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United Artists' EBITDA Rises 20%

DENVER-Locally based United Artists Theatre Co., one of the nation's largest owners of movie theaters, posted lower revenues in the second quarter and first half of the year, compared with a year ago.

By John Rebchook | Updated on August 13, 2001

DENVER-The consolidated revenues of United Artists Theater Co. in the second quarter amounted to $128.5 million compared with $138.4 million in the same time period in 2000. In the first half of the year, its revenues fell to $256.9 million compared with $263.8 million in 2000. However, it reports good news as far as EBITDA, which rose almost 20% to $16.3 million. A year ago, its second-quarter EBITDA was $13.6 million. And its EBITDA as a percent of revenues rose by 9.8%.

EBITDA in the second half of the year increased 63%, rising to $33.6 million compared with $20.6 million in 2000. The EDITDA margin for 2001 increased to 13.1% from 7.8%. Exclusive of extraordinary items, mostly related to the company’s Chapter 11 reorganization, the company reported positive net earnings for the first six months of 2001. That has not happened in several years. Net earnings before extraordinary gains related to the reorganization were $300,000, compared to a $40.7 million loss a year ago. The company filed for reorganization on Sept. 5 and emerged on March 2, 20001. The revenue declines were related to closing of many under-performing theaters while in bankruptcy. With fewer theaters, revenues were expected to drop.

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