CinemaStar Announces First Quarter Results
SAN DIEGO--(BUSINESS WIRE)--Aug. 21, 2000--CinemaStar Luxury
Theaters, Inc. (Nasdaq:LUXY) today announced results of operations
for its first quarter ended June 30, 2000.
For the three months ended June 30, 2000, the Company reported
total revenues of $7.1 million compared to $7.3 million for the three
month period ended June 30, 1999. The Company's net loss for the
quarter was $848,000 or ($0.13) per common share, compared to a net
loss of $429,000 or ($0.11) per common share for 1999. Theater cash
flow, a common measure of performance for movie exhibitors, was
$673,000 or 9.4% of total revenues for the three months ended June 30,
2000, compared to theater cash flow of $981,000 or 13.4% of total
revenues for the same period in the prior year.
Jack Crosby, Co-Chief Executive Officer of CinemaStar, said "We
are successfully weathering a down-cycle in this industry, and hope to
improve margins by closing losing operations, avoiding excessive
leverage, and capturing migrated audience flow from terminated theater
operations in our markets."
The Company completed the expansion of its Mission Grove theater
from 14 to 18 screens in early April. The four screen expansion
features stadium seating, high-back love seats, retractable cup
holders, and state-of-the-art projection and sound equipment. The
expansion, which encompasses approximately 20,000 square feet,
includes a full service concession stand in addition to the four new
stadium auditoriums. The expansion of the Mission Grove complex
further solidifies CinemaStar's position as the premier theater
operator in Riverside County.
The Company closed its six screen theater on Third Avenue in Chula
Vista, California at the end of June. The Company is offering the
property for sale, and does not anticipate re-opening the theater. |
