Exhibitor Cinemark Reports Record Attendance in Latest Quarter
Movie theater group Cinemark Holdings on Thursday reported a quarterly company record for attendance.
In its third-quarter earnings report, the company said attendance rose 16.4 percent over the year-ago period to an all-time high of 81 million patrons. Its U.S. movie theaters posted a 23 percent improvement to 50.6 million, while its international unit, dominated by cinemas in Latin America, recorded a 6.8 percent gain to 30.4 million.
Cinemark reported a third-quarter profit of $80.0 million, up 68.8 percent, on a 19.6 percent revenue increase to $757.6 million. The results exceeded Wall Street expectations.
The company said its average ticket price rose 2.6 percent to $5.92, while concession revenue per patron increased 4.2 percent to $2.99 during the quarter ended Sept. 30.
"The North American industry celebrated a robust box office in the third quarter with an increase of 6.4 percent, fueled by a record summer box office," said Cinemark CEO Tim Warner.
He added: "Due to the strength and diversity of our global footprint, our worldwide operations have now outperformed the North American industry in 17 of the past 18 consecutive quarters on a currency adjusted basis."