Cineplex Inc, (CGX) the largest motion picture exhibitor in Canada has recently released its 2010 year end totals, and its net revenue is up 17.8 percent from 2009.
The entertainment company has interest in over 132 theatres across Canada with 1,366 screens, and it’s currently serving approximately 70 million guests annually. The latest financial report shows that they’re making record gains aside from attendance which is down .09% from last year.
But wait, we thought the theaters were seriously suffering from piracy and illegal downloading? You mean Canadians are still spending money at the show?
2010 was an extraordinary year for Cineplex. For the first time in our history, we exceeded the $1 billion mark in total revenues, up 4.8% versus 2009,.. Additionally, we continued to generate record results in several key performance metrics throughout the year — Ellis Jacob, President and CEO, Cineplex Inc.
Three New 3D Theatres
A few weeks back Cineplex also announced plans to develop new 3D theatres in Abbotsford, British Columbia; Edmonton, Alberta and Chatham, Ontario. Each of the locations will sport the latest digital and RealD 3D technology and will attempt to entice movie-lovers with its new advances in the 3D space. The 26,000 square foot complex coming to Chatham, Ontario will be the first of its kind in Southwestern Ontario. The new theatres are slated to open in the fall of this year.
We’d assume in addition to 3D, considering the limitations Canadians have with usage based billing and new changes with the upcoming Bill C-32, the attendance will likely grow in 2011. What do you think?