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Attention Business Editor:
LOEWS CINEPLEX ENTERTAINMENT CORPORATION REPORTS FISCAL 1998 YEAR-END RESULTS FOR LOEWS THEATRES
NEW YORK and TORONTO, June 2 /CNW/ -- Loews Cineplex Entertainment
Corporation (NYSE: LCP, Toronto: LCX) today reported financial results for
Loews Theatres for the 1998 fiscal year. These results do not include
Cineplex Odeon, which became a wholly owned subsidiary on May 14, 1998.
Total revenue for the year ended February 28, 1998 increased 10.2% to
$413.5 million compared to $375.3 million for the fiscal year ended February
28, 1997. Earnings before interest, taxes, depreciation and amortization, and
loss on theatre dispositions (Modified EBITDA) for the fiscal year ended
February 28, 1998 increased 7.8% to $77.0 million compared to $71.4 million in
the prior year.
On a fully combined basis, including 100% of the operating results of
partnerships in which the Company has a 50% ownership interest, total revenue
for the fiscal year ended February 28, 1998 increased 14.0% to
$480.4 million from $421.6 million in the prior year. Total EBITDA, before
losses on theatre dispositions, for the fiscal year ended February 28, 1998
increased 10.7% to $86.6 million compared to $78.3 million in the prior year.
Net loss for the fiscal year ended February 28, 1998 was $139,000 or
$0.01 per share compared to a net loss of $180,000 or $0.01 per share for the
fiscal year ended February 28, 1997. Included in the net loss is a charge for
the costs associated with the disposition of non-performing theatres and other
one-time charges of $7.8 million and $10.0 million for the fiscal years 1998
and 1997, respectively. Excluding these charges, Loews Theatres would have
reported net income of $7.6 million for the year ended February 28, 1998
compared to net income of $9.8 million for the prior year.
On May 14, 1998, Loews Theatres, the theatre exhibition division of
Sony Pictures Entertainment, and Cineplex Odeon, another major motion picture
exhibitor with operations in the U.S. and Canada, combined to form Loews
Cineplex Entertainment Corporation.
Loews Cineplex Entertainment, formed by the May 1998 merger of Sony/Loews
Theatres and the Cineplex Odeon Corporation, is one of the world's largest
motion picture exhibition companies, with 2,700 screens in 425 locations
primarily in major cities throughout the United States and Canada. Loews
Cineplex Entertainment's divisions include Loews Cineplex United States,
Cineplex Odeon Canada and Loews Cineplex International. Loews Cineplex
Entertainment operates under the Loews, Sony and Cineplex Odeon names.
Additionally, Loews Cineplex Entertainment is a partner in Magic Johnson
Theatres and Loeks-Star Theatres.
Loews Cineplex Entertainment trades on the New York Stock Exchange under
the symbol LCP and on the Toronto Stock Exchange under the symbol LCX.
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For further information: Mindy Tucker, Corporate Vice President,
Strategic Planning of Loews Cineplex Entertainment, 212-833-6073
LOEWS CINEPLEX ENTERTAINMENT CORPORATION has 2 releases in this database.
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