Cinema City Reports Record-Breaking Results For December in Poland
Cinema City International ("Cinema City") reported record-breaking ticket sales of approximately 801,000 in December 2006. The operator thus exceeded its December ticket sales record for all previous years (marking more than a 29% increase from December 2005). The Company attributes this improvement to the expansion of its Cinema City cinema chain throughout the country and the general development of the Polish cinema market.
"While it is not our normal practice to report on monthly ticket sales -- even when we are pleased to report breaking records, we see this December record as particularly significant, and a very positive sign for the ongoing development of the Polish cinema market," Said Moshe J. Greidinger, CEO of CCI.
In December 2006, CCI sold approximately 801,000 tickets in Poland, compared to 610,000 and 485,000, respectively, in December of the two previous years.
"With more advanced cinema markets, such as in Western Europe, December is typically a very strong month. Historically in Poland, December brought rather weak results with regard to the number of movie-goers. December 2006 proved to be a break-through. The increase in ticket sales was so significant that the movie-attendance levels in the Polish market could be directly compared to the levels reported in Western Europe. We see this increase as a strong indication of the continued development and maturation of the Polish cinema market. And it is certainly a very encouraging way of closing a very successful year for CCI's Polish cinema business," adds Greidinger.
The chain sold approximately app. 10M tickets in Poland in full 2006. This implies an increase of around 43% from 2005, when ticket sales reached almost 7 million.
CCI is the largest operator of multiplex cinemas in Central-Eastern Europe and Israel with Poland being its leading market. In the first half of 2006, CCI's Polish business accounted for approximately 62% of its global Theatre revenues operation. Cinema City has launched 7 multiplex cinemas in Poland since 2004, and currently operates 18 theatre facilities with nearly 200 screens and 5 IMAX® screens throughout the country. Cinema City plans significant further expansion in Poland and in the other four countries in which it currently does business, as well as in new territories such as Romania.
In December 2006, CCI completed a successful initial public offering of its shares on the Warsaw Stock Exchange, having sold over €80 million in both primary and secondary shares.