Cineplex reports lower earnings, despite higher revenue

Cineplex on Tuesday reported sharply lower fourth quarter earnings due to a weak Hollywood film slate.

Toronto-based Cineplex reported earnings of $20.2 million for the three months to Dec. 31, down 38% from a profit of $32.7 million in the same period of 2012.

The earnings fall came despite overall revenue rising 8% to $323.2 million, as Cineplex added 24 Empire Theatres locations in eastern Canada.

At the same time, a weak film slate hit the bottom line, after discounting the added Empire Theatres.

“The film slate in the current period lacked the depth of the prior year period, resulting in the lower same store attendance in the current period,” Cineplex reported.

Cineplex had The Hunger Games: Catching Fire and The Hobbit: The Desolation of Smaug as it main box office drivers during the latest quarter, compared to Skyfall, The Hobbit: An Unexpected Journey and The Twilight Saga: Breaking Dawn Part 2 as the main highlights of its Q4 2012 film slate.