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Source: CBS Marketwatch
SAN FRANCISCO (MarketWatch) -- "Star Wars: Episode III -- Revenge of the Sith" led the U.S. box office this Memorial Day weekend, however, it wasn't enough to halt a 14-week slide in movie sales versus last year.
"Sith," the sixth and reportedly final installment in George Lucas' successful series, released by 20th Century Fox, a unit of News Corp. , took in $71 million this weekend, according to box-office tracking firm Exhibitor Relations Co. in Los Angeles.
"Madagascar," an animated tale of New York zoo animals who escape to the wild, produced by DreamWorks Animation SKG Inc., earned $61 million over Memorial Day weekend.
"The Longest Yard," a remake of a 1974 film about a football game pitting prisoners against guards, backed by Viacom Inc.'s Paramount Pictures and Sony Corp.'s Columbia Pictures, pulled in $60 million.
Memorial Day weekend is one of the most important of the year for the movie industry, setting the tone for the summer season to come.
The top 12 movies this weekend generated a total of $225 million in ticket sales, down from a record $239 million in 2004, Exhibitor Relations said. That's the 14th straight weekend this year that box-office receipts have lagged comparable revenues from 2004.
Paul Dergarabedian, president of Exhibitor Relations, blamed the declines on the availability of other forms of entertainment, such as DVDs, and the fact that movie offerings in 2005 "haven't been as exciting as in recent years."
"Even though we're down 14 weekends in a row, the performance this weekend convinces me that we can get out of this box-office slump -- it just may take longer than people initially expected," he said. "If the right movies are out there, like 'Sith' and 'Madagascar,' then people will still come out in droves."
A strong Memorial Day weekend can bode well for the rest of the summer, partly because movie-goers will have seen previews for upcoming films and may be encouraged to come back to theaters, he added.
"Sith" has taken in $271 million in its first two weeks -- a bigger opening than the previous two Star Wars movies in the second trilogy, Dergarabedian said.
However, it has a way to go before topping the success of the first movie in the first trilogy: "Star Wars: Episode IV -- A New Hope." Released in 1977, that film has pulled in $461 million in box-office receipts, Dergarabedian said.