Company Press Release
CinemaStar Announces Fiscal Second Quarter Results
SAN DIEGO, CA--(BUSINESS WIRE)--October 22, 1999--CinemaStar Luxury Theaters, Inc. (NASDAQ: LUXY - news) 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 second quarter ended September 30, 1999.
For its fiscal second quarter ended September 30, 1999, the Company reported that revenues totaled $8.2 million, compared to $8.3 million the same period of the prior year. The Company also reported a net loss of $8,624, or ($0.00) per common share, compared to a profit of $218,092, or $0.06 per common share, for the same period of the prior year. Theater cash flow, a common measure of performance for motion picture theaters, totaled $1.5 million, or 18.6% of revenues, compared to $1.7 million, or 21.0% of revenues, for the same period of the prior year.
''Our second quarter financial results reflected trends within the industry,'' said Jack R. Crosby, Chairman and Chief Executive Officer of CinemaStar. ''Theater cash flow and revenues remained strong while we continued to keep a tight hold on our expenses.''
Mr. Crosby continued, ''As for the remainder of fiscal 2000, the Company's transition into a megaplex environment continues as construction of the new 20-screen megaplex in San Bernardino, CA nears completion. We are anticipating a grand opening of this theater on December 11, 1999, in time for the busy Christmas period. In addition, we anticipate that the four-screen addition at our Mission Grove 14-screen complex will be completed and open for moviegoers in early January 2000. These new additions will represent a 30% increase in our screen count and represent progress towards our goal of transitioning to a megaplex environment as a means of enhancing our financial results.''
CinemaStar theaters feature high-quality projection and sound capabilities, including LucasFilm THX Stereo Surround Sound environment systems, along with luxury amenities such as high-back reclining seats and extra-wide aisles between seat rows. Further information may be obtained from the Company's website: www.cinemastar.com. |
