Cineplex Inc released its financial results for the three months and year ended December 31, 2024.
The company reported annual box office revenues of $562.2 million, a decrease of $37.8 million or 6.3% from $599.9 million, due to a 10.3% decrease in theatre attendance as a result of the disruption of the 2024 release schedule from the writers’ and actors’ strikes in 2023.
Q4 2024 Highlights:
- Reported $362.7 million in revenues, a 15.1% increase over the prior year
- Achieved $40.3M in Adjusted EBITDAaL, an increase of 66.6% relative to the prior year
- Reported net income of $3.3 million, an increase of $12.3 million relative to the prior year net loss of $9.0 million
- Delivered an all-time quarterly BPP record of $13.26 and an all-time Q4 CPP record of $9.41
- Grew media revenues by 25.7% over the prior year due to expanded digital-out-of-home network and improved Cinema advertising business
- Opened 3 new Location-Based Entertainment venues and one new theatre
“2024 was a year of significant progress for our business, a year which was focused on returning long term value to shareholders,” said Ellis Jacob, President and CEO, Cineplex, in a news release. “The sale of Player One Amusement Group and the comprehensive re-financing plan initiatives, which closed in the first quarter of 2024, allowed us to de-leverage and optimize our capital structure. We reaffirmed our belief in the long-term success of the Company by announcing a Normal Course Issuer Bid program in Q3. We continued to invest in our diversified businesses by opening three new LBE venues in highly attractive locations in the fourth quarter, further cementing ourselves as a leader in Canadian entertainment.
“Our Cineplex Digital Media network expanded in 2024 with the additions of Cadillac Fairview and Cominar, resulting in impressive year over year revenue growth. With incredible coast-to-coast penetration of Canada’s shopping malls, our recent membership with the Canadian Out-Of-Home Marketing and Measurement Bureau (“COMMB”), and the highly attentive and engaged audience in our theatres, our media segment is positioned for growth through our multitude of attractive media assets to clients.
“Our diversified business offerings and leading loyalty program continue to differentiate us from our peers. With a film slate that will only strengthen as we move forward, we are excited about the future and look forward to continuing the momentum into 2025.”
In its fiscal year, Cineplex opened Cinéma Cineplex Royalmount, in Ville Mont-Royal, Quebec on November 25, 2024, a five screen theatre featuring recliner seating and laser projection. It also closed three locations at the end of their lease terms as part of Cineplex’s portfolio optimization and rationalization strategy.
Cineplex is a top-tier Canadian brand that operates in the Film Entertainment and Content, Amusement and Leisure, and Media sectors. Cineplex has 172 movie theatres and location-based entertainment venues. The company operates ‘Eats & Entertainment’ (The Rec Room), complexes specially designed for teens and families (Playdium), and an entertainment concept that brings movies, amusement gaming, dining, and live performances together under one roof (Cineplex Junxion). It also operates successful businesses in cinema media (Cineplex Media), digital place-based media (Cineplex Digital Media or CDM), alternative programming (Cineplex Events) and motion picture distribution (Cineplex Pictures). Cineplex is a partner in Scene+, Canada’s largest entertainment and lifestyle loyalty program.
Related Retail Insider stories:
- Cineplex reports solid financial results for December
- Cineplex opens The Rec Room Granville (Photos)
.
