P.M. BRIEFING : Cineplex Box Office Disappoints
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TORONTO — Summer box office receipts for Cineplex Odeon Corp., one of North America’s biggest movie theater chains, are not as strong as the money-losing company hoped, President and Chief Executive Officer Allen Karp said today.
But he still expects Cineplex’s earnings for the peak movie-going summer season to be higher than in 1989, in contrast to the rest of the industry, which he believes will earn less.
“It was a tough summer,” Karp said in an interview. “But we had a couple of advantages going for us.” He mentioned Cineplex’s performance in Canada and its conservative bidding that helped it avoid some highly touted films that did poorly.
Cineplex, which loaded itself with debt because of over-ambitious expansion plans, lost $50.4 million in the first half of 1990.
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