Multiplex theatre chain, Digital Cinema Destinations Corp. (DCIN: Quote), on Thursday witnessed a deeper loss for its fourth quarter, as increase in revenue was more than offset by a rise in operating expenses.
Net loss for the second quarter was $1.0 million, compared to a loss of $0.6 million last year. On a per share basis, loss was $0.23 per share, compared to $0.41, reflecting a higher share count.
An abnormal rise in the film rent expenses and other overheads contributed significantly to the wider quarterly loss.
Net revenues for the second quarter were $3.80 million, up from $0.9 million for the same quarter last year.
The company said it is yet to garner a full quarter of benefit from the Cinema Centers acquisition, which was completed in April. It also did not begin receiving virtual print fees on many screens until late in the fourth quarter.
Shares of Digital Cinema last traded at $5.69 on the Nasdaq.
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by RTT Staff Writer
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