Exhibs still suffering as Loews posts loss
$1.3 mil loss comes in wake of Cineplex deal
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Adjusted for the timing of Loews' acquisition last May of Cineplex Odeon, Loews' cash flow (earnings before interest, taxes, depreciation and amortization) fell 15% to $42.4 million on 16% lower revenue of $249 million.
Exhib tribulations
"The exhibition industry experienced less than favorable results at the box office in our fourth quarter, with a difficult comparison to the strong performance of 'Titanic' in the prior year and extreme weather conditions interrupting business in certain regions," said Loews CEO Lawrence Ruisi, who noted that despite the difficulty, the exhib maintained its operating margins at the same level as a year earlier.
Loews did not report full year figures on the same acquisition-adjusted basis. Not including Cineplex's results for fiscal 1998 or for all of fiscal 1999, Loews said it lost $5.8 million in the year ended Feb. 28 compared with a loss of $139,000, while revenue almost doubled to $851.1 million.
