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Cinema giant Cinemark Holdings reported a narrowed loss for the third quarter compared with the year-ago period, which had been hit hard by shutdowns due to the coronavirus pandemic, and touted positive box office trends.
The company, led by CEO Mark Zoradi, posted a quarterly loss of $77.8 million Friday, which compared with a loss of $147.6 million in the same period of 2020. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the latest three months swung to $44.3 million, compared with a year-ago loss of $128.0 million. Revenue jumped to $434.8 million from $35.5 million in the year-ago period.
Admissions revenue in the latest quarter amounted to $225.5 million, up from $14.9 million, while concession revenue reached $164.3 million, up from $9.1 million. Attendance reached 30.7 million patrons in the third quarter, up from 1.9 million in the comparable period of 2020, the average ticket price was $7.35, down from $7.96, and concession revenue per patron hit $5.35, up from $4.87.
“As an industry, and as a company, we continue to make significant progress recovering from the effects of the pandemic,” Zoradi said. “We are highly encouraged by sustained positive trends in escalating consumer demand for theatrical moviegoing and growing momentum at the box office.”
He added: “This favorable progress was clearly demonstrated in our 61 percent quarter-over-quarter growth in worldwide attendance, which flowed through to our bottom line.” And Zoradi noted that the latest results marked “the first quarter since the pandemic began that we generated positive adjusted EBITDA in every month of a quarter, tangibly underscoring our resurgence.”
Zoradi also shared Friday: “We expect a continued ramp-up in box office performance over the course of the coming months, and October already delivered the best monthly box office results since the onset of COVID-19. As the pandemic further subsides, we remain confident in the future of theatrical moviegoing based on the unparalleled cinematic experience it provides coupled with a robust content lineup in the fourth quarter and beyond that features highly anticipated films with something for everyone.”
As part of its recovery, Cinemark had recorded positive adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) during the second quarter for the first time since the theater circuit reopened. On Friday, it highlighted that as of Sept. 30 all of its domestic and international cinemas were open for the first time since the start of the pandemic.
Sean Gamble, COO and CFO of Cinemark, will succeed Zoradi as CEO as of Jan. 1.
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