The Company also Reports Net Income of
$29.7 Million and Highest Quarterly
Adjusted EBITDAaL Ever of $83.1
Million
TORONTO, Nov. 9, 2023
/CNW/ - (TSX: CGX) - Cineplex Inc. ("Cineplex" or the
"Company") today released its financial results for the three and
nine months ended September 30, 2023.
Unless otherwise specified, all amounts are in Canadian
dollars.
Third Quarter Highlights:
- All-time quarterly record revenues of $463.6 million and all-time quarterly record
adjusted EBITDAaL of $83.1 million on
net income of $29.7 million.
- Adjusted EBITDAaL margin of 17.9%, outpacing Q3 2019 by 310
basis points.
- Record third quarter box office revenues of $188.2 million outperforming North American box
office by 310 basis points.
- Record per patron results, with record third quarter BPP of
$12.00 and CPP of $8.44.
- Continued strong performance of the diversification strategy
with the Location-Based Entertainment (LBE) business generating
record third quarter revenues of $34.2
million.
- Balance sheet strengthening through combined second and third
quarter credit facility repayments of $55.0
million.
"We just closed our best third quarter in Cineplex history, due
to a record-breaking box-office and successful results from our
diversified businesses," said Ellis
Jacob, President and CEO, Cineplex.
"Our content broadening strategy, paired with our premium
experiences continue to set us apart as we respond to consumer
demand for an immersive and premium theatrical experience. This
past quarter, we achieved record box office revenues of
$188.2 million and once again
outpaced the North American box office by a notable 310 basis
points."
"Over the past two quarters, strong EBITDAaL results have
enabled us to repay $55.0 million in
bank debt as part of our focus in de-leveraging the balance sheet
and strengthening the capital base. Looking ahead, we will maintain
our successful strategies that focus on diversification and
content, personalized campaigns to maximize attendance and
improvement of our liquidity positions and balance sheet,"
concluded Jacob.
Third Quarter and Year to Date Financial Results
Financial
highlights
|
Third
Quarter
|
Year to
Date
|
(in thousands of
dollars, except theatre attendance in thousands of patrons and per
share and per patron amounts)
|
2023
|
2022
|
Change
(i)
|
2023
|
2022
|
Change
(i)
|
Total
revenues
|
$463,586
|
$339,837
|
36.4 %
|
$1,227,661
|
$918,438
|
33.7 %
|
Theatre
attendance
|
15,690
|
11,084
|
41.6 %
|
38,263
|
28,837
|
32.7 %
|
Net income (loss)
(ii)
|
$29,746
|
$30,857
|
-3.6 %
|
$176,118
|
$(10,055)
|
NM
|
Net income (loss) as a
percentage of sales (ii)
|
6.4 %
|
9.1 %
|
-2.7 %
|
14.3 %
|
(1.1) %
|
NM
|
Cash provided by
operating activities
|
$44,693
|
$5,811
|
669.1 %
|
$141,047
|
$47,526
|
196.8 %
|
Box office revenues per
patron ("BPP") (iii)
|
$12.00
|
$11.25
|
6.7 %
|
$12.44
|
$11.83
|
5.2 %
|
Concession revenues per
patron ("CPP") (iii)
|
$8.44
|
$8.35
|
1.1 %
|
$8.80
|
$8.65
|
1.7 %
|
Adjusted EBITDA
(iii)
|
$125,869
|
$63,094
|
99.5 %
|
$290,826
|
$177,508
|
63.8 %
|
Adjusted EBITDAaL
(iii)
|
$83,064
|
$20,430
|
306.6 %
|
$163,565
|
$50,475
|
224.1 %
|
Adjusted EBITDAaL
margin (iii)
|
17.9 %
|
6.0 %
|
11.9 %
|
13.3 %
|
5.5 %
|
7.8 %
|
Adjusted free cash flow
(iii)
|
$66,880
|
$1,568
|
NM
|
$108,090
|
$1,667
|
NM
|
Adjusted free cash flow
per share (iii)
|
$1.055
|
$0.025
|
NM
|
$1.706
|
$0.026
|
NM
|
Earnings (loss) per
share - basic (ii)
|
$0.47
|
$0.49
|
-4.1 %
|
$2.78
|
$(0.16)
|
NM
|
Earnings (loss) per
share - diluted (ii)
|
$0.40
|
$0.43
|
-7.0 %
|
$2.14
|
$(0.16)
|
NM
|
(i)
|
Period over period
change calculated based on thousands of dollars except percentage
and per share values. Changes in percentage amounts are calculated
as 2023 value less 2022 value.
|
(ii)
|
2023 includes recovery
of approximately $158.4 million related to the recognition of
deferred income tax assets recognized during the second quarter and
expenses related to the Cineworld transaction and other
transactions or litigation outside the normal course of business in
the amount of $1.8 million (2022 - $1.2 million) for the third
quarter and $2.8 million (2022 - $2.7 million) for the year to
date.
|
(iii)
|
Adjusted EBITDA,
adjusted EBITDAaL, adjusted EBITDAaL margin, adjusted free cash
flow per common share of Cineplex, BPP and CPP are measures that do
not have a standardized meaning under generally accepted accounting
principles ("GAAP"). These measures as well as other Non-GAAP other
financial measures reported by Cineplex are defined in the
'Non-GAAP and Other Financial Measures' section at the end of this
news release.
|
Third Quarter and October Box Office Results
The following table compares 2023 monthly box office revenues to
2019 monthly box office revenues:
Month
|
2019 Box office
(i)
|
2023 Box office
(i)
|
2023 as a percentage
of 2019
|
July
|
$76,935
|
$86,388
|
112 %
|
August
|
$56,537
|
$67,592
|
120 %
|
September
|
$44,393
|
$34,253
|
77 %
|
Q3
Total
|
$177,865
|
$188,233
|
106 %
|
October
|
$54,528
|
$37,354
|
69 %
|
(i) Amounts are in
thousands of dollars.
|
KEY DEVELOPMENTS IN THE THIRD QUARTER OF 2023
The following describes certain key business initiatives
undertaken and results achieved during 2023 in each of Cineplex's
core business areas:
FILM ENTERTAINMENT AND CONTENT
Theatre Exhibition
- Reported third quarter record box office revenues of
$188.2 million, an increase of
$63.5 million or 50.9% from
$124.7 million due to a 41.6%
increase in theatre attendance as a result of a strong film slate
during the quarter, including Barbie, Oppenheimer, and
Mission Impossible: Dead Reckoning.
- Reported a third quarter record BPP of $12.00, $0.75 or
6.7% higher than the $11.25 reported
during the prior year.
- Welcomed nearly 700,000 guests on August
27, 2023, in celebration of National Cinema Day, marking the
second busiest day in Cineplex history.
- Launched the new Cineplex Mobile App, providing guests with an
improved experience while browsing for movies and theatres,
purchasing movie tickets, discovering exciting events at The Rec
Room and Junxion and using CineClub discounts and Scene+
rewards.
- Continued to enhance the theatre circuit at SilverCity St.
Vital Cinemas in Winnipeg,
Manitoba with a retrofit of all recliner seating at three
auditoriums, with one auditorium also enhanced with an UltraAVX
screen and another auditorium also enhanced with D-BOX
seating.
Theatre Food Service
- Reported all time quarterly record theatre food service
revenues of $132.4 million, an
increase of $39.8 million or 43.1%
compared to the prior year primarily due to a 41.6% increase in
theatre attendance.
- Reported third quarter CPP of $8.44, an increase of $0.09 or 1.1% compared to the prior year,
primarily due to an increase in average spend.
Alternative Programming and Distribution
- As part of the theatrical distribution partnership with
Lionsgate, Cineplex's distribution business (Cineplex Pictures)
distributed The Expendables 4 and Saw X during the
third quarter.
- Recognized the third highest pre-sales of all time for
TAYLOR SWIFT | THE ERAS TOUR, with
over 240,000 tickets sold up to September
30, 2023.
- Cineplex represented 77% and 69%, respectively of the total
North American box office market share for successful international
films, Carry on Jatta 3 (Punjabi) and Mastaney
(Punjabi).
- Event Cinema presented an assortment of big-screen programs,
including the live concert presentation of Metallica's 'M72
World Tour Live from Texas',
'André Rieu's 2023 Maastricht Concert: Love is All Around'
as well as the anime hit 'The First Slam Dunk' and the
moving and dramatic stage adaptation of 'The Hiding
Place'.
Digital Commerce
- Total registered users for Cineplex Store increased 4.1%
compared to the prior year, reaching approximately 2.4 million
registered users.
- Curated a Cineplex Store collection in honour of National Day
for Truth and Reconciliation to highlight diverse Indigenous
experiences, cultures and artistic expressions.
MEDIA
- Reported third quarter media revenues of $29.0 million, an increase of $3.7 million or 14.8% compared to the prior
year.
Cinema Media
- Reported third quarter cinema media revenues of $19.5 million, an increase of $4.4 million or 28.9% over the prior year.
Digital Place-Based Media
- Reported third quarter revenues of $9.5
million, a decrease of $0.6
million or 6.3% over the prior year.
AMUSEMENT SOLUTIONS (P1AG) AND LOCATION-BASED ENTERTAINMENT
(LBE)
- Reported third quarter record revenues of $75.2 million, an increase of $5.6 million or 8.0% compared to the prior
year.
Player One Amusement Group
- Reported third quarter record revenues of $49.0 million, an increase of $3.5 million or 7.7% compared to the prior year.
Reported third quarter adjusted EBITDAaL of $8.5 million, a decrease of $0.6 million or 6.1% compared to the prior
year.
Location-based Entertainment
- Reported third quarter record revenues of $34.2 million, an increase of $3.2 million or 10.2% compared to the prior
year.
- Reported a third quarter record adjusted store level EBITDAaL
of $9.9 million, an increase of
$0.3 million or 2.8% compared to the
prior year.
LOYALTY
- Membership in the Scene+ loyalty program increased to over 14
million members as at September 30,
2023.
CORPORATE
- Commemorated National Day for Truth and Reconciliation on
September 30, 2023 by raising
awareness and honouring Indigenous communities through
Pre-Show content and donations to Tipi of Hope.
NON-GAAP AND OTHER FINANCIAL MEASURES
National Instrument 52-112, Non-GAAP and Other Financial
Measures Disclosure ("NI 52-112") imposes obligations
regarding disclosure of non-GAAP financial measures, non-GAAP
ratios, and other financial measures. Cineplex reports on certain
non-GAAP measures, non-GAAP ratios, supplementary financial
measures and total segment measures that are used by management to
evaluate Cineplex's performance. The following measures included in
this news release do not have a standardized meaning under GAAP and
may not be comparable to similar measures provided by other
issuers. Cineplex includes these measures because management
believes that they assist investors in assessing financial
performance. These non-GAAP and other financial measures are used
throughout this news release and are defined below.
NON-GAAP FINANCIAL MEASURES
Non-GAAP financial measures are defined in 52-112 as a financial
measure disclosed that (a) depicts the historical or expected
future financial performance, financial position or cash flow of an
entity, (b) with respect to its composition, excludes an amount
that is included in, or includes an amount that is excluded from,
the composition of the most directly comparable financial measure
disclosed in the primary financial statements of the entity, (c) is
not disclosed in the financial statements of the entity, and (d) is
not a ratio, fraction, percentage or similar representation.
NON-GAAP RATIO
A non-GAAP ratio is defined by 52-112 as a financial measure
disclosed that (a) is in the form of a ratio, fraction, percentage
or similar representation, (b) has a non-GAAP financial measure as
one or more of its components, and (c) is not disclosed in the
financial statements.
Below are non-GAAP financial measures or non-GAAP ratios that
are reported by Cineplex.
EBITDA, ADJUSTED EBITDA AND ADJUSTED EBITDAaL
Management defines EBITDA as earnings before interest income and
expense, income taxes and depreciation and amortization expense.
Adjusted EBITDA excludes the change in fair value of financial
instrument, loss (gain) on disposal of assets, foreign exchange,
the equity income of CDCP, and impairment, depreciation,
amortization, interest and taxes of Cineplex's other joint ventures
and associates. Adjusted EBITDAaL modifies adjusted EBITDA to
deduct current period cash rent paid or payable related to lease
obligations.
Subsequent to the adoption of IFRS 16, Leases, by
Cineplex effective January 1, 2019,
the calculation of EBITDA no longer includes a charge for amounts
paid or payable with respect to leased property and equipment.
Given the majority of Cineplex's businesses are carried on in
leased premises, Cineplex introduced the measure of adjusted
EBITDAaL which includes a deduction for cash rent paid/payable
related to lease obligations. Cineplex's management believes that
adjusted EBITDAaL is an important supplemental measure of
Cineplex's profitability at an operational level and provides
analysts and investors with comparability in evaluating and valuing
Cineplex's performance period over period. EBITDA, adjusted for
various unusual items, is also used to define certain financial
covenants in Cineplex's Credit Facilities. Management calculates
adjusted EBITDAaL margin by dividing adjusted EBITDAaL by total
revenues.
EBITDA, adjusted EBITDA and adjusted EBITDAaL are non-GAAP
measures generally used as an indicator of financial performance
and they should not be seen as a measure of liquidity or a
substitute for comparable metrics prepared in accordance with GAAP.
Cineplex's EBITDA, adjusted EBITDA and adjusted EBITDAaL may differ
from similar calculations as reported by other entities and
accordingly may not be comparable to EBITDA, adjusted EBITDA or
adjusted EBITDAaL as reported by other entities.
Reconciliation of reported net income (loss) to adjusted
EBITDAaL
|
Three months ended
September 30,
|
|
Nine months ended
September 30,
|
(in thousands of
Canadian dollars)
|
2023
|
2022
|
|
2023
|
2022
|
Net income (loss)
(iv)
|
$
29,746
|
$
30,857
|
|
$
176,118
|
$
(10,055)
|
|
|
|
|
|
|
Depreciation and
amortization - other
|
24,478
|
26,079
|
|
75,373
|
79,622
|
Depreciation -
right-of-use assets
|
22,512
|
23,277
|
|
67,361
|
72,026
|
Interest expense -
lease obligations
|
16,771
|
15,946
|
|
49,592
|
45,389
|
Interest expense -
other
|
21,016
|
16,303
|
|
62,752
|
40,198
|
Interest
income
|
(248)
|
(84)
|
|
(741)
|
(152)
|
Current income tax
(recovery) expense
|
(203)
|
—
|
|
1,681
|
(724)
|
Deferred income tax
expense
|
11,443
|
—
|
|
(144,690)
|
—
|
EBITDA
|
$
125,515
|
$
112,378
|
|
$
287,446
|
$
226,304
|
|
|
|
|
|
|
(Gain) loss on disposal
of assets
|
—
|
(49,848)
|
|
970
|
(54,341)
|
Loss on financial
instruments recorded at fair value
|
580
|
1,630
|
|
1,870
|
7,230
|
CDCP equity loss
(income) (i)
|
—
|
30
|
|
—
|
(492)
|
Foreign exchange
gain
|
(427)
|
(1,239)
|
|
(4)
|
(1,628)
|
Depreciation and
amortization - joint ventures and associates (ii)
|
201
|
130
|
|
530
|
394
|
Taxes and interest of
joint ventures and associates (ii)
|
—
|
13
|
|
14
|
41
|
Adjusted
EBITDA
|
$
125,869
|
$
63,094
|
|
$
290,826
|
$
177,508
|
|
|
|
|
|
|
Cash rent paid/payable
related to lease obligations
|
(42,408)
|
(42,275)
|
|
(127,667)
|
(127,419)
|
Cash rent paid not
pertaining to current period
|
(397)
|
(389)
|
|
406
|
386
|
Adjusted EBITDAaL
(iii)
|
$
83,064
|
$
20,430
|
|
$
163,565
|
$
50,475
|
(i)
|
CDCP equity income is
not included in adjusted EBITDA as CDCP was a limited-life
financing vehicle that is funded by virtual print fees collected
from distributors. On December 16, 2022, Cineplex divested its
investment in CDCP.
|
(ii)
|
Includes the joint
ventures with the exception of CDCP (see (i) above).
|
(iii)
|
See Non-GAAP and other
financial measures section of this news release.
|
(iv)
|
2023 includes recovery
of approximately $158.4 million related to the recognition of
deferred income tax assets recognized during the second quarter and
expenses related to the Cineworld transaction and other
transactions or litigation outside the normal course of business in
the amount of $1.8 million (2022 - $1.2 million) for the third
quarter and $2.8 million (2022 - $2.7 million) for the year to
date.
|
|
|
Adjusted Free Cash Flow
Free cash flow is a non-GAAP measure generally used by Canadian
corporations as an indicator of financial performance and it should
not be viewed as a measure of liquidity or a substitute for
comparable metrics prepared in accordance with GAAP. Standardized
free cash flow adjusts the amount of cash from operating activities
to deduct capital expenditures net of proceeds on sale of assets in
ordinary business operations. Standardized free cash flow is a
non-GAAP measure recommended by the CICA in its 2008 interpretive
release, Improved Communication with Non-GAAP Financial
Measures: General Principles and Guidance for Reporting EBITDA and
Free Cash Flow, and is designed to enhance comparability.
Adjusted free cash flow is also a non-GAAP measure used by Cineplex
to modify standardized free cash flow to exclude certain cash flow
activities and to measure the amount available for activities such
as repayment of debt, dividends to owners and investments in future
growth through acquisitions. Adjusted free cash flow includes
repayments of lease obligations that represented the principal
portion of rent expenses that were included in net income
calculation prior to the adoption of accounting standard IFRS 16,
Leases, by Cineplex. Given that the materiality of the
principal portion of the rent expenses and comparability of
adjusted free cash flow disclosure for comparative periods,
adjusted free cash flow also adjusts standard free cash flow to
deduct principal amount of repayment of lease obligation.
Cineplex presents standardized free cash flow and adjusted free
cash flow per share because they are key measures used by investors
to value and assess Cineplex. Cineplex's management defines
adjusted free cash flow as standardized free cash flow adjusted for
certain items, and considers adjusted free cash flow the amount
available for distribution to shareholders. Standardized free cash
flow is defined by the CICA as cash from operating activities as
reported in the GAAP financial statements, less total capital
expenditures minus proceeds from the disposition of capital assets,
as reported in the GAAP financial statements; and dividends, when
stipulated, unless deducted in arriving at cash flows from
operating activities. The standardized free cash flow calculation
excludes common dividends and others that are declared at the
Board's discretion.
Reconciliation of reported cash provided by operating
activities to adjusted free cash flow per share
|
Three months ended
September 30,
|
|
Nine months ended
September 30,
|
(in thousands of
Canadian dollars)
|
2023
|
2022
|
|
2023
|
2022
|
Cash provided by
operating activities
|
$
44,693
|
$
5,811
|
|
$
141,047
|
$
47,526
|
Less: Total capital
expenditures net of proceeds on sale of assets
|
(9,059)
|
(14,466)
|
|
(42,113)
|
(34,936)
|
|
|
|
|
|
|
Standardized free cash
flow
|
35,634
|
(8,655)
|
|
98,934
|
12,590
|
|
|
|
|
|
|
Add/(Less):
|
|
|
|
|
|
Changes in operating
assets and liabilities (i)
|
52,843
|
25,815
|
|
61,789
|
42,012
|
Changes in operating
assets and liabilities of joint ventures and associates
(i)
|
229
|
1,892
|
|
568
|
1,960
|
Repayments of lease
obligations - principal
|
(25,754)
|
(26,330)
|
|
(79,190)
|
(83,025)
|
Principal portion of
cash rent paid not pertaining to current period
|
(397)
|
(381)
|
|
406
|
381
|
Growth capital
expenditures and other (ii)
|
4,801
|
9,727
|
|
27,705
|
22,859
|
Share of income of
joint ventures and associates, net of non-cash
depreciation
|
(476)
|
(500)
|
|
(2,122)
|
(428)
|
Net cash received from
CDCP (iii)
|
—
|
—
|
|
—
|
5,318
|
Adjusted free cash
flow
|
$
66,880
|
$
1,568
|
|
$
108,090
|
$
1,667
|
Average number of
shares outstanding
|
63,376,721
|
63,362,713
|
|
63,376,083
|
63,356,694
|
Adjusted free cash
flow per share
|
$
1.055
|
$
0.025
|
|
$
1.706
|
$
0.026
|
(i)
|
Changes in operating
assets and liabilities are not considered a source or use of
adjusted free cash flow. Refer to Note 25 of Cineplex's 2022 Annual
Consolidated Financial Statements for further details.
|
(ii)
|
Growth capital
expenditures and other represent expenditures on Board approved
projects, exclude maintenance capital expenditures and are net of
proceeds on asset sales. The Revolving Facility is available to
Cineplex to fund Board approved projects.
|
(iii)
|
Excludes the share of
income or loss of CDCP, as CDCP was a limited-life financing
vehicle funded by virtual print fees collected from
distributors. Cash invested into CDCP, as well as distributions
received from CDCP, were considered to be uses and sources of
adjusted free cash flow. CDCP was wound up in 2022.
|
SUPPLEMENTARY FINANCIAL MEASURES
Supplementary
financial measures are financial measures that are not (a)
presented in the financial statements and (b) is, or is intended to
be, disclosed periodically to depict the historical or expected
future financial performance, financial position or cash flow, that
is not a non-GAAP financial measure or a non-GAAP ratio as defined
in the instrument. Below are supplementary financial measures that
Cineplex uses to depict its financial performance, financial
position or cash flows.
Earnings (loss) per Share Metrics
Cineplex has
presented basic and diluted earnings (loss) per share net of this
item to provide a more comparable loss per share metric between the
current periods and prior year periods. In the non-GAAP and other
financial measure, earnings is defined as net income or net loss
attributable to Cineplex excluding the change in fair value of
financial instruments.
Per Patron Revenue Metrics
Cineplex reviews per patron
metrics as they relate to box office revenue and theatre food
service revenue such as BPP, CPP, BPP excluding premium priced
product, and concession margin per patron, as these are key
measures used by investors to value and assess Cineplex's
performance, and are widely used in the theatre exhibition
industry. Management of Cineplex defines these metrics as
follows:
Theatre Attendance: Theatre attendance is calculated as
the total number of paying patrons that frequent Cineplex's
theatres during the period.
BPP: Calculated as total box office revenues divided
by total paid theatre attendance for the period.
BPP excluding premium priced product: Calculated as total
box office revenues for the period, less box office revenues from
3D, 4DX, UltraAVX, VIP ScreenX and IMAX product; divided by total
paid theatre attendance for the period, less paid theatre
attendance for 3D, 4DX, UltraAVX, VIP, ScreenX and IMAX
product.
CPP: Calculated as total theatre food service
revenues divided by total paid total theatre attendance for the
period.
Premium priced product: Defined as 3D, 4DX,
UltraAVX, IMAX, ScreenX and VIP film product.
Theatre concession margin per patron: Calculated as total
theatre food service revenues less total theatre food service cost,
divided by theatre attendance for the period.
Same Theatre Analysis
Cineplex reviews and reports
same theatre metrics relating to box office revenues, theatre food
service revenues, theatre rent expense and theatre payroll expense,
as these measures are widely used in the theatre exhibition
industry as well as other retail industries.
Same theatre metrics are calculated by removing the results for
all theatres that have been opened, acquired, closed or otherwise
disposed of subsequent to the start of the prior year comparative
period. For the three months ended September
30, 2023 the impact of two locations that has been opened or
acquired and three locations that have been closed or otherwise
disposed of have been excluded, resulting in 153 theatres being
included in the same theatre metrics. For the nine months ended
September 30, 2023 the impact of two
locations that has been opened or acquired and four locations that
have been closed or otherwise disposed of have been excluded,
resulting in 152 theatres being included in the same theatre
metrics.
Cost of sales percentages
Cineplex reviews and reports
cost of sales percentages for its two largest revenue sources, box
office revenues and food service revenues as these measures are
widely used in the theatre exhibition industry. These measures are
reported as film cost percentage and concession cost percentage,
respectively, and are calculated as follows:
Film cost percentage: Calculated as total film cost
expense divided by total box office revenues for the period.
Theatre concession cost percentage: Calculated as total
theatre food service costs divided by total theatre food service
revenues for the period.
LBE food cost percentage: Calculated as total LBE food
costs divided by total LBE food service revenues for the
period.
Certain information included in this news release contains
forward-looking statements within the meaning of applicable
securities laws. These forward-looking statements include, among
others, statements with respect to Cineplex's objectives and goals,
and the strategies to achieve those objectives and goals, as well
as statements with respect to Cineplex's beliefs, plans,
objectives, expectations, anticipations, estimates and intentions.
The words "may", "will", "could", "should", "would", "suspect",
"outlook", "believe", "plan", "anticipate", "estimate", "expect",
"intend", "forecast", "objective" and "continue" (or the negative
thereof), and words and expressions of similar import, are intended
to identify forward-looking statements.
By their very nature, forward-looking statements involve
inherent risks and uncertainties, including those described in
Cineplex's Annual Information Form ("AIF"), and the management's
discussion and analysis for the year ended December 31, 2022 ("Annual MD&A") and in this
news release, which is incorporated herein by reference and
available on SEDAR+ (www.sedarplus.ca). These risks and
uncertainties, both general and specific, give rise to the
possibility that predictions, forecasts, projections and other
forward-looking statements will not be achieved. Certain material
factors or assumptions are applied in making forward-looking
statements and actual results may differ materially from those
expressed or implied in such statements. Cineplex cautions readers
not to place undue reliance on these statements, as a number of
important factors, many of which are beyond Cineplex's control,
could cause actual results to differ materially from the beliefs,
plans, objectives, expectations, anticipations, estimates and
intentions expressed in such forward-looking statements, including:
Cineplex's expectations with respect to liquidity and capital
expenditures; its ability to meet its ongoing capital, operating
and other obligations, and anticipated needs for, and sources of,
funds; Cineplex's ability to execute cost-cutting and
revenue enhancement initiatives; risks generally
encountered in the relevant industry, competition, customer, legal,
taxation and accounting matters.
The foregoing list of factors that may affect future results
is not exhaustive. When reviewing Cineplex's forward-looking
statements, readers should carefully consider the foregoing factors
and other uncertainties and potential events. Additional
information about factors that may cause actual results to differ
materially from expectations and about material factors or
assumptions applied in making forward-looking statements may be
found in the "Risks and Uncertainties" section of Cineplex's Annual
MD&A.
Cineplex does not undertake to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by applicable
Canadian securities law. Additionally, Cineplex undertakes no
obligation to comment on analyses, expectations or statements made
by third parties in respect of Cineplex, its financial or operating
results or its securities. All forward-looking statements in this
news release are made as of the date hereof and are qualified by
these cautionary statements. Additional information, including
Cineplex's AIF, can be found on SEDAR+ at www.sedarplus.ca.
You are cordially invited to participate in a conference call
with the management of Cineplex (TSX: CGX) to review our third
quarter. Ellis Jacob, President
and Chief Executive Officer and Gord Nelson, Chief Financial
Officer, will host the call scheduled for:
Cineplex Inc. Q3 2023 Earnings Webcast:
Date:
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Thursday, November 9,
2023
|
|
|
Time:
|
10:00 a.m. Eastern
Daylight Time
|
|
|
Audio Webcast:
|
Audience URL
https://events.q4inc.com/attendee/314153553
|
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Pre-registration
available.
|
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An archive of the
webcast will be available at https://corp.cineplex.com/investors
after the webcast for a limited time.
|
Please note, analysts who cover the Company, should use the
dial-in option to participate in the live question period:
1-226-828-7575 (Local) or 1-833-950-0062 (Canada Toll-free), access
code 501465.
All attendees should join the event 5-10 minutes prior to the
scheduled start time. Media are welcome to join the call in
listen-only mode.
About Cineplex
Cineplex (TSX:CGX) is a top-tier Canadian brand that operates in
the Film Entertainment and Content, Amusement and Leisure, and
Media sectors. Cineplex offers a unique escape from the everyday to
millions of guests through its circuit of over 170 movie theatres
and location-based entertainment venues. In addition to being
Canada's largest and most
innovative film exhibitor, the company operates Canada's favourite destination for 'Eats &
Entertainment' (The Rec Room), complexes specially designed for
teens and families (Playdium), and a newly launched entertainment
concept that brings movies, amusement gaming, dining, and live
performances together under one roof (Cineplex Junxion). It also
operates successful businesses in digital commerce
(CineplexStore.com), alternative programming (Cineplex Events),
motion picture distribution (Cineplex Pictures), cinema media
(Cineplex Media), digital place-based media (Cineplex Digital
Media) and amusement solutions (Player One Amusement Group).
Providing even more value for its guests, Cineplex is a partner in
Scene+, Canada's largest
entertainment and lifestyle loyalty program.
Proudly recognized as having one of the country's Most Admired
Corporate Cultures, Cineplex employs over 10,000 people in its
offices and venues across Canada
and the United States. To learn
more, visit Cineplex.com.
SOURCE Cineplex