EXHIBIT 99
Loews Cineplex Entertainment Corporation
Summary of Operating Results Table I
Quarter and Nine Months Ended November 30, 1999 v. 1998
(in thousands, except shares outstanding and
per share data)
EQUITY BASIS
3 Months Ended November 30, 9 Months Ended November 30,
1999 1998 1999 1998(a)
---- ---- ---- -------
REVENUES
Box Office $ 145,823 $147,305 $ 500,197 $ 437,368
Concession 53,228 57,428 186,728 169,962
Other 10,199 6,681 27,401 19,357
----------- ----------- ----------- -----------
209,250 211,414 714,326 626,687
EXPENSES
Theatre operations and other expenses 161,090 158,950 531,722 454,508
Cost of concessions 8,703 9,241 29,082 26,896
General and administrative 13,282 12,518 39,691 34,400
----------- ----------- ----------- -----------
Modified EBITDA (b) 26,175 30,705 113,831 110,883
Depreciation and amortization 30,084 26,905 83,891 67,653
Loss on sale/disposals of theatres 2,411 3,567 7,124 4,569
----------- ----------- ----------- -----------
INCOME/(LOSS) FROM OPERATIONS (6,320) 233 22,816 38,661
INTEREST EXPENSE 17,619 16,801 51,265 39,323
----------- ----------- ----------- -----------
LOSS BEFORE INCOME TAXES (23,939) (16,568) (28,449) (662)
INCOME TAX EXPENSE/(BENEFIT) (101) (4,462) 1,405 3,913
----------- ----------- ----------- -----------
NET LOSS ($23,838) ($12,106) ($29,854) ($4,575)
=========== =========== =========== ===========
Attributable EBITDA (c) $ 28,249 $32,448 $ 119,547 $ 114,822
=========== =========== =========== ===========
Weighted Average Shares and
equivalent outstanding - Basic & Diluted 58,622,646 58,622,646 58,622,646 44,238,506
Net Loss per share - Basic & Diluted ($0.41) ($0.21) ($0.51) ($0.10)
Debt Balance, net of cash at 11/30/99 $ 791,377
===========
NOTES:
(a) Includes operating results of Cineplex Odeon which became a wholly-owned
subsidiary on May 14, 1998.
(b) Modified EBITDA consists of earnings, including equity earnings from
investments in the Company's partnerships before interest, taxes,
depreciation and amortization, and gains/losses on asset disposals or
sales. Modified EBITDA should not be construed as an alternative to
operating income (as determined in accordance with U.S. GAAP)
(c) Modified EBITDA, including equity earnings $26,175 $30,705 $113,831 $110,883
Less: Equity earnings/other included in
Modified EBITDA 261 (319) 2,248 2,005
Add: EBITDA from Partnerships 4,670 2,848 15,928 11,888
----------- ----------- ----------- -----------
Total EBITDA 30,584 33,872 127,511 120,766
Less: Partners' share of Total EBITDA 2,335 1,424 7,964 5,944
----------- ----------- ----------- -----------
Attributable EBITDA $28,249 $32,448 $119,547 $114,822
=========== =========== =========== ===========
Loews Cineplex Entertainment Corporation
Summary of Operating Results Table II
Third Quarter Ended November 30, 1999 v. 1998 Page 1 of 2
(in thousands, except locations, screens and
per patron data)
FULLY COMBINED BASIS
3 Months Ended November 30, 9 Months Ended November 30,
1999 1998* 1999 1998(a)
---- ----- ---- -------
REVENUES
Box Office $ 164,823 $ 154,792 $ 561,386 $ 520,125
Concession 60,697 61,417 211,689 207,455
Other 10,924 7,180 27,650 21,140
---------- ----------- ----------- -----------
236,444 223,389 800,725 748,720
EXPENSES
Theatre operations and other expenses 181,436 167,047 596,635 554,619
Cost of concessions 10,007 10,315 33,284 34,089
General and administrative 14,417 13,815 43,295 43,504
---------- ----------- ----------- -----------
Total EBITDA (b) 30,584 32,212 127,511 116,508
Depreciation and amortization 32,259 27,515 89,992 77,875
Loss on sale/disposals of theatres 2,419 3,567 7,146 3,938
---------- ----------- ----------- -----------
INCOME FROM OPERATIONS (4,094) 1,130 30,373 34,695
PARTNER'S SHARE 525 317 3,049 2,977
INTEREST EXPENSE 18,785 17,589 54,572 49,219
---------- ----------- ----------- -----------
LOSS BEFORE INCOME TAXES (23,404) (16,776) (27,248) (17,501)
INCOME TAX EXPENSE/(BENEFIT) 434 (4,496) 2,606 4,225
---------- ----------- ----------- -----------
NET LOSS $ (23,838) $ (12,280) $ (29,854) $ (21,726)
========== =========== =========== ===========
Attributable EBITDA (c) $ 28,249 $ 30,788 $ 119,547 $ 110,564
========== =========== =========== ===========
Level of Attributable Debt, net of cash at 11/30/99 $815,752
==========
Operating Statistics:
- --------------------
Total Attendance 29,921 30,640 103,654 103,454
Revenues per location (d) $ 582.37 $521.94 $ 1,967.38 $ 1,770.02
Revenues per screen (d) $ 81.22 $ 80.13 $ 279.49 $ 275.37
Total EBITDA per location (d) $ 75.33 $ 75.26 $ 313.29 $ 275.43
Total EBITDA per screen (d) $ 10.51 $ 11.55 44.51 $ 42.85
Attendance per location (d) 73.70 71.59 254.68 244.57
Attendance per screen (d) 10.28 10.99 36.18 38.05
Average ticket price - Total Circuit $ 5.51 $ 5.05 $ 5.42 $ 5.03
Average ticket price - U.S. $ 6.17 $ 5.69 $ 6.10 $ 5.62
Average ticket price - Canada $ 3.72 $ 3.40 $ 3.69 $ 3.44
Average ticket price - International $ 3.87 $ 4.59 $ 3.77 $ 4.13
Concession revenue per patron - Total Circuit $ 2.03 $ 2.00 $ 2.04 $ 2.01
Concession revenue per patron - U.S. $ 2.24 $ 2.26 $ 2.26 $ 2.21
Concession revenue per patron - Canada $ 1.55 $ 1.44 $ 1.56 $ 1.49
Concession revenue per patron - International $ 1.11 $ 1.31 $ 1.10 $ 1.20
Concession margin 83.51% 83.20% 84.28% 83.57%
Operating margin 12.93% 14.42% 15.92% 15.56%
Profit per patron $ 1.02 $ 1.05 $ 1.23 $ 1.13
* Excludes operating results of theatres mandated to be disposed of by the DOJ.
Loews Cineplex Entertainment Corporation
Summary of Operating Results Table II
Third Quarter Ended November 30, 1999 v. 1998 Page 2 of 2
NOTES:
(a) Includes operating results of Cineplex Odeon on a proforma basis and
excludes operating results of theatres mandated to be disposed of by the
DOJ.
(b) Total EBITDA consists of EBITDA plus loss on sale/disposals of theatres and
includes 100% of the operating results of the Company's partnerships. Total
EBITDA should not be construed as an alternative to operating income (as
determined in accordance with U.S. GAAP), as a measure of the Company's
operating performance, or as an alternative to cash flows from operating
activities (as determined in accordance with U.S. GAAP), as a measure of the
Company's liquidity. TOTAL EBITDA measures the amount of cash that a company
has available for investment or other uses and is used by the Company as a
measure of its performance. The Company believes that TOTAL EBITDA is an
important measure, in addition to cash flow from operations and EBITDA, in
viewing its overall liquidity and borrowing capacity.
(c) Attributable EBITDA consists of Total EBITDA less partners' share of Total
EBITDA.
(d) All per screen and location ratios are based upon the weighted average
number of screens and locations in operation during the period and include
100% of the results of the significant partnerships in which the Company
has a 50% interest.