Regal Releases Its Earnings

Regal operates theaters under the names Regal Cinemas, United Artists Theatres, Edwards Theatres and Hoyts Cinemas. Its media company, Regal CineMedia, is headed by Kurt Hall of Denver. The company splits its headquarters between Denver and Knoxville, TN.

Regal's board also declared a cash dividend of 15 cents per Class A and Class B common shares on Sept. 12 to stockholders of record on August 25. The company intends to pay a regular quarterly dividend for the foreseeable future at the discretion of the board.

"This was a significant quarter for Regal Entertainment Group in that we produced another quarter of solid financial results in a challenging box office environment," says Mike Campbell, CEO of Regal Entertainment Group's theatre operations and co-CEO of Regal Entertainment Group. "In addition, we returned value to shareholders in the form of an extraordinary dividend of $5.05 per share, completed the integration of the acquired Hoyts theatres and strengthened our base of long-term shareholders. We are also pleased that our strong cash position and free cash flow generation allowed the Company to declare a regular quarterly dividend of $0.15 per share, which maintains our quarterly dividend at historical levels."

Adds Hall, CEO of Regal CineMedia and co-CEO of Regal Entertainment Group: "The deployment of the Digital Content Network continues to track ahead of plan and under budget with over 3,000 screens now deployed, on our way to approximately 5,000 screens by the first quarter 2004. The growing geographic reach of our digital network, combined with the higher quality of our digital pre show 'The TWENTY', has been well received by theatre patrons and advertisers. By providing a more cost effective and efficient cinema advertising and marketing solution, we are beginning to expand the universe of clients who are using cinema as part of their marketing plans."