Cinemark Posts Mixed Third-Quarter Results
The exhibitor's international growth offset weaker U.S. trends as it recorded an attendance high for the company.
Movie theater operator Cinemark Holdings on Tuesday reported mixed third-quarter financials as its U.S. movie theaters reported weaker results, while its international operations continued to grow.
The company, which owns the Aurora, Colo. theater that earlier this year saw a deadly shooting during a screening of The Dark Knight Rises, said its quarterly profit rose to $47.4 million from $46.9 million in the year-ago period.
But Cinemark's revenue declined slightly from $640.0 million to $633.6 million. Admission revenue declined from $417.1 million to $402.4 million. Attendance rose slightly to 69.7 million, the company said, marking a company record. Concession revenue was up from $194.8 million to $200.1 million.
Said CEO Tim Warner: "The geographic diversity of our U.S. and Latin American footprint with 5,207 screens in 39 U.S. states and 13 Latin American countries led to an all-time Cinemark record for worldwide attendance, entertaining 69.7 million patrons during the quarter."
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