Cinema Ride reports record revenues, reduces loss
LOS ANGELES (April 25) BUSINESS WIRE -April 25, 1997--Cinema Ride Inc.
(NASDAQ:MOVE) reported record revenues for the year ended Dec. 31,
1996, it was announced Friday by Mitch Francis, Cinema Ride chairman
and chief executive officer.
The results are due to the opening of its Times Square facility in New
York City in September 1996 and increases in revenues at its two other
facilities.
The company reported an increase in revenues of 48 percent to
$3,310,163 in 1996 compared with $2,230,255 in the previous year. The
Times Square Facility contributed $558,229 in revenues in the fourth
quarter (its first three months of operations), revenues from the Las
Vegas Facility and West Edmonton Mall Facility rose 22 percent to
$2,501,512 and 41 percent to $251,010, respectively.
Selling, general and administrative expenses decreased $199,500 or 6
percent primarily as a result of improved operating efficiencies at the
company's three facilities and reduced corporate expenditures.
Cinema Ride reported a net loss of $860,789 or 18 cents per share
compared with a net loss of $1,347,070 or 30 cents per share in 1995.
This loss includes an increase in expenses of approximately $508,000
resulting from the costs associated with the financing, building and
opening of the New York Facility.
"We are pleased to see an increase in revenues from our Las Vegas
facility and the encouraging initial revenues from our operation in
Times Square in the fourth quarter. While income was lower in the
third quarter, our revenues are seasonal and tend to be strongest in
the second and third quarters, we expect to post improved results in
1997, the first year when all three facilities are in operation for the
full year," said Francis.
Cinema Ride develops, owns and operates amusement rides consisting of
3-D motion simulator attractions and filmed entertainment. These rides
combine video projected three-dimensional action films with
hydraulically mobilized seating platforms that move in concert with the
on-screen action.
To date, the company has developed and opened three facilities, in Las
Vegas; Edmonton, Alberta; and Times Square in New York City. Cinema
Ride has headquarters in Studio City, Calif.
Except for the historical information contained herein, this news
release contains forward-looking statements that involve risks and
uncertainties, including the impact of competitive products and pricing
and general economic conditions as they affect the company's customers.
Actual results and developments may therefore differ materially from
those described in this release.
--30--EW/la* RPL/la
CONTACT: Cinema Ride Inc., Studio City
Mitch Francis, 818/761-1002
or
Self & Associates
Trudy M. Self, 818/880-5437
KEYWORD: CALIFORNIA NEVADA NEW YORK
INDUSTRY KEYWORD: ENTERTAINMENT EARNINGS COMPUTERS/ELECTRONICS COMED
REPEATS: New York 212-752-9600 or 800-221-2462; Boston 617-236-4266 or
800-225-2030; SF 415-986-4422 or 800-227-0845; LA 310-820-9473
Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
URL: businesswire.com |
