Cinemark posts stronger Q1 results
Exhibitor touts consumer interest, promising lineupNEW YORK -- Film exhibitor Cinemark Holdings reported higher profit and revenue for the first quarter driven by boxoffice and concession revenue gains despite the recession.
Profit attributable to the company amounted to $17.6 million, compared to $5.3 million in the year-ago period.
Revenue rose from $401 million in the year-ago period to $425.8 million as attendance increased by 8.9%, average ticket prices climbed and concession revenue per patron rose in local currencies.
“The boxoffice recorded its strongest first quarter in history, further demonstrating the resiliency of the industry in the midst of a challenging economic environment," said Cinemark CEO Alan Stock, touting that his firm outperformed the already-strong industry. "We expect consumers will continue to view the cinema as one of the most convenient and affordable forms of entertainment, offering a strong value proposition in today’s economy. We look forward to a promising lineup of films during the remainder of 2009.