Cineplex Profit Climbs as Attendance Rises 23%

The Canadian theater chain said 14.8 million guests attended its cinemas during the quarter, a 23% increase. Cineplex attributed the lift to major releases including The Odyssey and Spider-Man: Brand New Day, which it said became the highest-grossing domestic release of all time. The company also described demand for premium experiences as unprecedented.

Chief Executive Bill Walker, who succeeded longtime CEO Ellis Jacob in September, said the quarter’s revenue was the highest in Cineplex’s history and helped bring the company within its target leverage range. Earnings were C$0.34 a share, compared with C$0.02 a share a year earlier and the C$0.42 analysts expected, according to FactSet. Analysts had forecast revenue of C$423 million.

Cineplex launched a strategic review in September to assess opportunities to maximize shareholder value. The company said it would consider a range of alternatives, including a potential sale.