Cineplex Odeon Corp.: The Toronto theater giant...

Cineplex Odeon Corp.: The Toronto theater giant posted a $78.6-million loss for 1989 amid a restructuring that began before the departure of Chairman Garth H. Drabinsky in December. Cineplex Odeon said its loss came on revenue of $644 million. In 1988, the company earned $40.9 million on nearly identical revenue. The 1989 loss came despite a sale of assets that resulted in a one-time gain of about $70 million. The firm sold its stake in a British theater chain for $11.3 million, its share in Universal Studios Florida for $15 million and its stake in a Toronto film-processing laboratory for $40 million.