Ahead of the Bell: Movie theaters see strong sales
From AP News | 2009-12-28 12:19:03
<div id="subtitle">Movie theater chains get a boost as holiday ticket sales post new record</div><div><p>U.S. movie theater chains should see a jump in box office revenue for the fourth quarter after moviegoers flocked to high-profile films over the holiday weekend, a Merriman Curhan Ford analyst said Monday.</p><p>Box office sales totaled $278 million this past weekend, breaking the previous weekend record of $253 million set in July. It was the second week in theaters for James Cameron's "Avatar." New openings included "Sherlock Holmes," "Alvin and the Chipmunks: The Squeakquel" and "It's Complicated."</p><p>Merriman analyst Eric Wold said three of the biggest theater chains — Regal Entertainment Group, Carmike Cinemas Inc. and Cinemark Holdings Inc. — should see a boost in fourth-quarter sales.</p><p>Wold, who has a "Buy" rating on all three companies, expects them to post 9 percent increases in box office sales per screen from the same quarter a year ago.</p><p>The analyst said Imax Corp. should have a better quarter than previously expected. He estimates the company's jumbo screens will draw about $82 million in box office sales for the fourth quarter, up from a previous forecast of $70 million.</p><p>Wold has a "Neutral" rating on Imax shares.</p><img src="http://admatch-syndication.mochila.com/images/ad.gif?aid=66063154&bid=informcom" /></div><div id="copyright"><div>
Copyright 2009 <a href="http://www.ap.org">AP News</a></div></div>
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