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Msg  15575 of 22906  at  1/6/2011 8:06:29 PM  by

petere1


Cineplex downgraded on Q4 box office weakness

Cineplex downgraded on Q4 box office weakness

*

Jonathan Ratner January 6, 2011 – 11:20 am

Despite solid performances from Harry Potter and the Deathly Hallows Part 1, as well as animated blockbusters Megamind and Tangled, fourth quarter North American box office numbers disappointed. That’s still the case when allowing for tough year-over-year comparables that include The Twilight Saga: New Moon and 12 days of Avatar, which were in theatres late in 2009.

Preliminary box office results for the fourth quarter have forced Raymond James analyst Kenric Tyghe to downgrade Cineplex Inc. to Market Perform from Outperform and trim his estimates on the movie theatre operator.

His fourth quarter revenue forecast falls to $239.6-million from $265.1-million and his EBITDA outlook decreases to $38.1-million from $42.5-million.

The analyst blamed Warner Bros’ decision to release Harry Potter in 2D, as opposed to 3D as initially expected, for exacerbating the relatively soft fourth quarter box office performance.
Mr. Tyghe warned that the comparable headwinds only increase further in the first quarter of 2011. However, they will abate through the middle of the year given the disappointing 2010 summer box office.



 
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Msg # Subject Author Recs Date Posted
15593 Re: Cineplex downgraded on Q4 box office weakness mateo55 1 1/7/2011 10:36:10 AM


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