Though at least 10 movie theater chains are in various stages of bankruptcy proceedings, the movie business, for at least the first two months of this year, is slowly turning around, said Jack Valenti, president-CEO of the Motion Pictures Association of America. At the annual ShoWest convention of theater owners in Las Vegas, Mr. Valenti, in his yearly address, said total theater admissions are up 25% through March 4 over a similiar period last year. For all of 2000 -- a year which witnessed many financial problems for theater owners -- admissions were down 3% overall to 1.42 billion. Movie studio advertising and printing costs continued to climb in 2000, he reported, up 11% to $27.3 million for an average movie release.
Copyright March 2001, Crain Communications Inc.