Cinemark First-Quarter Earnings Drop Amid Weaker Box Office
Movie theater operator Cinemark Holdings on Tuesday reported lower first-quarter financials amid lower admissions and concession revenue.
Despite weaker U.S. box-office trends in the latest period, the company said it outperformed the broader exhibition sector in North America.
Cinemark posted first-quarter earnings of $32.6 million, compared with $42.1 million in the year-ago period.
Revenue of $547.8 million was down from $578.8 million in the year-ago period. Admissions revenue came in at $349.4 million, with concession revenue hitting $172.4 million. That compared with $373.8 million and $179.8 million, respectively, in the year-ago period.
The average ticket price for the three months ended March 31 increased to $6.09, with concession revenue per patron up to $3.
“Cinemark’s worldwide box office results outperformed the North American industry box office for the first quarter...and has now outperformed the industry for 15 out of the past 16 consecutive quarters on a currency adjusted basis,” said Tim Warner, Cinemark’s CEO. “Our international segment reported admissions revenue growth of 7.1 percent this quarter, reiterating the long-term growth opportunity provided by this segment.”
As of March 31, Cinemark operated 467 movie theaters with 5,259 screens. It also had commitments to open 22 new venues with 195 screens during the remainder of 2013.