Regal’s Profit Drops; Cash Dividend Declared
Movie theater operator Regal Entertainment Group declared a cash dividend of 20 cents a share and said second-quarter profit fell because of debt restructuring.
The company said net income for the quarter fell 84% to $7.4 million, or 5 cents a share, from $47.1 million, or 34 cents, a year ago. Excluding the debt restructuring charges, profit was $53 million, or 37 cents. Revenue rose 3.9% to $673.1 million.
The $1.75-billion debt restructuring plan also is financing a $5 a share special dividend.
Shares of Knoxville, Tenn.-based Regal fell 4 cents to $18.01 on the New York Stock Exchange.
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