TORONTO — Cineplex Inc. (TSX:CGX) says a decline in attendance at the end of 2016 pushed down the theatre company's revenue in the fourth quarter.
The Toronto-based company says the comparable period of 2015 had some of the highest-grossing films of all time and, without such a strong lineup as last year, fourth-quarter attendance in 2016 was down 12 per cent.
The decline in attendance, to 17.9 million visits from 20.4 million, was partly offset by higher per-patron spending on tickets and concessions.
Net income was down 69.6 per cent, dropping to $23.3 million or 37 cents per diluted share in the quarter ended Dec. 31 from $76.8 million or $1.20 per diluted share a year before.
Cineplex's 2015 fourth quarter profit included an unusual gain related to the acquisition of CSI in 2015 and a favourable change in the value of a financial instrument linked to a 2013 acquisition.