Knoxville, Tennessee --- Regal Entertainment Group (NYSE: RGC), a leading motion picture exhibitor owning and operating the largest theatre circuit in the United States, has announced their fiscal fourth quarter 2008 results.
Total revenues for the fourth quarter ended January 1, 2009 were $711.7 million compared to total revenues of $599.9 million for the fourth quarter of 2007. Net income was $30.1 million in the fourth quarter of 2008 compared to net income of $23.2 million in the same period of 2007.
Results for the fourth fiscal quarter of 2008 and for fiscal 2008 were significantly and positively impacted by the timing of our fiscal calendar which consisted of a 14 week period in the fourth quarter of 2008 compared to a 13 week period in the fourth quarter of 2007 and a 53 week period in 2008 compared to a 52 week period in 2007. The additional week was the week between Christmas and New Years, a traditionally high attendance week for the company and the industry.
"We are pleased with our 2008 accomplishments including the successful acquisition and integration of Consolidated theatres," stated Mike Campbell, CEO of Regal Entertainment Group. "We are also encouraged by the early 2009 box office results in this challenging economic environment," Campbell continued.