Highlights of the call

• At the end of March 2009, the Company has operates 74 screens at 25 locations with capacity of about 20305 seats. The Company added two locations: Hyderabad and Kalyan adding 5 screens and 480 seats in Q4FY09.

• The footfalls for the quarter were 85.14 lakh up from 65.57 lakh in the sequential quarter. The occupancy was down at 25% from 27% for sequential quarter. The ATP was stagnant at Rs 129 and F&B spent was stagnant at Rs 30.

• The footfalls for the year were 85.14 lakh up from 61.91 lakh in the previous year. Comparable properties had footfalls of 67.64 lakh up from 61.91 lakh. The number of shows were 100892 up from 77491. The occupancy was down at 24% from 29% for the previous year. The ATP was stagnant at Rs 131 for comparable and Rs 118 for new properties and F&B spent was up at Rs 31 from Rs 29 for comparable properties and Rs 27 for new properties.

• The Company plans to add about 55 screens across the country in FY10 of which 28 screens would come up in the next 60-75 days and the others by January 2010. Worst case scenario company would add atleast 40-45 screens in FY10. The capex for the addition would be about Rs 70 crore.

• Currently, on the back of producers strike, the company is operating at 50-60% of its normal operations. For April 2009, the Company had revenues of Rs 8 crore and for May 2009 expects revenues of Rs 7-8 crore and hoping that the strike would end expects revenues of June 2009 to be Rs 13-14 crore. Currently, the Company is showing Regional movies and English movies. For the first 2 months of FY10, the Company is making a small loss.

• As of March 31, 2009, gross block stood at Rs 235 crore: owned properties (9 properties) of Rs 70-80 crore and mall was Rs 30 crore. The net block was Rs 195 crore. Capital WIP stood at Rs 25 crore. The debt on books stood at Rs 75 crore.

• For FY09, the distributors share is about 31-32% of the gross ticket sales (incl. entertainment tax).

• For the fourth quarter of FY09, on consolidated basis, Cinemax reported 35% growth in operating revenues at Rs 33.42 crore with operating margins dipping 880bps at 10.6% and the PAT de-grew 56% at Rs 0.98 crore on the back of higher depreciation on the back of 7 new properties added during the period and higher than required depreciation provided.

• Of the gross revenues of Rs 36.71 crore, 75% is ticket sales, 17% is F&B revenues and the balance is other operating revenues.

• Of the other income of Rs 9.42 crore: mall rental was Rs 3.22 crore, other rental was s 1.34 crore, income from investments was Rs 3.59 crore and other income was Rs 0.85 lakh.

• For FY10, the Company expects revenues of Rs 200 crore plus with EBITDA margin of 25-27% and net margin of 10%. The Company is expecting 54 movies to be Q2 & Q3FY10. The management expects occupancy rates to be at 25-27% for FY10.