CinemaStar Announces Fiscal Third Quarter 2000 Results
SAN DIEGO--(BUSINESS WIRE)--Feb. 23, 2000--CinemaStar Luxury
Theaters Inc. (Nasdaq:LUXY) today announced results of operations for
its fiscal 2000 third quarter ended Dec. 31, 1999.
For its fiscal third quarter ended Dec. 31, 1999, CinemaStar
Luxury Theaters ("the company") reported total revenues of $6.5
million, compared to $6.8 million for the same period in the prior
year. The company also reported a net loss of $1.2 million, or ($0.30)
per common share, compared to a net loss of $0.6 million, or ($0.17)
per common share, for the same period in the prior year.
Theater cash flow, a common measure of performance for motion
picture theaters, totaled $353,000, or 5.4% of total revenues,
compared to $933,000, or 13.7% of total revenues, for the same period
in the prior year.
For the nine months ended Dec. 31, 1999, the company reported
total revenues of $22.0 million compared to $22.2 million for the nine
month period ended Dec. 31, 1998. The company's net loss for the
most recent nine month period was $1.6 million or ($0.42) per common
share, compared to a net loss of $0.9 million or ($0.24) per common
share for the same period in the prior year. Theater cash flow for the
nine months ended Dec. 31, 1999 was $2.8 million or 12.9% of total
revenues, compared to theater cash flow of $3.4 million or 15.2% of
total revenues for the same period in the prior year.
Jack Crosby, chief executive officer of CinemaStar, said "The
opening of the 20 screen theater in San Bernardino this past December
was an important milestone in the Company's strategy of transitioning
to an operator of megaplex theaters. The Company is also on schedule
to complete a four screen addition to its existing 14 screen complex
at the Mission Grove location in Riverside, CA. The expansion is
expected to be completed in the Spring of 2000. The four screen
addition will raise CinemaStar's total screen count to 103 screens,
and will give CinemaStar a screen-per-theater ratio in excess of 11
screens-per-theater, which is comparable to the larger, national
theater chains."
The Board of Directors appointed Donald H. Harnois, Jr. to the
office of vice president and chief financial officer of the company,
filling the vacancy created by the resignation of Norman Dowling,
which was effective Nov. 1999. Harnois was formerly the senior finance
manager at Cinemark USA Inc. Effective Feb. 8, 2000, Frank J. Moreno,
a member of the company's Board of Directors and its president and
chief operating officer resigned from those capacities in order to
pursue other business opportunities. Moreno will continue to provide
consulting services to the company on an ad hoc basis. |
