, operating and other
obligations, and anticipated needs for, and sources of, funds;
Cineplex's ability to execute cost-cutting and revenue enhancement
initiatives in response to the COVID-19 pandemic; and risks
generally encountered in the relevant industry, competition,
customer, legal, taxation and accounting matters; the outcome of
any litigation surrounding the termination of the Cineworld
transaction; and diversion of management time on litigation related
to the Cineworld transaction. The foregoing list of factors that
may affect future results is not exhaustive. When reviewing
Cineplex's forward-looking statements, readers should carefully
consider the foregoing factors and other uncertainties and
potential events. Additional information about factors that may
cause actual results to differ materially from expectations and
about material factors or assumptions applied in making
forward-looking statements may be found in the "Risks and
Uncertainties" section of Cineplex's MD&A.
Cineplex does not undertake to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by applicable
Canadian securities law. Additionally, we undertake no obligation
to comment on analyses, expectations or statements made by third
parties in respect of Cineplex, its financial or operating results
or its securities. All forward-looking statements in this news
release are made as of the date hereof and are qualified by these
cautionary statements. Additional information, including Cineplex's
AIF and MD&A, can be found on SEDAR at www.sedar.com.
SOURCE Cineplex