Multiplex Opening in Lublin
Cinema City International N.V ("Cinema City") reported today the opening its 22nd multiplex in Poland. The facility comprises 8 screens. It is the first multi-screen cinema in Lublin.
"We are dynamically developing our cinema chain. Lublin's multiplex will be already the fourth cinema since the beginning of 2007" - says Moshe J. Greidinger, CEO of Cinema City, the largest multiplex cinema operator in Central and Eastern Europe and in Israel. "Lublin is also an example of investments in medium-size cities where there is still no modern cinema infrastructure" - adds Mr. Greidinger.
The Cinema City's multiplex opened in Lublin (city's population of about 350.000) will be the first such facility in the city. It will be located in the newly-opened Lublin Plaza Trade Center.
In the coming weeks Cinema City plans to launch another multiplex in Gliwice.
Cinema City International ("Cinema City") is the largest operator of multiplex cinemas in Central and Eastern Europe. It runs a chain of Cinema City and IMAX® theatres in Poland, the Czech Republic, Hungary and Bulgaria. Cinema City is also the largest cinema operator in Israel.
Cinema City currently operates 482 screens at 56 multiplex cinemas.
Besides ticket and concession sales, the Company generates revenue from film distribution (Cinema City is the exclusive distributor for Disney in Israel, Poland and Hungary), cinema advertising and real estate projects associated with its theatre business.
In the 1st quarter of 2007, revenues of Cinema City International N.V. ("Cinema City") grew by over 11% compared to Q1 2006, to EUR 38.2 mln. EBITDA was EUR 8.2 mln (24% over Q1 2006), and net profit was EUR 3.8 mln (46% over Q1 2006).
Cinema City successfully completed an initial public offering on the Warsaw Stock Exchange in December 2006. The total value of the offering was approximately Euro 90 million.