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.