Regal Entertainment Group, Q1 2009 Earnings Call Transcript

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2009-04-30 11:44:15.0

Tags: Regal Entertainment Group, Call Transcript, Earnings, Real Estate, Business Operations, Seeking Alpha

Question-and-Answer Session

Operator

(Operator Instructions) Our first question comes from the line of Ben Mogil from Thomas Weisel Partners.

Ben Mogil - Thomas Weisel Partners

I wanted to actually talk to you about when your competitors like -- in general we see sort of the numbers coming out of the AMC which were relatively weak, they were down, I think about 6% on the box office for the same sort of fiscal quarter you guys were at.

Can you talk generally as you see sort of the market shaking out, are you gaining share from them? Are they losing share to a whole bunch of distributors? I wanted to get a sense of how you see the market sort of changing a little bit given that you guys performed a little bit weaker from last especially the overall box office, but clearly a lot better than they did.

Amy Miles

The only thing I could make comment there with respect to AMC is, really when you are looking at, I am assuming you are talking about the 8-K with some of the top-line numbers that we thought. You just have to be a little bit careful there. I think the way that I understood that was, their reported numbers included 14 weeks for the prior period and 13 weeks for this period and were slightly different from the calendar perspective.

And then as you are aware typically --you can have a slight difference in the calendar and its not going to make that much difference, but when you are talking about a difference in the calendar, for this first quarter where you might have a difference of holiday periods, it can make an impact.

So I don't have anything other specifically for AMC there. We did say that we are continuing to see some building blocks from other regional circuits at a higher rate than kind of an overall industry increase. But we are seeing increased activity from some of the regional circuits, which you would think was the real estate market, that's all temporary overtime, but I think that's a change -- that’s factor that we are seeing with respect to the overall industry.

Ben Mogil - Thomas Weisel Partners

Are these real estate builds that you are seeing from sort of similar regional circuits, are these sort of like '06 or more likely actually '07 real estate development that are now finally getting up to ground or are you guys still breaking or guys still sort of planning new stuff, even though financing market is still tough?

 

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