Regal, the largest motion picture exhibitor in the world, will shutter 28 theaters with a total of 225 screens, while opening nine theaters with 135 screens in fiscal 2006. Regal operates 6,383 in 542 theaters across the United States.
"Clearly, our long-term strategy is to close theaters that are at the end of their lease term or are underperforming," said Michael Campbell, chairman and CEO of Regal Entertainment Corp. "This is a somewhat fluid process, but we do continue to look for opportunities."
Closures are not regionally driven, nor are they being compelled by a drop in revenues or attendance, he added. Regal's total revenue for the quarter ended June 29, 2006, was $684.6 million, a 6.5% increase from total revenue of $643.1 million for the second fiscal quarter of 2005. Net income was $16.6 million in the second quarter of 2006, compared to net income of $26.4 million in the same period of 2005.
Recommended For You
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
