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DENVER-Regal Entertainment Group, the nation’s largest owner of movie theaters in the country, reports strong growth in the second quarter. The publicly traded company is headquartered in the southeast Denver suburbs.

Its majority shareholder is Denver billionaire Philip Anschutz, and it operates under the United Regal Cinemas, United Artists Theatres and Edwards Theatres names. Anschutz made his money in real estate, railroads, and telecommunications.

Pro forma combined revenue for the quarter totaled $607.3 million, a 24.7% increase over the second quarter of 2001. Pro forma combined net income increased to $46.5 million in the second quarter of 2002 compared to $6.3 million in the comparable quarter of 2001,

“Second quarter box office success was instrumental in driving our record revenue while operational excellence drove EBITDA,” says Mike Campbell, CEO of Regal Entertainment Group’s theatre operations in Knoxville, TN, and co-CEO of Regal Entertainment Group. “We were especially pleased to realize an 87% increase in pro forma combined EBITDA and a 50% increase in pro forma combined EBITDA margin over the comparable quarter of 2001 and an increase of 1.8% over the first quarter of 2002. Our ability to convert strong top line results to increased cash flows best summarizes the success of our second quarter results.”

Regal CineMedia . headquartered in the Denver area and a subsidiary of Regal Entertainment Group, reported that it is ahead of its build-out schedule for RCM’s first-of-its-kind digital network in its theaters and is experiencing year-over-year growth in its advertising business.

“We continue to make very good progress with the roll out of our digital network. We currently plan to have nine of the top 10 markets deployed during the first quarter of 2003 and 43 of the top 51 DMA’s near the end of 2003,” says Kurt Hall, chief executive officer of Regal CineMedia and co-CEO of Regal Entertainment Group.

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