The Plano, Texas-based exhibition chain kept in step with the earnings season’s round of better-than-expected results. It generated $772,000 in net income, up 115% vs the same period last year, on revenues of $578.8M, up 6.8%. The revenue figure compared to analysts’ consensus forecast of $572M. And earnings, at 37 cents a share, beat predictions of 34 cents. Total attendance was up 14.5% to 61,548. Domestic theaters were up 19.3% to 39,830. But company watchers may be surprised at the increase in the average ticket price, which was +5% to $6.08 in all of Cinemark’s theaters and +4.7% to $6.70 in domestic ones. Concession spending per patron also was up — +7% to $2.92 across the board, and +5.1% to $3.30 in domestic venues. “This was an impressive quarter for our industry with North American box office increasing an estimated 23.5%,” Cinemark CEO Tim Warner says. “Cinemark’s US assets once again outperformed the industry.” The chain ended the period with 459 theaters and 5,181 screens — with plans to build 11 theaters with 107 screens in 2012.
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This article was printed from http://www.deadline.com/2012/05/cinemark-tops-q1-earnings-estimates-as-admissions-and-prices-rise/
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