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Regal Entertainment Group, the nation’s largest exhibition chain, reported first-quarter results that were down across the board compared with last year. Revenue for the quarter ended March 31 was $570.9 million, compared with $719.8 million in 2010. Much like fellow exhibitor IMAX’s sluggish first-quarter results reported earlier in the day, Regal CEO Amy Miles cited “a challenging first-quarter box office environment” as reason for the decline, and also like IMAX is looking to summer tentpoles to regain momentum. The Regal board did announce a cash dividend of $0.21 per Class A and Class B share as part of what the company plans to be a regulary quarterly offering.
In March, Regal partnered with fellow big chain AMC to create Open Road, a venture headed by Tom Ortenberg that will acquire and distribute films that can play in wide release on about 2000 screens.
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I used to go to the movies once every couple of weeks, now maybe once a month. Yes, the product that Hollywood is putting out is part of the problem but they are still releasing good movies. A matinee now is over $10. They are only releasing some films in 3-D so there is a surcharge on top of that. A soda is almost $5 (for a small), I bought a burrito after the movie that cost me $4.32. I don’t know anyone who goes to the movies anymore, it is a luxury. Yet prices keep going up. I have money but I now pick and choose very carefully what I want to watch. I can wait a few months for Netflix.
Did they lose money, as in spent more than they took in, or did they just make less money than they did this time last year?
The last movie I saw in a theater was Borat when it first came out.
Generally, I get movies at the local library or spend a buck at RedBox.
The only time they put the heat on my theaters is on the weekend. They just ripped out all the paper towel holders two weeks ago. I know this years films have not been great, but my state is rated second or third in highest movie goers. The owners know what they need to do to put butts in the seat, they just don’t want to make the investment. If they think movie theaters can last forever without major remodeling, think again. We want Digital Film (no more lines, crap sound), Great Food Choices (no chemicals), Comfort, Ambiance. If you dazzle us will probable keep giving up our money. If you don’t, will stay home and use Netflix.