Although consumer spending has been soft, which has significantly impacted operations in virtually every segment of the economy, the theater industry has been the exception. 2001 and 2002 were banner years at the movies characterized by box-office records and soaring attendance levels. Moviegoers drove the total box-office take to an estimated $9.3MM , and attendance saw its highest level in four decades, bolstering the fortunes of an industry recently plagued by bankruptcies and theater closings. Many wall-street analysts …
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…exit the European market entirely. Subsidiary Hoyts Distributing distributes international films, as well as local films produced by the Australian company Nine Films & Television (run by Australian media mogul Kerry Packer's Publishing and Broadcasting Limited). Packer owns Hoyts through his privately held Consolidated Press Holdings. Hoyts had 2001 revenues of $450 million, a 12.5% increase above the prior year. The Company is a privately held corporation and does not currently carry any outstanding public debt obligations.