Cineplex profit jumps on higher attendance, more concession revenue - Canadanewsmedia
Connect with us

Business

Cineplex profit jumps on higher attendance, more concession revenue

Published

on


A trio of superhero movies, increasing audience numbers and a focus on concession stand offerings helped Cineplex Inc. report a record revenue in its second quarter.

The Toronto-based entertainment giant said Friday that the strong box office performance of Avengers: Infinity War, Deadpool 2 and The Incredibles 2 contributed to all-time high revenues of $409.1 million for the quarter ended June 30, up about 12 per cent from the year before when it made $364.1 million.

The company's net income also jumped significantly, increasing 1,670 per cent to $24.4 million, or 38 cents a share, this quarter from $1.4 million last year.

Analysts had estimated $414 million of revenue and 24 cents per share of net income, according to Thomson Reuters Eikon.

"Cineplex reported record second quarter results including increases in revenue across all reportable segments," president and CEO Ellis Jacob said in a statement

"In addition to growing our revenue sources, we continue to focus on optimizing our cost structure across our ecosystem, having implemented a cost reduction program during the second quarter with the expectation of realizing annualized cost savings of $25.0 million by the end of the year."

The company announced in April that it would lay off "a number of" full-time workers to eliminate duplicate roles following several business acquisitions.

The layoff came as Cineplex has been focused on minimizing the unpredictability of the box office and competing with the popularity of on-demand streaming services by putting attention on its signage business and expanding gaming and restaurant brands it operates, including the Rec Room, Playdium and forthcoming virtual sports complexes TopGolf.

It's also looking at food as a way to nab more customers. In June, Cineplex partnered with Uber Eats to launch a popcorn and snack delivery program in 60 communities throughout Ontario, Alberta, B.C. and Quebec in June and also toyed with expanding concession stand offerings and alcohol in some markets.

On Friday, Cineplex reported that concession revenue per patron rose 9.3 per cent to $6.59.

Box office revenue per patron also climbed 4.4 per cent to $10.82 and attendance rose by 5 per cent to 17.3 million from 16.5 million.

Cineplex said 24 per cent of its box office revenues were attributable to Avengers: Infinity War. Deadpool 2 represented 11.3 per cent, Incredibles 2 9.6 per cent, Jurassic World: Fallen Kingdom 6.8 per cent and Solo: A Star Wars Story 6 per cent of box office revenues.

Cineplex shares were ahead by 1.9 per cent in morning trading Friday on the TSX, climbing to $30.86

Let’s block ads! (Why?)



Source link

Continue Reading

Business

Tesla testing out new Autopilot features like roundabout navigation – MobileSyrup

Published

on

By


Tesla CEO Elon Musk has tweeted that new features are already being tested for the next stage of Autopilot, including traffic light stops, roundabout navigation and more.

Musk initially shared a tweet encouraging drivers that own a Tesla manufactured within the last two years to test out the recently released ‘Navigate on Autopilot’ feature.

The version of Navigate on Autopilot available now is a step above the regular Autopilot since it now passes slower vehicles on the highway and can also navigate highway on-ramps and off-ramps.

The next update doesn’t bring full autonomous driving to the EVs, but take things a step closer.

The tests that Musk mentions are preparing to make Tesla’s understand stop signs and traffic lights, as well as roundabouts.

He even says that Tesla cars will soon be able to drive from the user’s home to, for example, a parking lot at work, without any driver input at all.

Source: Twitter

Let’s block ads! (Why?)



Source link

Continue Reading

Business

Ford's F-350 is the top choice for Canada's thieves: Report – BNNBloomberg.ca

Published

on

By


Do you know where your truck is?

You might want to double check where your car is parked following a study released Tuesday by the Insurance Bureau of Canada found that high-end trucks and sport-utility vehicles were the most-stolen vehicles in Canada in 2017.

The most-stolen vehicle was the 2015 Lexus GX460 SUV, but eight of the 10 most-stolen were different versions of the Ford F-350.

“Automobile theft is much more than an insurance problem; it’s an expensive social menace,” IBC wrote in its report. “Each year, automobile theft costs Canadians close to $1 billion, including $542 million for insurers to fix or replace stolen vehicles, $250 million in police, health care and court system costs and millions more for correctional services.”

According to IBC, most of the vehicles being stolen are being flipped into the used car market.

“Stolen vehicles may be sold to consumers who don’t know they are buying a stolen car, scrapped for parts or used to commit another crime,” IBC wrote in the report. “Often, stolen vehicles are smuggled out of the country.”

New Brunswick saw the highest increase in vehicle theft among Canada’s provinces, with a 28 per cent increase last year. Ontario followed with a 15 per cent jump.

IBC also noted that this is the time of year that vehicle-owners need to be most vigilant about keeping an eye on their wheels.

“New Year’s Day is the most common time for vehicles to be stolen,” IBC wrote in the report. “Since people tend to travel over the holidays in cars filled with gifts, it is important to be vigilant and keep a close watch on your vehicle over the festive season.”

The Top 10:

  1. 2015 Lexus GX460
  2. 2007 Ford F-350
  3. 2006 Ford F-350
  4. 2005 Ford F-350
  5. 2001 Ford F-350
  6. 2003 Ford F-350
  7. 2004 Ford F-350
  8. 2016 Toyota 4Runner
  9. 2002 Ford F-350
  10. 2006 Ford F-250

Let’s block ads! (Why?)



Source link

Continue Reading

Business

Who is Meng Wanzhou, the Chinese exec wanted by the US? – CNN

Published

on

By


The 46-year-old executive was arrested December 1 in Canada, and faces extradition to the United States. After news of her arrest broke late December 5, Meng’s face was splashed across the internet.
Meng is the daughter of Huawei’s billionaire founder, Ren Zhangfei, and her case threatens to ramp up tensions between Washington and Beijing.
“The fact that this is Ren’s daughter and a very senior official in the company sends a very strong message to China: no one is above US law and we will reach out anywhere in the world and arrest you if you break the law,” said Paul Triolo, the head of global tech policy at risk consultancy Eurasia Group.

Tipped for the top?

Despite her position as a senior executive at Huawei, China’s largest smartphone and telecommunications equipment maker, little is known about Meng and her rise through the ranks at the company. It’s not traded on a stock exchange, and its executives are notoriously media shy.
Huawei exec's arrest opens a new front in the US-China trade war
Aside from a brief stint at state-run China Construction Bank after graduating from college in 1992, Meng has spent her entire career at her father’s company.
Her brother, who is known as both Meng Ping and Ren Ping, works at a Huawei subsidiary. The siblings’ roles at the company have fueled speculation that they are being groomed to take over from their father.
In March, Huawei shook up its top ranks, making the founder’s daughter one of four vice chairs of the board. The promotion supported the idea she could one day lead the company.
But Huawei’s founder has repeatedly denied the existence of a succession plan built around his children.
Asked about it in 2010, Ren told Chinese business news site Caixin: “This plan doesn’t exist. It’s too ridiculous to respond to.” In a letter to employees in 2013, he reportedly said his children lacked the vision, character and ambition to lead Huawei.
According to its most recent annual report, Huawei is a private company with Ren holding 1.4% of its shares, and the rest owned by more than 80,000 company employees. Ren, 74, is worth $3.4 billion, according to Forbes.
Meng Wanzhou speaking at a conference in 2014. She has been CFO of Huawei since at least 2011.Meng Wanzhou speaking at a conference in 2014. She has been CFO of Huawei since at least 2011.

From answering phones to finance chief

Until recently Meng, like her father, rarely spoke to the media.
But in 2013, she gave an interview to 21st Century Business Herald, a Chinese newspaper. She said she was married with two young children and noted that her husband does not work in the telecommunications industry.
Huawei's no good, very bad year just got even worseHuawei's no good, very bad year just got even worse
Meng also answered questions regarding her last name, saying she changed it when she was 16, taking her mother’s surname.
She started working at Huawei in 1993, a year after graduating from college. Her first job, she said, was answering phones.
Meng went back to university in 1997, graduating with a master’s degree in accounting. When she returned to Huawei the following year, she joined the finance department and that, she said, was when her career took off.
Meng held positions at director and executive level in the accounting and finance departments before becoming CFO.
She spent the 2000s revamping Huawei’s organizational structure and financial systems as the company expanded its business around the world.

Presiding over Huawei’s riches

It is unclear exactly when Meng was promoted to the C-Suite.
Founded in 1987, Huawei only began publishing the names and biographies of the people who run the company in 2011, according to Reuters. The inaugural list already identified Meng as CFO.
Over the past seven years, she has presided over a period of extraordinary financial success at Huawei. The company more than quadrupled its net profit between 2011 and 2017, when it reported 47.5 billion yuan ($6.9 billion).
It now sells more smartphones than Apple (AAPL) and is the world’s biggest maker of telecommunications equipment ahead of Sweden’s Ericsson (ERIC).
The company’s global rise has brought it increasing scrutiny from the US government over the same period. And Meng has now become its focal point.

Let’s block ads! (Why?)



Source link

Continue Reading
Arts8 mins ago

Opinion: City council’s bold investment in the arts will elevate Calgary when we need it most – Calgary Herald

News15 mins ago

Organized crime behind surge in Canadian vehicle thefts, auto insurance fraud: experts – Global News

News17 mins ago

Suspect in custody after RCMP close highway near Berwick for ‘unfolding situation’ – TheChronicleHerald.ca

Business18 mins ago

Tesla testing out new Autopilot features like roundabout navigation – MobileSyrup

News19 mins ago

What are the most frequently stolen vehicles in Alberta? – Global News

Politics55 mins ago

Climate Politics Hypocrisy At COP24 In Poland – Forbes

Economy1 hour ago

IMF warns storms clouds gathering for global economy – The Globe and Mail

Business1 hour ago

Ford's F-350 is the top choice for Canada's thieves: Report – BNNBloomberg.ca

Technology1 hour ago

The Galaxy S10 could be Samsung’s last flagship with a headphone jack – The Verge

Science2 hours ago

‘Zombie bacteria’ found miles beneath Earth's surface hint life might have begun in the depths – Yahoo News

Science2 hours ago

The Morning After: 'The mother of all demos' – Engadget

Science2 hours ago

The brightest comet of 2018 will be lighting up night skies this week (PHOTOS) – Daily Hive

Technology2 hours ago

OnePlus 6T McLaren Edition brings 30W Warp Charge, 10GB of RAM – GSMArena.com news – GSMArena.com

Technology2 hours ago

Groundbreaking Infinity Blade removed from App Store, hard to support – SlashGear

News2 hours ago

RCMP close Highway 101 at Berwick for 'unfolding situation' – CBC.ca

Trending

Copyright © 2018 Canada News Media

%d bloggers like this: