Regal’s Net Income Climbs; Sales Fall
Regal Entertainment Group saw its first-quarter net income rise slightly after accounting for the 2002 merger of three theater companies that formed the No. 1 U.S. movie chain.
The Knoxville, Tenn.-company reported net income of $35.3 million, or 26 cents a share in the quarter, compared with net income of $10.6 million, or 19 cents, a year ago.
On a pro forma basis, which takes into account the company’s formation through the merger of Regal Cinemas, United Artists Theatre Co. and Edwards Theatres Inc. in 2002, net income a year ago was $34.7 million, or 25 cents a share. On that basis, revenue fell 2.4% to $528 million from $541 million last year.
Regal shares fell 11 cents to $19.14 on the NYSE.
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