Film Exhibitor Cinemark Reports Record Quarterly Attendance
Second-quarter earnings were up slightly, but revenue increased 15% to $620.6 million as attendance jumped 9.8%.
NEW YORK - Movie theater operator Cinemark Holdings on Friday reported a slightly higher second-quarter profit and its highest-ever quarterly worldwide attendance.
Its international theaters once again were key financial drivers.
Cinemark's quarterly earnings of $40.4 million compared to $39.7 million in the year-ago period. The latest period's figure was dragged down by a loss of about $4.9 million due to the early retirement of debt.
Revenue increased 15 percent to $620.6 million. The result was driven by a 15 percent jump in admissions revenue and a 14.6 percent improvement in concession revenue. The increases were due to a 9.8 percent attendance gain, a 4.6 percent increase in average ticket price and 4.4 percent growth in concession revenue per patron.
"This record performance extended our domestic industry box office out-performance streak to eleven straight quarters,” said Cinemark CEO Alan Stock. “Our international circuit continues to distinguish itself with attendance growth of approximately four times the U.S. industry rate for the quarter.”
On a conference call, management signaled it has no plans to lower 3D ticket prices amid continued debate over the longer-term outlook for 3D films at premium prices.