Regal profit falls: digital upgrade advances

LOS ANGELES, July 24 (Reuters) – Regal Entertainment Group , the largest U.S. movie theater owner, posted sharply lower quarterly profit on Thursday and said improvement might not come until the fourth quarter.But the company also reported progress in a long-delayed digital upgrade expected to boost sagging attendance at movie theaters.Second-quarter net income fell to $13.8 million, or 9 cents a share, from $52.7 million, or 33 cents a share, a year earlier.