Regal Reports Profit Drop, Deal for Theaters
Movie theater chain Regal Entertainment Group reported a drop in quarterly net income caused mainly by one fewer week of Christmastime ticket sales compared with a year earlier.
Knoxville, Tenn.-based Regal also said it would buy 37 additional theaters: 30 in California and Hawaii from Signature Theaters and seven in the northeastern U.S. from other operators. The deal would boost Regal’s theaters to more than 580 with just over 6,400 movie screens.
Regal said it would pay $226 million in cash.
Regal said first-quarter net income was $22.8 million, or 16 cents a share, compared with $35.3 million, or 26 cents, a year earlier.
Regal shares fell 10 cents to $22.99 on the NYSE.
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