Regal Entertainment Group (RGC, Financial) filed Quarterly Report for the period ended 2010-07-01.
Regal Entertainment Group has a market cap of $2.11 billion; its shares were traded at around $13.68 with a P/E ratio of 22.8 and P/S ratio of 0.7. The dividend yield of Regal Entertainment Group stocks is 5.2%. Regal Entertainment Group had an annual average earning growth of 11.7% over the past 10 years.RGC is in the portfolios of Stanley Druckenmiller of Duquesne Capital Management, LLC, Bruce Kovner of Caxton Associates, Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC, Pioneer Investments, Ken Heebner of CAPITAL GROWTH MANAGEMENT LP, Steven Cohen of SAC Capital Advisors, George Soros of Soros Fund Management LLC.
On May 19, 2010, Regal Cinemas entered into the Amended Senior Credit Facility, with Credit Suisse and the lenders party thereto which amends, restates and refinances the Prior Senior Credit Facility among Regal Cinemas, Credit Suisse, Cayman Islands Branch, and the lenders party thereto. The Amended Senior Credit Facility consists of a Term Facility in an aggregate principal amount of $1,250.0 million with a final maturity date in November 2016 and a Revolving Facility in an aggregate principal amount of $85.0 million with a final maturity date in May 2015. The Term Facility amortizes in equal quarterly installments in an aggregate annual amount equal to 1.0% of the original principal amount of the Term Facility, with the balance payable on the Term Facility maturity date. Net proceeds of the Term Facility (approximately $1,237.5 million) were applied to refinance the term loan under the Prior Senior Credit Facility, which had an aggregate principal balance of approximately $1,262.1 million. Upon the execution of the Amended Senior Credit Facility, Regal recognized a loss on debt extinguishment of approximately $18.4 million. No amounts have been drawn on the Revolving Facility. The Amended Senior Credit Facility also permits Regal Cinemas to borrow additional term loans thereunder, subject to lenders providing additional commitments of up to $200.0 million and satisfaction of other conditions, as well as other term and revolving loans for acquisitions and certain capital expenditures subject to lenders providing additional commitments and satisfaction of other conditions. The Amended Senior Credit Agreement is secured by substantially all assets of Regal Cinemas and certain of its subsidiaries.
Our total revenues for the quarter ended July 1, 2010 (Q2 2010 Period) were $730.7 million and consisted of $506.0 million of admissions revenues, $192.6 million of concessions revenues and $32.1 million of other operating revenues, and decreased approximately 7.4% from total revenues of $789.2 million for the quarter ended July 2, 2009 (Q2 2009 Period).
Total admissions revenues decreased $35.7 million during the Q2 2010 Period, or 6.6%, to $506.0 million, from $541.7 million in the Q2 2009 Period primarily due to a 12.8% decrease in attendance, partially offset by a 7.1% increase in average ticket prices. We believe that the overall decrease in attendance during the Q2 2010 Period was primarily a result of the breadth of high profile films released in the second quarter of 2009, including Star Trek, Transformers: Revenge of the Fallen, Up, The Hangover and X-Men Origins: Wolverine, partially offset by an increase in the percentage of attendance from premium-priced 3D films and strong attendance from key film releases, such as Iron Man 2 and the family-oriented films Toy Story 3, Shrek Forever After, How to Train Your Dragon and The Karate Kid. Price increases identified during our ongoing periodic pricing reviews (which include analysis of various factors such as general inflationary trends and local market conditions) along with an increase in the percentage of our admissions revenues generated by premium priced 3D films exhibited during the Q2 2010 Period were the primary drivers of the increase in our Q2 2010 Period average ticket price. Based on our review of certain industry sources, the decrease in our admissions revenues on a per screen basis was approximately 100 basis points greater than the industrys results for the Q2 2010 Period as compared to the Q2 2009 Period. We believe the greater than industry decrease in admissions revenues on a per screen basis was primarily attributable to geographical differences in film product performance.
Total admissions revenues decreased $35.7 million during the Q2 2010 Period, or 6.6%, to $506.0 million, from $541.7 million in the Q2 2009 Period primarily due to a 12.8% decrease in attendance, partially offset by a 7.1% increase in average ticket prices. During the Fiscal 2010 Period, total admissions revenues increased $10.8 million, or 1.1%, to $1,012.0 million, from $1,001.2 million in the Fiscal 2009 Period. An 8.1% increase in average ticket prices, partially offset by 6.5% decrease in attendance, led to the favorable increase in the Fiscal 2010 Period admissions revenues. We believe that the overall decrease in attendance during the Q2 2010 Period and the Fiscal 2010 Period was primarily a result of the breadth of high profile films released in the second quarter of 2009, including Star Trek, Transformers: Revenge of the Fallen, Up, The Hangover and X-Men Origins: Wolverine, partially offset by an increase in the percentage of attendance from premium-priced 3D films and strong attendance from key film releases, such as Avatar, Alice in Wonderland, Iron Man 2, Toy Story 3, Shrek Forever After and How to Train Your Dragon. Price increases identified during our ongoing periodic pricing reviews (which include analysis of various factors such as general inflationary trends and local market conditions) along with an increase in the percentage of our admissions revenues generated by premium priced 3D films exhibited during the Q2 2010
During the Q2 2010 Period, total concessions revenues decreased $22.3 million, or 10.4%, to $192.6 million, from $214.9 million for the Q2 2009 Period. Total concessions revenues decreased $16.7 milli
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Regal Entertainment Group has a market cap of $2.11 billion; its shares were traded at around $13.68 with a P/E ratio of 22.8 and P/S ratio of 0.7. The dividend yield of Regal Entertainment Group stocks is 5.2%. Regal Entertainment Group had an annual average earning growth of 11.7% over the past 10 years.RGC is in the portfolios of Stanley Druckenmiller of Duquesne Capital Management, LLC, Bruce Kovner of Caxton Associates, Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC, Pioneer Investments, Ken Heebner of CAPITAL GROWTH MANAGEMENT LP, Steven Cohen of SAC Capital Advisors, George Soros of Soros Fund Management LLC.
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On July 15, 2009, Regal Cinemas issued $400.0 million in aggregate principal amount of the 85/8% Senior Notes at a price equal to 97.561% of their face value in a transaction exempt from registration under the Securities Act. Interest on the 85/8% Senior Notes is payable semi-annually in arrears on January 15 and July 15 of each year, beginning on January 15, 2010. The 85/8% Senior Notes will mature on July 15, 2019. The net proceeds from the offering, after deducting the initial purchase discount (approximately $9.8 million) and offering expenses paid by the Company, were approximately $381.3 million. The Company used all of the net proceeds of the offering to repay a portion of the Prior Senior Credit Facility. As a result of this repayment, the Company recorded a loss on debt extinguishment of approximately $7.4 million, representing the pro-rata write off of unamortized debt issue costs under the Prior Senior Credit Facility. See Note 4Debt Obligations for further discussion of this transaction.On May 19, 2010, Regal Cinemas entered into the Amended Senior Credit Facility, with Credit Suisse and the lenders party thereto which amends, restates and refinances the Prior Senior Credit Facility among Regal Cinemas, Credit Suisse, Cayman Islands Branch, and the lenders party thereto. The Amended Senior Credit Facility consists of a Term Facility in an aggregate principal amount of $1,250.0 million with a final maturity date in November 2016 and a Revolving Facility in an aggregate principal amount of $85.0 million with a final maturity date in May 2015. The Term Facility amortizes in equal quarterly installments in an aggregate annual amount equal to 1.0% of the original principal amount of the Term Facility, with the balance payable on the Term Facility maturity date. Net proceeds of the Term Facility (approximately $1,237.5 million) were applied to refinance the term loan under the Prior Senior Credit Facility, which had an aggregate principal balance of approximately $1,262.1 million. Upon the execution of the Amended Senior Credit Facility, Regal recognized a loss on debt extinguishment of approximately $18.4 million. No amounts have been drawn on the Revolving Facility. The Amended Senior Credit Facility also permits Regal Cinemas to borrow additional term loans thereunder, subject to lenders providing additional commitments of up to $200.0 million and satisfaction of other conditions, as well as other term and revolving loans for acquisitions and certain capital expenditures subject to lenders providing additional commitments and satisfaction of other conditions. The Amended Senior Credit Agreement is secured by substantially all assets of Regal Cinemas and certain of its subsidiaries.
Our total revenues for the quarter ended July 1, 2010 (Q2 2010 Period) were $730.7 million and consisted of $506.0 million of admissions revenues, $192.6 million of concessions revenues and $32.1 million of other operating revenues, and decreased approximately 7.4% from total revenues of $789.2 million for the quarter ended July 2, 2009 (Q2 2009 Period).
Total admissions revenues decreased $35.7 million during the Q2 2010 Period, or 6.6%, to $506.0 million, from $541.7 million in the Q2 2009 Period primarily due to a 12.8% decrease in attendance, partially offset by a 7.1% increase in average ticket prices. We believe that the overall decrease in attendance during the Q2 2010 Period was primarily a result of the breadth of high profile films released in the second quarter of 2009, including Star Trek, Transformers: Revenge of the Fallen, Up, The Hangover and X-Men Origins: Wolverine, partially offset by an increase in the percentage of attendance from premium-priced 3D films and strong attendance from key film releases, such as Iron Man 2 and the family-oriented films Toy Story 3, Shrek Forever After, How to Train Your Dragon and The Karate Kid. Price increases identified during our ongoing periodic pricing reviews (which include analysis of various factors such as general inflationary trends and local market conditions) along with an increase in the percentage of our admissions revenues generated by premium priced 3D films exhibited during the Q2 2010 Period were the primary drivers of the increase in our Q2 2010 Period average ticket price. Based on our review of certain industry sources, the decrease in our admissions revenues on a per screen basis was approximately 100 basis points greater than the industrys results for the Q2 2010 Period as compared to the Q2 2009 Period. We believe the greater than industry decrease in admissions revenues on a per screen basis was primarily attributable to geographical differences in film product performance.
Total admissions revenues decreased $35.7 million during the Q2 2010 Period, or 6.6%, to $506.0 million, from $541.7 million in the Q2 2009 Period primarily due to a 12.8% decrease in attendance, partially offset by a 7.1% increase in average ticket prices. During the Fiscal 2010 Period, total admissions revenues increased $10.8 million, or 1.1%, to $1,012.0 million, from $1,001.2 million in the Fiscal 2009 Period. An 8.1% increase in average ticket prices, partially offset by 6.5% decrease in attendance, led to the favorable increase in the Fiscal 2010 Period admissions revenues. We believe that the overall decrease in attendance during the Q2 2010 Period and the Fiscal 2010 Period was primarily a result of the breadth of high profile films released in the second quarter of 2009, including Star Trek, Transformers: Revenge of the Fallen, Up, The Hangover and X-Men Origins: Wolverine, partially offset by an increase in the percentage of attendance from premium-priced 3D films and strong attendance from key film releases, such as Avatar, Alice in Wonderland, Iron Man 2, Toy Story 3, Shrek Forever After and How to Train Your Dragon. Price increases identified during our ongoing periodic pricing reviews (which include analysis of various factors such as general inflationary trends and local market conditions) along with an increase in the percentage of our admissions revenues generated by premium priced 3D films exhibited during the Q2 2010
During the Q2 2010 Period, total concessions revenues decreased $22.3 million, or 10.4%, to $192.6 million, from $214.9 million for the Q2 2009 Period. Total concessions revenues decreased $16.7 milli
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