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Cinemark Reports Record Earnings

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CEO Mark Zoradi cites a strong domestic box office, a 'significant rebound in international attendance and continued strength in our global food and beverage sales.'

CEO Mark Zoradi cites a strong domestic box office, a"significant rebound in international attendance and continued strength in our global food and beverage sales."

Cinema giant Cinemark Holdings on Friday reported record earnings and other financials for its second quarter, driven by a strong U.S. box office, a rebound in international attendance and a 13 percent concession revenue increase. Cinemark posted second-quarter earnings of $101 million, or 86 cents per share, which it said was a company record and compared with $82.1 million in the year-ago period, or 70 cents. Adjusted earnings before interest, taxes, depreciation and amortization, another profitability metric, increased 10.4 percent to a record $244.7 million.

Cinemark's quarterly revenue rose 7.7 percent to a company record $957.8 million. Admissions revenue increased 2.4 percent to $521.1 million, with concession revenue growing 13.1 percent to $345.3 million. The company's cost of operations increased 5 percent to $801.7 million. Cinemark, led by CEO Mark Zoradi, said second-quarter attendance rose 5.0 percent to 80.2 million patrons, its average ticket price hit $6.50 for the quarter, and concession revenue per patron climbed 7.7 percent to $4.31.

 

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