After declining around 12% in the last week, the stock of Regal Entertainment Group (NYSE:RGC) gained more than 1% in yesterday’s trading session to close at $14.83. It still remains to be seen if the stock can continue with its uptrend in the upcoming trading sessions.
The buzz
Regal Entertainment announced its Q2 2017 results in the last week of July. Revenue for the second quarter closed June 30, 2017 came at $764.2 million as against revenue of $785.9 million for the same period of 2016. Net income came at $23.6 million versus $33.5 million in the Q2 2016. Diluted EPS was $0.15 for the Q2 2017 versus $0.21 for the comparable quarter of 2016.
Adjusted diluted EPS came at $0.16 forQ2 2017 compared to $0.23 in the same period, a year ago. Net cash provided by operating activities came at $(41.8) million in Q2 2017 as compared to $58 million for the Q2 2016.
Regal Entertainment’s Board of Directors announced a cash payout of $0.22 a Class ‘A’ and Class ‘B’ common share, to be paid on September 15, 2017, as of record September 5, 2017. The firm plans to compensate a regular quarterly payout for the imminent future at the discretion of the Board depending on anticipated cash needs, available cash, loan agreement restrictions, overall financial condition, future prospects for cash flows and earnings as well as other pertinent factors.
Amy Miles, the CEO of Regal Entertainment, reported that both their current concession and seating measures and their acquisition of 134 top quality screens left a positive impact on their operating performance in the second quarter, including remarkable highs in average ticket price as well as concession sales per patron. With industry box office revenue recorded so far in the year, coming at par with preceding year’s record total and a thrilling movie yet to come in 2H2017, they remain optimistic on the prospect for box office success in 2017.