TORONTO, Aug. 9, 2024 /CNW/ - (TSX:CGX) - Today, Cineplex Inc. ("Cineplex" or the "Company") released its financial results for the three and six months ended June 30, 2024. Unless otherwise specified, all amounts contained in this news release are in Canadian dollars. Q2 2024 Highlights: Entertained 8.7 million moviegoers and generated total revenues of $277.3 million Delivered BPP of $13.11 and CPP of $9.56, both all-time quarterly records Cinema media revenue increased 4.0% over the prior year despite lower attendance Increased Digital Place-Based Media revenue by 28.1% primarily due to the addition of Cadillac Fairview to the digital-out-of-home (DOOH) network Location-based Entertainment (LBE) revenue increased to a second quarter record of $29.4 million "The end of the second quarter was a turning point for our industry," said Ellis Jacob, President and CEO, Cineplex. "As anticipated, the exhibition industry faced challenges in the first half of the year due to the prolonged impact of the Hollywood strikes, but with the two consecutive box office months of June and July over 90% of pre-pandemic levels, it is clear  these challenges are firmly behind us. We have increased confidence in the exhibition business with the ongoing ramp-up of film supply and our ability to generate strong free cash flow. Reaffirming our commitment to creating long-term shareholder value, I am pleased to announce that our board of directors has approved a normal course issuer bid to acquire up to 6,318,346 common shares of Cineplex over the next twelve months. "We plan to accelerate our growth in the back half of 2024 and beyond, with proven strategies that continue to set us apart from our peers. We are excited about the opening of two Rec Room locations in Montreal and Vancouver, as well as a Playdium in Toronto. Also, we are opening a new theatre at the Royalmount shopping complex in Montreal. These venues are expected to open in the fourth quarter of 2024." "We remain optimistic about the future. Our market leadership, diversified businesses, innovative strategies, and robust consumer data uniquely position us to capitalize on the tremendous film slate ahead and drive industry-leading results." Second Quarter Financial Results  Financial highlights Second Quarter Year to Date (in thousands of dollars, except theatre attendance in thousands ofpatrons and per share and per patron amounts) 2024 2023    Change(ii) 2024 2023    Change(ii) (i) (i) Total revenues $  277,336 $ 367,921 -24.6 % $  572,095 $  659,276 -13.2 % Theatre attendance 8,731 12,806 -31.8 % 18,550 22,573 -17.8 % Net (loss) income from continuing operations $   (21,312) $ 158,863 NM $   (84,282) $  125,686 NM Net (loss) income from discontinued operations, including gain ondisposition $        (127) $   17,682 NM $    68,003 $    20,686 228.7 % Net (loss) income (iii) $   (21,439) $ 176,545 NM $   (16,279) $  146,372 NM Net (loss) income as a percentage of sales from continuing operations (iii) -7.7 % 43.2 % NM -14.7 % 19.1 % NM Cash provided by (used in) continuing operating activities $         997 $   82,722 -98.8 % $    36,951 $    75,657 -51.2 % Box office revenues per patron ("BPP") (iv) $      13.11 $     12.84 2.1 % $      12.91 $      12.75 1.3 % Concession revenues per patron ("CPP") (iv) $        9.56 $       9.21 3.8 % $        9.24 $        9.06 2.0 % Adjusted EBITDA (iv) $    42,472 $   87,893 -51.7 % $    89,207 $  140,612 -36.6 % Adjusted EBITDAaL (iv) $         925 $   47,194 -98.0 % $      5,510 $    58,571 -90.6 % Adjusted EBITDAaL from discontinued operations (iv) $           — $   13,064 -100.0 % $         508 $    21,930 -97.7 % Adjusted EBITDAaL including discontinued operations (iv) $         925 $   60,258 -98.5 % $      6,018 $    80,501 -92.5 % Adjusted EBITDAaL margin from continuing operations (iv) 0.3 % 12.8 % -12.5 % 1.0 % 8.9 % -7.9 % Adjusted free cash flow (iv) $   (13,049) $   30,183 NM $   (19,054) $    24,971 NM Adjusted free cash flow per share (iv) $     (0.205) $     0.476 NM $     (0.299) $      0.394 NM (Loss) earnings per share from continuing operations - basic (iii) $       (0.33) $       2.51 NM