Film-Tech Forum ARCHIVE: Regal Cinemas takes over another one.

This is topic Regal Cinemas takes over another one. in forum Ground Level at Film-Tech Forum ARCHIVE.

To visit this topic, use this URL:
https://ft-forum.com/ft/cgi-bin/ubb/ultimatebb.cgi?ubb=get_topic;f=5;t=001975

Posted by Dennis Benjamin (Member # 1137) on 01-15-2008, 03:27 PM:

This is the company I work for [uhoh]

Press Release

Regal Entertainment Group Announces Agreement to Acquire Consolidated Theatres
Knoxville, Tennessee - January 15, 2008 -- Regal Entertainment Group (NYSE: RGC), a leading motion picture exhibitor owning and operating the largest theatre circuit in the United States, today announced that it has entered into an agreement to acquire Consolidated Theatres for approximately $210 million in cash.

The proposed acquisition will add a total of 28 theatres with 400 screens to Regal's portfolio and enhance Regal's presence in Georgia, Maryland, North Carolina, South Carolina, Tennessee and Virginia. The consummation of the acquisition is subject to customary closing conditions.

"We expect the acquisition of Consolidated Theatres to be accretive to cash flows and earnings and are pleased to announce an agreement to purchase these high quality assets," stated Mike Campbell, Chairman & CEO of Regal Entertainment Group. "Accretive acquisitions are a key component of our overall business strategy and we look forward to a successful closing and integration of the Consolidated Theatre assets during the first half of 2008," Campbell continued.

Forward-looking Statements:

This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements included herein, other than statements of historical fact, may constitute forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the risk factors contained in the Company's 2006 Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 26, 2007. All forward-looking statements are expressly qualified in their entirety by such factors.

About Regal Entertainment Group

Regal Entertainment Group (NYSE: RGC) is the largest motion picture exhibitor in the world. The Company's theatre circuit, comprising Regal Cinemas, United Artists Theatres and Edwards Theatres, operates 6,355 screens in 526 locations in 39 states and the District of Columbia. Regal operates theatres in all of the top 25 and 43 of the top 50 U.S. designated market areas. We believe that the size, reach and quality of the Company's theatre circuit not only provide its patrons with a convenient and enjoyable movie-going experience, but is also an exceptional platform to realize economies of scale in theatre operations.

Additional information is available on the Company's Web site at www.REGmovies.com.

Financial Contacts:
Don De Laria
Regal Entertainment Group
Vice President - Investor Relations
865-925-9685
don.delaria@REGmovies.com

Media Contact:
Dick Westerling
Regal Entertainment Group
Senior Vice President - Marketing
865-925-9539
dick.westerling@REGmovies.com

Posted by David Stambaugh (Member # 1102) on 01-15-2008, 04:19 PM:

quote: Dennis Benjamin
to realize economies of scale in theatre operations

Stupid economies of scale! [uhoh]

Posted by Paul Van Dusen (Member # 3640) on 01-15-2008, 10:25 PM:

Well, Consolidated USED to be a top notch company hell bent on excellent presentation. I guess we'll see if that continues.

Posted by Bill Enos (Member # 440) on 01-15-2008, 11:02 PM:

Consolidated's Commonwealth 20 has been so much better than the Regal houses it's been worth the drive across town, I guess soon it will be as mediocre as the rest of the Regals.

Posted by Ed Alvarado (Member # 2760) on 01-16-2008, 12:22 AM:

wow dude as an ex- :fu:REGAL:fu: employee I WISH AND HOPE THEY GO OUT OF BUSINESS but thats just me and i hope anybody who works for them besure to cover your back all times.

Posted by Chris Slycord (Member # 4239) on 01-16-2008, 12:34 AM:

quote: Ed Alvarado
wow dude as an ex- :fu:REGAL:fu: employee I WISH AND HOPE THEY GO OUT OF BUSINESS but thats just me and i hope anybody who works for them besure to cover your back all times.

1) Grow up.

2) Learn some grammar.

Posted by Christopher Duvall (Member # 284) on 01-16-2008, 09:48 PM:

quote: Ed Alvarado
wow dude as an ex- :fu:REGAL:fu: employee I WISH AND HOPE THEY GO OUT OF BUSINESS but thats just me and i hope anybody who works for them besure to cover your back all times.

Let me guess...you got fired from Regal because you did not agree with management. Sorry you had a bad experience with them but they have treated me very well for the 13 years I have been working for them and guess what...I actually give a damn about presentation. There are quite a few of us out there too. Because YOU had a bad experience does not mean that the company as a whole SUCKS. Do not get wrong, it is not perfect by any means and there are problems that need to be addressed but NO company is perfect and has no problems.

My suggestion is to you is to...

1. Like Chris Slycord stated...Grow up.
2. Think your arguments through before you post flame bait on a public forum.

Dennis and I have brief history with each other in Regal and he is good people. He has also had problems with Regal that were unfortunate but happened. At least he was an adult about it and did not put a post out there with ignorant wording like "regal sux...just because."

Posted by Dennis Benjamin (Member # 1137) on 01-16-2008, 10:07 PM:

I have no ill feelings for anyone at Regal Cinemas. Mike, Charlie, and Rick Campbell have always treated me with respect. Most of the people I had issues with no longer work for Regal.

I have this 'thing' about Corporate America, that's all.

Working for a Giant Chain has it's ups and downs. I really just wanted to work for one company for longer than 5 years. Every time I turn around, someone is buying out someone else. I have personally been involved with three buyouts in my career. It gets old after a while. You know?

Mr. Stone (president of Consolidated) is one of the nicest guys I have ever met. I wish I could have worked for him longer. But that's not going to happen.

We will see how things go in the coming months. Maybe it's not such a bad thing. A theatre is only as good as the manager running it. [thumbsup]

Posted by Jeremy Weigel (Member # 4208) on 01-17-2008, 01:30 AM:

quote: Dennis Benjamin
A theatre is only as good as the manager running it.

This is a painfull truth for most.

Posted by Monte L Fullmer (Member # 2797) on 01-17-2008, 04:22 AM:

I also used to work for REG, but had to leave since I was denied benefits-benefits that I could have had if the manager would have followed his DM's instructions on the payscale that the DM granted me which matched the ast. mgr's title - which projection people were automatically assigned as ast.mgrs anyway.

But the manager didn't want me to have that title and thus HR listed me as floorstaff, which is denied mgr benefits that I desparately needed due to my health conditions.

Otherwise, I had no probs with REG either-just the adjustment from EDWs to REG was the hard part to accept and be adjusted with.

One has to remember: You went to the employer to get a job. T hat employer didn't come to you. If you act up and fail at the job, don't blame the employer for your actions since things didn't go your way and you were thinking that you were RIGHT all the time.

When you got hired on with that employer, you accepted their conditions and work requirements - sorry, doesn't work the other way.

-Monte

Posted by Steve Guttag (Member # 268) on 01-17-2008, 06:18 AM:

Unless, of course, you unionize and get a collective bargaining agreement. Then the working conditions, benefits and such can be negotiated. Oddly enough, management is denied such opportunities...particularly lower-management that normally don't reap any benefits of the title.

Posted by Monte L Fullmer (Member # 2797) on 01-17-2008, 02:51 PM:

..which I did have when I was in the union. But Idaho did the most stupidest thing by voting for the right-to-work along with circuits not renewing contracts, yet 'grandfathering' us into their employee system so we can keep our jobs and positions.

Yes, I was miffed on what that mgr did to me - thinking that I was one of his better employees until he was told that, with my payscale, that I'd be assigned the title of an ast.mgr .. and that didn't set with him at all.

Posted by James Westbrook (Member # 3690) on 01-17-2008, 03:04 PM:

If I wanted to, I could go on a rant about Mann Theatres (the Southern Californian chain) as I was let go by them. However, I talked to the press about why the movies on screen were so dark there and...suffered the repurcussions. I did it. I own up to it. I moved on.
I was working there one shift a week anyway.
After Cinemark aquired the Mann theatres in Lubbock and Amarillo, they aquired the UA theatre in Lubbock and I ended up back inside that building again (this being the Fox theatre.)
But I don't talk to the press...
And I don't air my theatres' dirty laundry on line.
If one has a case against their former employer, and can legally justify it, take them to court.
If not, move on.

Posted by Ron Funderburg (Member # 4561) on 01-17-2008, 03:19 PM:

Who has not worked for both good and bad employers? I have had both, major chains, little chains, mom and pop. What makes it good or bad is the local managers and the DM's the upper management only makes it either easy or hard to be good but a good manager runs a good theater and makes it so! A bad manager it doesn't matter what group he works for has issues!

Posted by James Westbrook (Member # 3690) on 01-17-2008, 03:23 PM:

There is a proverb:
The Fish Stinks From The Head Down.
The head, in this case, would be the theatre manager.

Posted by Monte L Fullmer (Member # 2797) on 01-17-2008, 07:25 PM:

.. and I was a MANN employee as well from '76 to '88, but was in good favor with them where they left me alone due to my booth tech knowledge, but they pulled out in my locale and didn't want to transfer around to where I may not like where I was assigned to....

- just had to deal with creaky managers some of the time..and there was some doozies that can make life miserable..

-Monte

Posted by Bruce McGee (Member # 131) on 01-18-2008, 02:20 PM:

Any company can have pain-in-the-ass management.

I work for Regal, and have no problems with the management. I have never had any problems getting anything for the theatre that I have asked for.

Also, my local theatre tech ROCKS!!!

Posted by Chad M Calpito (Member # 3736) on 01-18-2008, 06:32 PM:

My overall experience with Regal as an Asst. Manager Projectionist was good, except for some problems that I ran into while working at the Parkway Plaza 18 and I won't go into that. But, they did pay better. Anyway, I got over the negative experience and moved on. I'll just say this, Good Luck to Regal and the employees. I still visit the Parkway Plaza 18 on occassion. [Smile]

Posted by Christopher Duvall (Member # 284) on 01-18-2008, 07:06 PM:

Bruce, who is your tech?

[ 01-19-2008, 01:56 AM: Message edited by: Christopher Duvall ]

Posted by Evans A Criswell (Member # 381) on 01-23-2008, 04:30 PM:

So this is the same Consolidated Theatres (R.C.Stone) from the 1970s? All of the Consolidated locations around here ended up in Carmike's hands in the late 80s or early 90s. Was there more than one chain called Consolidated?

Here are examples of Consolidated Theatres that all became Carmikes later:

Nashville, TN:

1988/11/23: Williamson Square 8
1980/04/18: Lion's Head 3 (later 5)
1978/08/11: Mall Cinemas 3 in Hickory Hollow Mall
1978/12/22: Bell Road 3
1976/07/02: Cinema North 4 (later 6)
1976/07/02: Cinema South 4

Huntsville, AL:

1977/06/17: University 4 (later 6)

Birmingham, AL:

1989/06/16: Colonnade 10
1983/06/24: Bama 6
1982/12/10: Riverchase 6 (later Carmike 10)

[ 01-23-2008, 07:45 PM: Message edited by: Evans A Criswell ]

Posted by Dennis Benjamin (Member # 1137) on 01-23-2008, 08:45 PM:

Yes, Mr. Herman Stone had a Consolidated Theatres before and sold it to Carmike. About ten years ago he started another circuit called Consolidated Theatres again. This company was just sold to Regal. I am sure he will start another one again in three years after the non-compete clause runs out.

[Big Grin]

Posted by Paul Van Dusen (Member # 3640) on 01-23-2008, 10:30 PM:

Here's the story as i've heard it. Back in the 80's Herman Stone's father owned consolidated, Herman was on the board of directors. The only person who voted not to sell to Carmike was Herman. There was a contractual agreement that operations would not change for a year after the buyout, and the agreement that he could keep his office in a theatre in charlotte, nc. After the year was up Carmike kicked him out. This apparently stuck in his craw a bit, so when he started up consolidated several years later he went after Carmike with a vengence, building theatres in the major markets where the essentially owned the town and taking their attendance away by building huge over the top complexes. Unfortunately he did this with the help of investors, and when they didn't get all of their money back on their investment they started shopping the chain around to different companies for sale. Their was a bidding war between Regal, Carmike, and Cinemark, and Regal outbid Carmike by about 15 million. Unfortunately for Carmike this means markets where there was healthy competition between them, Regal, and Consolidated, are now owned by Regal. Markets such as Raleigh/Durham for instance.

Posted by Dennis Benjamin (Member # 1137) on 01-24-2008, 08:23 PM:

Mr. Van Dusen,

It actually came down to Regal and AMC. Regal was the only company who could come up with that kind of cash. The only other companies that were really serious were Rave and Santikos. A general letter was sent to all major theatre chains when the company went up for sale back in June of 2007. I do not think Carmike even had the ability to bid, considering their dire financial situation. I do know that the investment company (Abry Investments), having the largest stake in the company, put the company up for sale. Also, Consolidated is/was a solid company that was operating in the black and had no financial issues. Abry decided it was a good time to sell (a five year investment for them). I do believe that in all of his situations that Mr. Stone never wanted any of the companies he was with to be sold. That's just the way it goes in today's business world.

Posted by Edwin Schwing (Member # 1270) on 01-26-2008, 12:57 AM:

Dennis,

Don't forget that Regal just got a big winfall from the public stockholding of "the 2twenty!" errr. "First Look"

THAT'S where Regal got their $$MONEY$$!!!

E