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KNOXVILLE, Tenn. (AP) - Regal Entertainment Group, the nation's biggest movie theater operator, said Tuesday that fourth-quarter profit surged 43 percent, as acquisitions made last year bolstered revenue and helped the company overcame an industrywide slump in attendance.
"We continue to believe the attendance decline is primarily due to the cyclical nature of our business," Regal Chief Executive Mike Campbell told analysts, pointing to similar drop-offs in the 1980s.
A recent National Association of Theatre Owners survey asked moviegoers why they aren't going to as many films as in the past. The No. 1 answer — there was "nothing playing that they wanted to see," Campbell said.
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