Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DENVER-Harry Potter, the expected blockbuster movie, hasn’t even hit the screens yet. Still, United Artists Theatre Co. is reporting stellar earnings.

The sixth-largest owner of movie theaters across the US is controlled by Denver billionaire Philip Anschutz, who brought it out of Chapter 11 bankruptcy after buying the company last year.

Despite a 9.5% decline in the average screens operated, UATC’s consolidated revenue for the third quarter increased 6.2% over the same period in 2000 to $158.6 million. Earnings before interest, taxes, depreciation and amortization, increased 23.3%, to $23.3 million, from the third quarter of 2000. UATC’s net earnings, exclusive of extraordinary items related to its reorganization under Chapter 11, were $6.2 million, compared to a $30-million loss in 2000.

During the first nine months of the year, its revenues have increased 0.6% to $415.6 million over last year despite a 10.45% drop in the number of screens it operates. It earned $6.5 million in the first nine months, compared to a $70.7 million loss last year.

”I am very pleased by the current quarter and year-to-date increases in admissions revenue per average screen and the significant increase in the company’s year-to-date EBITDA and EBITDA margins,” says Kurt Hall, the company’s president and CEO. ”While much of this improvement relates to higher industry wide admissions during the 2001 period and the improved quality of our asset base, our operating results were also positively affected by a very focused operating approach by our management and theater employees.”

Hall says now that the bankruptcy is behind it, the company is expanding and improving its position in key markets.

”Since the completion of our reorganization in March, we have completed a stadium seating renovation at one our theatres in the Philadelphia market, completed renovations at several smaller market theatres, and have begun the stadium seating renovation and expansion (with five new screens) of our Sheepshead Bay theatre, one of our most successful theatres in the New York City market,” he says. “We also have made significant progress in our efforts to sell the real estate associated with certain underperforming owned theatres. These cash proceeds have provided additional liquidity for theatre redevelopment and debt repayment.”

UATC operates 1,559 screens in 206 locations.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


GlobeSt. NET LEASE Fall 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.