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EXHIBIT 99
Loews Cineplex Entertainment Corporation
Summary of Operating Results Table I
First Quarter Ended May 31, 2000 v. 1999
(in thousands, except shares outstanding and per share data)
EQUITY BASIS
3 Months Ended May 31,
2000 1999
---- ----
REVENUES
Box Office $ 143,546 $ 141,373
Concession 54,425 53,185
Other 7,299 7,226
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205,270 201,784
EXPENSES
Theatre operations and other expenses 162,385 161,120
Cost of concessions 8,639 7,605
General and administrative 12,634 12,135
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Modified EBITDA (a) 21,612 20,924
Depreciation and amortization 30,586 26,079
Loss on sale/disposals of theatres 110 0
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LOSS FROM OPERATIONS (9,084) (5,155)
INTEREST EXPENSE 21,607 16,065
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LOSS BEFORE INCOME TAXES (30,691) (21,220)
INCOME TAX EXPENSE 782 659
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NET LOSS ($31,473) ($21,879)
============ ============
Attributable EBITDA (b) $ 24,090 $ 22,779
============ ============
Weighted Average Shares and
equivalent outstanding - Basic & Diluted 58,622,646 58,622,646
Net Loss per share - Basic & Diluted ($0.54) ($0.37)
Debt Balance, net of cash at 5/31/00 $ 890,975
============
NOTES:
(a) Modified EBITDA consists of earnings, including equity earnings from
investments in the Company's partnerships before interest, taxes,
depreciation and amortization, and 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). In addition, the
Modified EBITDA measure presented herein may not be comparable to similarly
titled measures reported by other companies.
(b) Modified EBITDA, including equity earnings $21,612 $20,924
Add: Equity loss/other included in
Modified EBITDA 352 54
Add: EBITDA from Partnerships 4,252 3,602
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Total EBITDA 26,216 24,580
Less: Partners' share of Total EBITDA 2,126 1,801
------------ ------------
Attributable EBITDA $24,090 $22,779
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Loews Cineplex Entertainment Corporation
Summary of Operating Results Table II
First Quarter Ended May 31, 2000 v. 1999 Page 1 of 2
(in thousands, except shares outstanding and per share data)
FULLY COMBINED BASIS
3 Months Ended May 31,
2000 1999
---- ----
REVENUES
Box Office $ 160,821 $ 158,250
Concession 61,379 59,992
Other 8,633 7,897
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230,833 226,139
EXPENSES
Theatre operations and other expenses 181,040 179,392
Cost of concessions 9,920 8,768
General and administrative 13,657 13,399
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Total EBITDA (a) 26,216 24,580
Depreciation and amortization 33,249 27,872
Loss on sale/disposals of theatres 110 0
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LOSS FROM OPERATIONS (7,143) (3,292)
PARTNERS' SHARE 466 382
INTEREST EXPENSE 23,006 16,973
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LOSS BEFORE INCOME TAXES (30,615) (20,647)
INCOME TAX EXPENSE 858 1,232
--------- ---------
NET LOSS ($31,473) ($21,879)
========= =========
Attributable EBITDA (b) $ 24,090 $ 22,779
========= =========
Level of Attributable Debt, net of cash at 5/31/00 $ 916,750
=========
Operating Statistics:
---------------------
Total Attendance 28,923 29,854
Revenues per location (c) $599.57 $535.87
Revenues per screen (c) $ 78.89 $ 78.49
Total EBITDA per location (c) $ 68.09 $ 58.25
Total EBITDA per screen (c) $ 8.96 $ 8.53
Attendance per location (c) 75.12 70.74
Attendance per screen (c) 9.88 10.36
Average ticket price - Total Circuit $ 5.56 $ 5.30
Average ticket price - U.S. $ 6.28 $ 6.02
Average ticket price - Canada $ 3.71 $ 3.66
Average ticket price - International $ 3.57 $ 3.83
Concession revenue per patron - Total Circuit $ 2.12 $ 2.01
Concession revenue per patron - U.S. $ 2.36 $ 2.25
Concession revenue per patron - Canada $ 1.59 $ 1.55
Concession revenue per patron - International $ 1.14 $ 1.06
Concession margin 83.84% 85.38%
Operating margin 11.36% 10.87%
Profit per patron $ 0.91 $ 0.82
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Loews Cineplex Entertainment Corporation
Summary of Operating Results Table II
Quarter Ended May 31, 2000 v. May 31, 1999 Page 2 of 2
NOTES:
(a) 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. In addition, the Total EBITDA measure presented
herein may not be comparable to similarly titled measures reported by other
companies. 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.
(b) Attributable EBITDA consists of Total EBITDA less partners' share of Total
EBITDA.
(c) 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.
