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Topic: Regal gobbles up Eastern Federal
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John Carpenter
Film Handler
Posts: 96
From: Fort Walton Beach, FL, USA
Registered: Nov 2002
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posted 04-29-2005 03:18 PM
Eastern Federal is/was an amazing compnay to work for from my expereince. It is very sad to see them go like this. Hopefully there are some other managers that were "bought out" by Regal that can enlighten us on what to expect. Thanks in advance!
Here is the artcile on the sale:
Regal to buy Eastern Federal theaters for $127 million
DUNCAN MANSFIELD
Associated Press
KNOXVILLE, Tenn. - Regal Entertainment Group, the country's largest motion picture exhibitor, announced Thursday a dip in first-quarter earnings compared to a year ago, and a cash deal to buy North Carolina-based Eastern Federal Theatres for $127.6 million.
Meanwhile, the Knoxville-based movie theater company said it was closing another deal announced last month for seven theaters in Maryland, Florida, Pennsylvania and Virginia owned by R/C Theatres of Maryland for $31 million in cash.
"Both the assets acquired from R/C Theatres and Eastern Federal Theatre circuit represent high-quality assets," Regal co-CEO Mike Campbell said, noting most offer stadium seating.
Eastern Federal, headquartered in Charlotte, has 22 theaters with 238 screens in Florida, North Carolina and South Carolina. Campbell said 18 of the 22 theaters also come with the property on which they are sited.
Regal currently owns and operates 6,264 screens in 553 theaters in 40 states, representing about 18 percent of all indoor screens in the United States. They operate under the Regal Cinemas, United Artists and Edwards Theatres brands.
The company reported a profit for the first quarter ending March 31 of $13.1 million or 9 cents a share, compared to $22.8 million or 16 cents a share for the same period of 2004. Analysts with Thomson First Call predicted 8 cents a share for first quarter 2005.
Campbell said the quarterly comparison suffered because Mel Gibson's "The Passion of The Christ" was such a huge hit in first quarter 2004, grossing more than $320 million during the period. He said the biggest movie of first quarter 2005 was "Hitch" at $175 million.
"Taking into consideration the tough competition with last year's first quarter, we actually performed better than we expected this year," Campbell said.
Regal, with Denver billionaire Philip Anschutz as a major investor, reported a 6.8 percent increase in revenue for the period to $577 million, up from $540.5 million.
Campbell said an average 3 percent increase in ticket prices offset a 1.7 percent drop in attendance. "We continue to be optimistic about the prospects for the films scheduled to open in the summer season," he said, despite slow returns in the first three weeks of the second quarter.
Regal shares fell 28 cents to $19.52 in afternoon trading on the New York Stock Exchange, near their 52-week low of $17.35.
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Regal Entertainment: www.REGmovies.com
Eastern Federal Theatres: http://www.easternfederal.com
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