Regal Entertainment Group, the largest U.S. movie-theater operator, said Thursday that fourth-quarter profit fell 21% as attendance dropped.
Net income dropped to $23.2 million, or 15 cents a share, from $29.2 million, or 19 cents, a year earlier, the Knoxville, Tenn.-based company said. Sales fell 8.1% to $599.9 million.
Chief Executive Michael Campbell said industry box-office revenue declined 4.6% last quarter because of lower receipts from movies not among the top 10 in sales. Per person, the average ticket price increased 5.9% to $7.58.
"There was lack of depth in the film slate beyond the top 10 films," Campbell said, citing Box Office Mojo statistics.