Exhibitor Cinemark First-Quarter Earnings Rise
Movie theater operator Cinemark Holdings on Tuesday reported improved first-quarter financials.
Earnings rose 8.6 percent to $35.4 million. Revenue increased 9.9 percent to $602.3 million, a company record for the first quarter. Admissions revenue climbed 9.0 percent to $380.9 million, and concession revenue grew 11.9 percent to $193.0 million.
The results exceeded Wall Street expectations. "Cinemark beat Street forecasts with upside to both domestic and Latin American results," said MKM Partners analyst Eric Handler.
The company said its average ticket price for the three months ended March 31 rose 1.6 percent to $6.19, while concession revenue per patron increased 4.7 percent to $3.14 and attendance rose 7.1 percent.
U.S. attendance per screen rose 2.8 percent, with international attendance per screen up 9.2 percent.
"Cinemark followed up a record 2013 performance with an impressive quarter," said the company's CEO, Tim Warner. "The North American industry also experienced robust growth, with box office performance up approximately 5.5 percent from last year, according to industry sources."