CinemaStar Announces Year End Results
SAN DIEGO--(BUSINESS WIRE)--June 10, 1999--CinemaStar Luxury
Theaters, Inc. (NASDAQ: LUXY), which owns and operates eight first run
motion picture theaters in southern California (seven theaters with 69
screens) and Tijuana, Mexico (one theater with 10 screens), today
announced results of operations for its fiscal year ended March 31,
1999.
In fiscal 1999, the Company reported that revenues increased 6.5%
to $27.7 million compared to the previous year. The net loss declined
significantly to $1,586,372, or ($0.42) per common share for fiscal
1999, compared to a net loss of $7,932,011, or ($4.24) per common
share in the previous year. Theater cash flow, a common measure of
performance for motion picture theaters, increased 75.2% to $4,233,588
from $2,416,884.
"In fiscal 1999, CinemaStar's financial performance improved
dramatically," said Jack R. Crosby, Chairman and Chief Executive
Officer of CinemaStar. "Operating expenses were significantly reduced
as concession costs decreased to 20.9% of concession revenues as
compared to 37.1% in the previous year. SG&A expenses declined to
11.9% from 15.9% of total revenues."
Mr. Crosby continued, "Operating improvements were achieved
despite a difficult slate of film releases in the third and fourth
quarters of fiscal 1999 that lacked the strong performance of last
year's Titanic, Good Will Hunting and As Good as it Gets. We are
well-positioned to capitalize on the exciting slate of films scheduled
for release over the coming summer season." |
