Cineplex Reports Highest Combined April Box Office and Theatre Food Service Revenues

Cineplex Reports April 2023 Box Office Results

TORONTO, May 2, 2023 /CNW/ - (TSX: CGX) – Cineplex continues to welcome guests in record-breaking numbers. This April was Cineplex's highest combined April box office and theatre food service revenues of all time at over $105 million. Over 4.8 million guests across Canada flocked to our theaters for April's top performing films including The Super Mario Bros. Movie, which led the box office in North America, as well as John Wick: Chapter 4, Dungeons & Dragons: Honor Among Thieves, and Air: Courting A Legend.

Cineplex reported April box office of $61 million, which amounts to 96 per cent of box office revenues generated during the same time in 2019. This is particularly impressive as April 2019 included the opening weekend of Avengers: Endgame, the second highest grossing film of all time, and it continues to hold the record for the best April that we've ever had. To see April 2023 come within 4 per cent of the previous record April box office is quite thrilling.

"The success of April results demonstrates a point you've heard me say in the past – when there is compelling content, consumer enthusiasm for theatrical moviegoing is insatiable. Even more encouraging is that when guests enter our theatres, they treat themselves to the full escape our venues offer," said Ellis Jacob. "Coming out of this year's CinemaCon convention, we are extremely pleased with the quantity and quality of upcoming film product for the remainder of 2023 and into 2024. The biggest star of the show was optimism. The commitment of traditional and non-traditional studios to theatrical has never been stronger as Hollywood and streamers look to exhibitors to elevate content to its utmost financial potential," Jacob concluded.

Cineplex (TSX:CGX) is a top-tier Canadian brand that operates in the Film Entertainment and Content, Amusement and Leisure, and Media sectors. Cineplex offers a unique escape from the everyday to millions of guests through its circuit of over 170 movie theatres and location-based entertainment venues. In addition to being Canada's largest and most innovative film exhibitor, the company operates Canada's favourite destination for 'Eats & Entertainment' (The Rec Room), complexes specially designed for teens and families (Playdium), and a newly launched entertainment concept that brings movies, amusement gaming, dining, and live performances together under one roof (Cineplex Junxion). It also operates successful businesses in digital commerce (CineplexStore.com), alternative programming (Cineplex Events), motion picture distribution (Cineplex Pictures), cinema media (Cineplex Media), digital place-based media (Cineplex Digital Media) and amusement solutions (Player One Amusement Group). Providing even more value for its guests, Cineplex is a partner in Scene+, Canada's largest entertainment and lifestyle loyalty program.

Proudly recognized as having one of the country's Most Admired Corporate Cultures, Cineplex employs over 10,000 people in its offices and venues across Canada and the United States. To learn more, visit Cineplex.com.

Certain information included in this news release contains forward-looking statements within the meaning of applicable securities laws. These forward-looking statements include, among others, statements with respect to Cineplex's objectives, goals and strategies to achieve those objectives and goals, as well as statements with respect to Cineplex's beliefs, plans, objectives, expectations, anticipations, estimates and intentions. The words "may", "will", "could", "should", "would", "suspect", "outlook", "believe", "plan", "anticipate", "estimate", "expect", "intend", "forecast", "objective" and "continue" (or the negative thereof), and words and expressions of similar import, are intended to identify forward-looking statements.

By their very nature, forward-looking statements involve inherent risks and uncertainties, including those described in Cineplex's Annual Information Form ("AIF") and its MD&A for the year ended December 31, 2022 ( "MD&A"). These risks and uncertainties, both general and specific, give rise to the possibility that predictions, forecasts, projections and other forward-looking statements will not be achieved. Certain material factors or assumptions are applied in making forward-looking statements and actual results may differ materially from those expressed or implied in such statements. Cineplex cautions readers not to place undue reliance on these statements, as a number of important factors, many of which are beyond Cineplex's control, could cause actual results to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates and intentions expressed in such forward-looking statements. Cineplex's expectations with respect to liquidity and capital expenditures, including its ability to meet its ongoing capital, operating and other obligations, and anticipated needs for, and sources of, funds; Cineplex's ability to execute cost-cutting and revenue enhancement initiatives; and risks generally encountered in the relevant industry, competition, customer, legal, taxation and accounting matters. The foregoing list of factors that may affect future results is not exhaustive. When reviewing Cineplex's forward-looking statements, readers should carefully consider the foregoing factors and other uncertainties and potential events, including possible consequences of COVID-19, its variants or other pandemics. Additional information about factors that may cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements may be found in the "Risks and Uncertainties" section of Cineplex's MD&A.

Cineplex does not undertake to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable Canadian securities law. Additionally, we undertake no obligation to comment on analyses, expectations or statements made by third parties in respect of Cineplex, its financial or operating results or its securities. All forward-looking statements in this news release are made as of the date hereof and are qualified by these cautionary statements. Additional information, including Cineplex's AIF and MD&A, can be found on SEDAR at www.sedar.com.

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SOURCE Cineplex

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