KNOXVILLE, Tenn. (AP) -- Movie theater chain operator Regal Entertainment Group said its fourth-quarter profit fell sharply from the year before as concessions sales fell and fewer people caught new releases in theaters.
The company's shares fell 1 percent in after-market trading.
Regal Entertainment said late Monday that its revenue for the quarter that ended Dec. 31 was $613.9 million, down from $661 million a year earlier. Its net income was $4 million, or 3 cents per share, compared with $13.6 million, or 9 cents per share, a year before.
The company said that, excluding one-time items like stock-based compensation and debt repayments, it earned 10 cents per share, compared with an adjusted net income of 12 cents per share a year earlier.
That's far more than the adjusted net income of 2 cents per share analysts were expecting, according to FactSet. But Regal's revenue was lower than the $621.6 million analysts expected.
Regal Entertainment said its quarterly revenue from attendance dropped nearly 10 percent to $414 million. Concession revenue fell 3 percent to $159.3 million.
It did not provide a detailed forecast for 2012, but CEO Amy Miles said the company was "encouraged" by box office results in the current quarter so far and by the line-up of summer films.
The company announced it will pay a dividend of 21 cents per share on March 15 to stockholders of record on March 5.
For all of 2011, Regal Entertainment reported net income of $40.1 million, or 26 cents per share, compared to $77 million, or 50 cents per share the year before. Revenue fell to $2.68 billion from $2.81 billion in 2010.
Shares fell a penny to $13.04 after hours. They had gained 48 cents, or 3.8 percent, to end regular trading at $13.05.
- Regal Entertainment Group
- Regal Entertainment