Cinemark First-Quarter Earnings Jump, CEO Lauds Strong Hollywood Releases
The exhibitor set first-quarter records in various metrics, including worldwide attendance, admissions and concession revenue.
Movie theater operator Cinemark Holdings on Tuesday reported better-than-expected first-quarter earnings and various records for an opening quarter of a year amid stronger U.S. box-office results driven by superhero films as Deadpool and Batman v. Superman: Dawn of Justice.
The exhibition giant, which has a major presence in Latin America, reported first-quarter earnings of $58.5 million, up 37.8 percent in the same quarter last year.
Revenue increased 9.2 percent to $704.9 million as admissions revenue rose 8.8 percent and concession revenue jumped 10.9 percent. Attendance increased 10.7 percent, while the average ticket price came in at $6.01 and concession revenue per patron hit $3.28.
Said Cinemark CEO Mark Zoradi: "We are very pleased to report first-quarter records in various key performance metrics, including our worldwide attendance, admissions and concession revenues, concession per patron" and others.
He added: “The strength of the Hollywood film content drove North American industry box office growth of 12.5 percent.... Locally produced films fueled robust attendance growth of nearly 17 percent in our Latin American operations, reiterating that our industry is more closely tied to film content than economic or political environments."