Cinemark Posts Second-Quarter Attendance Increase, Revenue Record
The movie theater operator benefited from higher box office in the latest period.
Movie theater operator Cinemark Holdings reported second-quarter financials on Thursday amid growth in concession and admissions revenue, boosted by higher box-office momentum in the period. But earnings dropped slightly as revenue set a record.
The company, which has a strong presence in Latin America, posted earnings of $70.3 million, compared with $71.7 million in the same quarter last year. Quarterly revenue rose 11.4 percent to $799.9 million.
Admissions revenue rose 10.4 percent, and quarterly attendance rose 8.8 percent. Concession revenue rose 14.6 percent. But cost of operations also rose to $665.4 million from $601.0 million, and the company said its effective income tax rate rose to 38 percent, compared to 25 percent in the year-ago period.
Said Cinemark CEO Tim Warner: "It was an incredible second quarter for the North American industry with 9.3 percent year-over-year growth."
He added: "With our global footprint, as well as our focus on technology and innovation, our worldwide operations outperformed the industry by 740 basis points on a currency adjusted basis. Furthermore, we have now achieved 24 out of 26 quarters of North American industry outperformance and congratulate our entire worldwide team for yet another quarter of outstanding results."