Revenue Growth in Both Divisions
Consolidated revenues increased by $10.2 million or 7.4% compared to the prior year, reaching $148.8 million. This growth was observed in both the theaters and hotels divisions.
Positive April and Summer Outlook for Theaters
April saw a turnaround with several films exceeding expectations, contributing to a strong start for the summer movie season. The industry is up nearly 16% year-to-date through April, with upcoming major releases contributing to a positive outlook.
Hotel Division RevPAR and Revenue Growth
Hotels and resorts revenues increased by 7.2% to $61.3 million. RevPAR for comparable owned hotels grew by 1.1%, with an 8% increase in the average daily rate.
Strong Balance Sheet and Liquidity
The company ended the quarter with $12 million in cash and over $192 million in total liquidity, maintaining a debt-to-capitalization ratio of 31% and net leverage of 2x.
Successful Capital Return to Shareholders
The company repurchased approximately 424,000 shares for $7.1 million, and over the last four quarters, returned over $25 million to shareholders through dividends and share repurchases.