Cinemark Third-Quarter Earnings Rise, CEO Lauds "Robust Film Environment"

Courtesy of Dreamworks
Cinemark CEO Mark Zoradi

Mark Zoradi also highlights "our focus and execution on our strategic initiatives."

Movie theater operator Cinemark Holdings on Tuesday reported third-quarter earnings in line with Wall Street expectations.

The exhibition giant, which has a major presence in Latin America, reported quarterly earnings of $65.7 million, up 42 percent from the same quarter last year. Earnings per share rose 40 percent to 56 cents.

Revenue rose 9.8 percent to $768.6 million as admissions revenue increased 9.4 percent and concession revenue jumped 13.6 percent. Attendance increased 7.3 percent to 76.2 million, while the average ticket price came in at $6.21, up 2 percent, and concession revenue per patron hit $3.43, up 5.9 percent.

U.S. revenue rose 12.5 percent to $572.9 million, while international revenue climbed 2.6 percent to $199.5 million.

Said Cinemark CEO Mark Zoradi: "The robust film environment, coupled with our focus and execution on our strategic initiatives, enabled us to deliver a 9.8 percent increase in total revenues" and growth in other financial metrics.

He added: "We are pleased to see how our strategic investments and emphasis on enriching the guest experience favorably impacted our third-quarter results. We remain opportunistic regarding these endeavors with an eye toward driving long-term shareholder value."

 

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