Cineplex reports Q1 profit as sale of arcade game business boosts results

TORONTO — Cineplex Inc. reported a profit in its latest quarter compared with a loss a year ago as its results were boosted by the sale of its arcade game business.

The movie theatre company says it earned $5.2 million or eight cents per diluted share in its latest quarter as it recorded a $67.3-million gain on the sale of Player One Amusement Group, which sells, distributes, operates and services arcade games and other equipment.

The profit compared with a loss of $30.2 million or 48 cents per diluted share in the first quarter of 2023.

Revenue for the quarter ended March 31 totalled $294.8 million, up from $291.4 million in the same quarter last year.

The results came as box office revenue per patron rose to $12.74 compared with $12.63 a year earlier, while concession revenue per patron averaged $8.95, up from $8.85 in the same quarter last year.

Theatre attendance in the quarter was up 0.5 per cent compared with a year earlier.

This report by The Canadian Press was first published May 9, 2024.

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The Canadian Press