The movie theater chain says its debt-refinancing effort sliced $4.9M from 2Q earnings. As a result Cinemark reported net profits of $40.4M, up 1.8% vs the same period last year, on revenues of $620.6M, up 15.1%. Earnings at 35 cents a share were short of the consensus forecast of 39 cents — but the company beat the $593.6M revenue projection. Admissions revenues increased 15.0% to $405.9 million and concession revenues increased 14.6% to $189.3 million. Cinemark, which has a big presence in Latin America as well as the U.S., says that attendance was up 9.8% in the quarter despite an average 4.6% increase in ticket prices; domestically, tickets were up 2.6% to an average of $6.64. The average consumer also spent 4.4% more than last year on concessions. “This quarter Cinemark generated its highest-ever quarterly worldwide attendance and as a result we achieved our highest-ever quarterly adjusted EBITDA,” says Cinemark CEO Alan Stock. “This record performance extended our domestic industry box office out-performance streak to 11 straight quarters. Our international circuit continues to distinguish itself with attendance growth of approximately four times the U.S. industry rate for the quarter.”
By DAVID LIEBERMAN, Financial Editor | Friday August 5, 2011 @ 7:43am EDTTags: Cinemark Alan Stock, Cinemark Earnings, Cinemark Entertainment
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This article was printed from http://www.deadline.com/2011/08/cinemark-2q-earnings-miss-on-early-debt-repayment-but-revenues-exceed-expectations/
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