Cinemark First-Quarter Earnings Jump Amid Strong Box Office
The movie theater operator said admissions revenue increased 19.9 percent, with the U.S. seeing a 24.8 percent gain.
Film exhibitor Cinemark Holdings on Monday reported much-improved first-quarter financials driven by the strong box office performance early in the year. The movie theater operator posted earnings of $42.1 million, up sharply from the $25.0 million recorded in the year-ago period. Revenue jumped 19.8 percent to $578.8 million as admissions revenue increased 19.9 percent to $373.8 million and concession revenue rose 22.6 percent to $179.8 million. Attendance increased 14.3 percent, and average ticket prices climbed 5 percent, the company said. Concession revenue per patron also grew 7 percent. “This was an impressive quarter for our industry with North American box office increasing an estimated 23.5 percent," said CEO Tim Warner. "Cinemark’s U.S. assets once again outperformed the industry, generating an increase in [domestic] admissions revenues of 24.8 percent." He added: “Box office from our international segment continued its growth streak for the quarter and has almost doubled since the first quarter of 2009.” As of March 31, 2012, Cinemark operated 459 theatres with 5,181 screens. Email: Georg.Szalai@thr.com Twitter: @georgszalai