Cineplex Posts $41.4 Million In Revenue, $89.7 Million Net Loss For Q1 2021

Cineplex Inc. (TSX: CGX) reported this morning its financial results for Q1 2021, which saw $41.4 million in revenue. This is an 85.4% drop from Q1 2020’s $282.8 million in revenue.

The company’s revenue for the quarter comes from the box office ($3.8 million), food service ($6.5 million), media ($9.1 million), amusement ($13.9 million), and other revenues ($8.1 million). Cineplex also posted a $89.7 million net loss for the quarter, compared to last year’s $178.4 million net loss. This translates to $1.42 in losses per share.

Due to the pandemic, the majority of Cineplex’s theatres remain closed or under strict operating regulations. Theatre attendance for this quarter hit just 0.4 million, a notable 96.1% drop from last year’s 10.7 million.

During the quarter, the company has raised significant amounts which were mostly used to repay Cineplex’s credit facilities: $57.0 million from the completed sale and leaseback transactions of two of its head office buildings, $250.0 million from a secured note financing, and from a third credit agreement with The Bank of Nova Scotia for financial relief in light of the pandemic.

The company ended Q1 2021 with $19.5 million in cash and cash equivalents, up from Q4 2020’s $16.3 million. However, it recorded a negative $78.8 million in adjusted free cash flow, dropping from Q1 2020’s negative $0.2 million.

Cineplex also reported that it has remained prudent in managing costs, recording an average monthly cash burn for the quarter of $26.9 million. This is an increase from last quarter’s $24.8 million.

You may see the full details of Cineplex’s Q1 2021 financial results here.

Cineplex Inc. last traded at $12.55 on the TSX.


Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Silver’s Finally Breaking the System | Keith Neumeyer – First Majestic

The Best News for Gold Was the Drop! – Peter Grandich

McEwen Copper: The Los Azules Feasibility Study

Recommended

Silver47 Completes Property-Wide Geochemical, Rock Sampling Program At Adams Plateau, Identifies Numerous Targets

Altamira Gold Identifies Presence Of Second Mineralized Porphyry Body At Cajueiro

Related News

Cineplex Closes $250 Million Secured Note Financing

Cineplex Inc (TSX: CGX) has closed its previously announced offering of 7.5% senior secured second...

Friday, February 26, 2021, 09:31:03 AM

Cineplex, Universal Pictures Enter Exclusive Theatre Viewing Arrangement In Canada

Facing the threat of video on demand services, Cineplex (TSX: CGX) this morning announced that...

Friday, November 20, 2020, 08:56:31 AM

Cineplex: Canaccord Reiterates $7.00 Target, Upgrades To Hold

Cineplex Inc (TSX: CGX) reported their third quarter results on Friday, reporting revenues of $61...

Tuesday, November 17, 2020, 12:07:00 PM

Cineplex: BMO Lifts Price Target To $15 After Q3 Earnings

On November 11th, Cineplex Inc. (TSX: CGX) reported its third quarter financial results. The company...

Saturday, November 20, 2021, 10:10:00 AM

Cineplex Sells Off Amusement Solutions Division For $155 Million In Cash

Cineplex (TSX: CGX) is selling off non-core assets in an effort to boost its balance...

Wednesday, November 22, 2023, 10:03:07 AM