The Globe and Mail reports in its Saturday, Aug. 10, edition that Cineplex continued to feel the impact of dual Hollywood strikes in its second quarter, but the end of the period signalled a turning point. A Canadian Press dispatch to The Globe reports that chief executive officer Ellis Jakob said Friday that the box office picked up in June and July as Inside Out 2, Deadpool & Wolverine, Twisters and Despicable Me 4 hit theatres. The lead up to the summer blockbusters was hampered by a depleted film slate. The Hollywood strikes pushed back the release of much-anticipated movies including Avatar 3 and Dune: Part Two. The writers' strike wrapped in September and the actors left picket lines in November. Cineplex said Friday that it lost $21.4-million or 33 cents per diluted share for the quarter spanning April 1 to June 30. That second quarter result compared with a profit of $176.5-million or $1.99 a year earlier.
Revenue for the quarter totalled $277.3-million, down from $367.9-million in the same quarter last year, as theatre attendance amounted to 8.7 million people for the quarter, down from 12.8 million a year ago.
The performance mirrored results of other global theatre chains such as AMC Entertainment.
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