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Add Cinemark to the list of exhibition chains licking their wounds from the weak Q1 box office. The company reports this morning that it generated net income of $33.1M, -22.9% vs the period last year, on revenues of $547.8M, -5.4%. The revenue figure was slightly short of the $550.4M that analysts anticipated. But earnings at 28 cents a share beat forecasts for 24 cents. Admissions revenues fell 6.4% to $349.4M as a 6.7% drop in worldwide attendance to 57.4M wiped out the 1 cent gain in the average ticket price to $6.09. And concession revenue fell 4.1% to $172.4M, even as average sales per patron rose 8 cents to $3. All of the fall-off in attendance took place at domestic theaters (-13% to 34.7M) while Cinemark’s international ones were up 4.8% to 22.8M. READ MORE »
Cinemark Q1 Earnings Fall But Beat Forecasts With Growth In Latin America
Cinemark CEO Tim Warner Made $4M In 2012, +163% Following Promotion
The exhibition company gave Tim Warner — who had overseen Cinemark‘s expansion in Latin America — a nice raise in February 2012, when he took the top job following the retirement of Alan Stock. The CEO’s new … Read More »
Global Showbiz Briefs: Cinemark To Sell Mexico Screens, Ireland Boosts Film-TV Incentive & More
Cinemark To Sell Theaters In Mexico
Texas-based Cinemark Holdings will sell its Mexico theaters to Grupo Cinemex and Cadena Mexicana de Exhibicion, the company announced. The Mexico circuit encompasses 290 screens in 31 theaters. Cinemark CEO Tim Warner said the sale would allow Cinemark to concentrate on its remaining Latin American theaters in Central and South America. Cinemark said its Mexico operation’s unaudited revenues for the 12 months ending September 30, 2012 were $73.7 million from 12.9 million admissions with a net income of $7.9 million. Sale of the Mexico theaters is subject to closing conditions and regulatory approval.
Ireland Reauthorizes Film & TV Incentive With 4% Increase
Ireland’s film and TV tax incentive has been signed into law and extended through to 2020. Value of the incentive commonly known as Section 481 will increase to 32% of qualifying expenditures from 28% from 2015. Minister for Arts Heritage and the Gaeltacht Jimmy Deenihan acknolwedged the new law during a visit to the set of Frank, which he described “an example of the excellent work the Irish film industry is producing.” Michael Fassbinder stars in Frank with Domhnall Gleeson and Maggie Gyllenhaal. The project centers on a band fronted by an eccentric leader Frank, played by Fassbender. Currently shooting in Dublin and Wicklow, it’s directed by Lenny Abrahamson and co-produced by Ireland’s Element Pictures and the UK’s Runaway Fridge Productions. Other big-budget projects to benefit from the incentive include The History Channel’s Vikings and BBC’s Ripper Street.
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Cinemark To Show Classic Disney Cartoons And Promote Their Blu-ray Sales
Here’s yet another indication that movie theater owners are making peace with the idea that their customers also want to spend time being entertained at home. This weekend 24 Cinemark theaters in five markets – … Read More »
Colorado Theater Shooting Lawsuits Against Cinemark Should Be Dismissed, Says Judge
Cinemark should not be sued in civil court for the shooting rampage and deaths last July in its Aurora, Colorado theater at a midnight screening of The Dark Knight Rises, says a … Read More »
Cinemark’s Aurora Movie Theater Opens Today With Private Ceremony
The Colorado multiplex where a gunman opened fire in a crowded theater watching a July 20 midnight screening of The Dark Knight Rises is reopening today. A private ceremony … Read More »
Accused Colorado Theater Shooter’s Arraignment Pushed Back To March
The accused gunman in the Aurora, Colorado movie theater shooting will now not be arraigned until March 12, a judge ruled today. James Holmes was scheduled for arraignment Friday but Judge William Sylvester delayed … Read More »
Cinemark Invitation Prompts Anger From Families Of Aurora Shooting Victims
Some family members of victims of the Aurora, Colorado movie theater shooting are outraged over an invitation they received from Cinemark to attend “a special evening of remembrance” and a movie in the theater where their loved ones were killed. The letter, published today in the Denver Post, is signed by eight relatives of victims who say they are particularly upset that the invitation was sent during the holidays. A portion of the letter follows below:
To the Management of Cinemark USA, Inc.:
During the holiday we didn’t think anyone or anything could make our grief worse but you, Cinemark, have managed to do just that by sending us an invitation two days after Christmas inviting us to attend the re-opening of your theater in Aurora where our loved ones were massacred.Thanks for making what is a very difficult holiday season that much more difficult. Timing is everything and yours is awful.
You (Cinemark) has shown, and continues to show, ZERO compassion to the families of the victims whose loved ones were killed in their theater. You, Cinemark, have never once reached out to the families to offer condolences.
This disgusting offer that you’d “like to invite you and a guest to a special evening of remembrance on Thursday, January 17 at 5 PM” followed by the showing of a movie and then telling us to be sure “to reserve our tickets” is wholly offensive to the memory of our loved ones.
Cinemark To Screen Live Broadcast Of 12-12-12 Concert For Sandy Relief
The star-filled concert will be widely shown on TV and streamed online — but this should provide an opportunity for fans who don’t have a ticket to the Madison Square Garden event to enjoy a communal experience with immersive video and sound. National CineMedia will provide a feed of the 12-12-12 benefit over its Digital Broadcast Network to more than 200 Cinemark, Century and Tinseltown theaters. They’ll show it live beginning at 7:30 ET, and charge about the same price the venue would for a child’s movie ticket with all proceeds going to victims of Hurricane Sandy. The concert will feature Alicia Keys, Eric Clapton, Bruce Springsteen, Billy Joel, Kanye West, The Rolling Stones, The Who, and Paul McCartney. Other chains including Clearview and National Amusements also will show the concert in some theaters, but Cinemark appears to be committing the most venues. Read More »
Cinemark Says Colorado Shooting Theater Set To Reopen
The Aurora, Colorado movie theater where a gunman went on a rampage at a July 20th midnight screening of The Dark Knight Rises will reopen on January 17, 2013. The news came in a December 5-dated … Read More »
Colorado Theater Shooting Lawsuits Get May 2014 Trial Date
The seven lawsuits filed against Cinemark over the July 20 theater shooting in Aurora, Colorado will go forward as one, and they will go to trial in a year and a half. In a short hearing (read … Read More »
Cinemark Says It Will Reward Customers Who Don’t Text During A Film
This is a sad sign of the times: The exhibition chain has decided it must give customers a special incentive to respect the movies, and each other. It unveiled today CineMode — a component within its iPhone and Android smartphone app — that can determine whether the owner uses the mobile device during a film, and send digital coupons to those who leave them alone. “It is important to develop tools that maximize and preserve the movie-going experience,” says Cinemark’s marketing and communications VP James Meredith. He adds that customers have asked the chain to “design an alternative and creative solution” to keep others from lighting up their phones in the dark theater. Before a film starts, Cinemark will flash a message on the movie screen urging customers to launch CineMode. The app will dim the smartphone’s screen and ask users to turn the volume off so incoming calls only cause the phone to vibrate. Customers must stay in CineMode throughout the film. If they do, then the company says it will automatically send a coupon to be stored in the app’s Rewards section. Read More »
Cinemark Wants Latest Colorado Shooting Lawsuits Dismissed
Like it did with the first round of lawsuits, the theater chain has quickly responded to the most recent legal actions against it for the July 20 shooting at its Aurora, Colo, cinema. Late last week, Cinemark filed motions (read two of them here and here) to dismiss the October 11 civil complaints from parents of victims of the midnight The Dark Knight Rises screening shooting. The exhibitor seeks to have the claims dismissed because each one “fails to state a claim upon which relief can be granted as a matter of law,” arguing that what happened was not its fault. “It would be patently unfair, and legally unsound, to impose on Cinemark, a private business in the entertainment industry, the duty and burden to have foreseen and prevented the criminal equivalent of a meteor falling from the sky,” said Cinemark’s lawyers in their October 18 motions. The shootings by alleged gunman James Holmes left 12 dead and 58 wounded. Read More »
Cinemark Faces More Lawsuits Over Colorado Movie Theater Shooting
Four more lawsuits have been filed against the theater chain by families of those killed in the July 20 shooting in Aurora, Colorado. The deaths occurred during a midnight screening of The Dark Knight Rises. Like the … Read More »
Cinemark Seeks Dismissal Of Colorado Theater Shooting Lawsuits
The movie theater chain says it is not responsible for alleged gunman James Holmes’ fatal rampage at the Century 16’s midnight screening of The Dark Knight Rises on July 20 in Aurora, CO. “Plaintiff’s claims against Cinemark are grounded in nothing more than allegations that a random unbalanced individual randomly chose this theatre on this random night at this random time to randomly murder and injure other human beings. Random acts, by very definition, are not legally foreseeable,” the company said in a motion to dismiss (read it here) filed yesterday. Last week, audience members Denise Traynom, Brandon Axelrod and Joshua Nowlan sued the chain for failing to provide adequate security at the theater on the night that saw 12 people killed and 58 wounded. Cinemark says besides not being able to foresee Holmes’ actions, the suits should be dismissed because they fail to state a claim on which relief can be granted. The plaintiffs say that in each case damages exceed $75,000, and they are asking for a jury trial.
Related: Cinemark Won’t Address Aurora Questions And Its Fallout Read More »
Cinemark Sued By Colorado Theater Shooting Victims
Three of the audience members at a July 20 midnight screening of The Dark Knight Rises today sued the theater owner. A pair of lawsuits (read them here) claim that Cinemark failed to provide adequate … Read More »
Cinemark Still Won’t Address Aurora Questions And Its Fallout
The exhibition chain has been receiving crisis management advice from Abernathy MacGregor Group, and continues to stick by its strategy of refusing to publicly discuss last month’s shootings at a Cinemark-owned theater in Aurora or the … Read More »
Cinemark Says It’s “Working Closely” With Aurora Police
Here’s the statement from the exhibition company that owns the theater where the murders took place:
Cinemark is deeply saddened about this tragic incident. Our thoughts and prayers are with the victims, their families and loved ones, our employees, and the Aurora community. We are grateful for the quick and
Theater Stocks Hammered After Colorado Shooting
Cinemark, which owns the theater where this morning’s shooting took place, is -3.2% in early trading. And others are down as well: The largest chain, Regal, is -3.3%, and IMAX is -1.8%. … Read More »
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