Strong boxoffice lifts Cinemark Q3
Movie theater operator sees profit up 2.8%NEW YORK -- Movie theater operator Cinemark Holdings reported better third-quarter financials on Monday amid strong boxoffice results.
Third-quarter profit edged up 2.8% to $21.0 million.
Revenue increased 4.3% to $496.8 million driven by admissions and concession revenue that climbed 4.7% each. Attendance figures rose 4.5% over the year-ago period.
"Our growth outpaced the domestic industry boxoffice for the fourth consecutive quarter as our state-of-the-art theatres in diversified markets and organic screen growth continue to drive positive results," said CEO Alan Stock. "South American countries continue to outpace the U.S. economic recovery and we continue to benefit from solid industry trends and the expansion of our international portfolio."
He also lauded early fourth-quarter boxoffice trends, saying they are "off to a good start as patrons continue to enjoy the cinema as an exciting, low cost form of entertainment."