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Attention Business Editor:
/CORRECTION -- LOEWS CINEPLEX ENTERTAINMENT CORPORATION/
In NYTU110, Loews Cineplex Entertainment Corporation earnings, moved
earlier today, tabular information did not follow the release as incorrectly
transmitted by PRNewswire.
Selected Historical Financial Data of Loews Cineplex Entertainment Corporation
(excludes results of Cineplex Odeon which became a
wholly-owned subsidiary on May 14, 1998)
Year ended February 28,
1998 1997
(in thousands, except shares outstanding
and earnings per share data)
Income Statement Data:
Admissions revenues $296,933 $273,498
Concessions revenues 104,009 90,643
Other revenues 12,568 11,204
413,510 375,345
Theatre operations and
other expenses
(including concession costs) 307,568 282,480
General and administrative 28,917 21,447
Depreciation and amortization 52,307 44,576
Loss on sale/disposals
of theatres 7,787 9,951
Interest expense 14,319 14,776
Income tax expense/(benefit) 2,751 2,295
Net income/(loss) ($139) ($180)
Income/(loss) per common share:
basic ($0.01) ($0.01)
diluted ($0.01) ($0.01)
Weighted average shares and
equivalent outstanding:
basic 20,472,807 20,472,807
diluted 20,924,890 20,472,807
Balance Sheet Data
(at period end):
Property, equipment
and leaseholds $609,152 $613,692
Total assets $728,551 $721,372
Total long-term liabilities
(including debt) $336,526 $339,206
Total liabilities $404,040 $396,722
Stockholder's equity $324,511 $324,650
Cash Flow Statement Data:
Cash flow provided by
operating activities $64,185 $47,976
Key Operating Statistics of Loews Cineplex Entertainment Corporation
(excludes results of Cineplex Odeon which became
a wholly-owned subsidiary on May 14, 1998)
Year ended February 28,
1998 1997
(in thousands, except locations,
screens, and per patron data)
Operating Data:
Locations operated at period end 139 143
Screens operated at period end 1,035 959
Attendance 58,387 53,133
Total revenues $480,437 $421,613
Revenues per screen(a) $464.19 $439.64
Revenues per location(a) $3,456.38 $2,948.34
EBITDA(b) $69,238 $61,647
Total EBITDA(c) $86,643 $78,273
Partners' share of
Total EBITDA $6,339 $4,853
Attributable EBITDA(d) $80,304 $73,420
Total EBITDA per screen(a) $83.71 $81.62
Total EBITDA per location(a) $623.33 $547.36
Total EBITDA per patron(a) $1.48 $1.47
Concessions revenue per patron $2.14 $1.98
Admissions revenue per patron $5.91 $5.79
Cash Flow Statement Data(e):
Net cash provided by operating
activities $64,185 $47,976
Net cash used in
investing activities $(51,439) $(53,254)
Net cash (used)/provided
by finance activities $(5,842) $5,048
(a) All per screen, location and patron ratios are calculated based upon
screens and locations as of period end and include 100% of the results
of the significant partnerships in which the Company has 50% interests
("Partnerships").
(b) EBITDA consists of earnings before interest, income taxes,
depreciation and amortization including equity earnings from
investments in the Partnerships. EBITDA should not be construed as an
alternative to operating income (as determined in accordance with
U.S. GAAP).
(c) Total EBITDA consists of EBITDA plus loss on sale/disposals of
theatres and 100% of the operating results of the Partnerships. Total
EBITDA should not be construed as an alternative to operating income
(as determined in accordance with U.S. GAAP), as a measure of the
Company's operating performance, or as an alternative to cash flows
from operating activities (as determined in accordance with U.S.
GAAP), as a measure of the Company's liquidity. Total EBITDA measures
the amount of cash that a company has available for investment or
other uses and is used by the Company as a measure of its performance.
The Company believes that Total EBITDA is an important measure, in
addition to cash flow from operations and EBITDA, in viewing its
overall liquidity and borrowing capacity.
A reconciliation of EBITDA to Total EBITDA follows (in thousands):
Year ended February 28,
1998 1997
EBITDA (as defined above) $69,238 $61,647
ADD: Loss on sale/disposals
of theatres 7,787 9,951
Modified EBITDA, including
equity earnings 77,025 71,418
ADD: EBITDA from partnerships,
net of equity earnings already
included in EBITDA 9,618 6,855
Total EBITDA $86,643 $78,273
(d) Attributable EBITDA consists of Total EBITDA less Partners' share of
Total EBITDA.
(e) Cash flow statement data includes cash flows from long-term
investments in the LST and MJT partnerships to the extent of the
Company's equity interests.
-30-
PRNewswire -- June 2
LOEWS CINEPLEX ENTERTAINMENT CORPORATION has 2 releases in this database.
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