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Cineplex record earnings boosted by Avatar

Toronto-based Cineplex Galaxy Income Fund has reported record earnings for the past year according to CBC News. Due in large part to the giant blockbuster Avatar, Canada's number one movie theatre exhibitor, saw 37 per cent increase in their fourth quarter over last year.

"Earnings for the three months ending Dec. 31 were $9.5 million, helped by early results from James Cameron's Avatar, which played for 13 days of the quarter."

That was 37 per cent more than the $6.9 million it earned in the fourth quarter of 2008. Net income for the year was $53.4 million, up more than 84 per cent from 2008.Cineplex units rose 17 cents to $18.39 on the Toronto Stock Exchange near the end of trading, after briefly touching a two-year high of $18.60 earlier in the session."

"These results were driven by the strong performance of Avatar, which was the No. 1 performing film in the quarter, generating 11.8 per cent of total box-office revenue," said president and CEO Ellis Jacob in a conference call with analysts."

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original source CBC News
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