Cinemark Posts Rising Revenue and Falling Net Income
For the entire year, the movie exhibition company posted record revenue of $2.7 billion.
Cinemark Holdings reported a 6 percent rise in revenue to $651.9 million in the fourth quarter, though its net income dropped to $15.6 million from $27.8 million a year earlier.
The exhibitor, which operates 482 theaters with 5,563 screens in the U.S. and Latin America, said admissions revenue rose 7 percent to $412.6 million while concession revenue rose 6 percent to $201.8 million.
Per patron concession revenue was up 4.4 percent and the average ticket price rose 5.1 percent.
For the entire year, Cinemark posted an 8.5 percent rise in revenue to a record $2.7 billion.
Shares of Cinemark fell 1 percent Wednesday to $28.87 and were unchanged after the closing bell.