CinemaStar Announces Fiscal First Quarter Results
SAN DIEGO--(BUSINESS WIRE)--July 19, 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 2000 first quarter
ended June 30, 1999.
For its fiscal first quarter ended June 30, 1999, the Company
reported that revenues increased 3% to $7.3 million compared to the
same period of the prior year. The Company also reported a net loss of
$429,030, or ($0.11) per common share for the fiscal 1999 first
quarter, a modest improvement from a net loss of $458,736, or ($0.12)
per common share, for the same period of the prior year. Theater cash
flow, a common measure of performance for motion picture theaters,
increased 15.8% to $981,295, compared to $847,707 for the same period
of the prior year.
"Our first quarter financial results met our expectations," said
Jack R. Crosby, Chairman and Chief Executive Officer of CinemaStar.
"Theater cash flow continued to show significant improvement compared
to the quarter a year ago. Revenues, meanwhile, showed slight
improvement despite facing tough comparisons with results from last
year's runs of Deep Impact, The Truman Show and Mulan."
Mr. Crosby continued, "As we have mentioned previously, this is a
product-driven industry and we are dependent on the release of films
with commercial appeal. Our first quarter got off to a slow start but
began to gather momentum in May with the release of The Mummy and Star
Wars - Phantom Menace, followed in June by Austin Powers: The Spy Who
Shagged Me, Big Daddy and Tarzan. The current fiscal second quarter is
off to a strong start and we are optimistic about the product slotted
for release through the summer and into the fall."
Mr. Crosby concluded, "The Company's transition into a megaplex
environment continues at a steady rate. Construction of the new
20-screen megaplex in San Bernardino, CA is progressing and site
preparation work continues for the conversion of our existing Mission
Grove, CA 14-screen theater into an 18-screen Ultraplex. We are in a
strong financial position and we remain committed to building the
Company through the development of 16-to-24 screen megaplexes." |
