Cinemark's Revenue, Profit Climb on Box Office Strength Cinemark's Revenue, Profit Climb on Box Office Strength
May 10 2016 - 7:50AM
Dow Jones News
Cinemark Holdings Inc. reported better-than-expected profit for
the first quarter as it logged admission revenue growth at its
movie theater chain amid a strong showing at the box office.
The Plano, Texas, company said revenue climbed 9.2% to $704.9
million in the latest quarter, which was above the $699 million
analysts polled by Thomson Reuters were expecting.
Mark Zoradi, Cinemark's chief executive, said strong Hollywood
film content during the quarter drove North American box office
growth of 12.5% industrywide.
One big release during the quarter was the big-budget film
"Batman v Superman: Dawn of Justice," released by Time Warner Inc's
Warner Bros. The superhero film brought in an estimated $424.1
million world-wide in its opening weekend, the fourth-largest
global opening in box office history.
For the period ended March 31, Cinemark reported attendance rose
roughly 11% to 72.5 million people globally. Admission revenue
increased 8.8%. Average ticket prices rose 6.3% to $7.58 in the
U.S., though overall ticket prices fell 1.8%.
Over all, Cinemark reported a profit of $58.5 million, or 50
cents a share, up from $42.5 million, or 37 cents a share, a year
earlier. Analysts expected a per-share profit of 47 cents.
At the end of the quarter, Cinemark operated 516 theaters with
5,840 screens in the U.S., Brazil, Argentina and 12 other Latin
American countries.
Shares, up 27% in the past three months, were inactive
premarket.
Write to Joshua Jamerson at joshua.jamerson@wsj.com
(END) Dow Jones Newswires
May 10, 2016 07:35 ET (11:35 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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