Cinemark Delivers Record Revenues In Q4, But Still Misses Expectations
Cinemark Handily Beats Q3 Earnings Estimates With All-Time High Attendance
Wall Street may have expected a little too much of the exhibition chain for the last three months of 2012. It reports net income of $27.8M, +52.3% vs the end of 2011, on revenues of $611.5M, +14.1%. Pretty good, right? But analysts expected revenues to come in higher, at $616.7M. And a pre-tax loss of $5.6M for early debt retirement held earnings to 24 cents a share, shy of forecasts for 38 cents. Attendance at the U.S. theaters was up 10.3% to 40.6M, while the average ticket price rose 5.2% to $6.91, and concessions revenues per patron was up 4% to $3.39. That propelled U.S. revenues 15.5% to $435.4M. Sales at the international theaters was up 10.8% to $178.8M. CEO Tim Warner notes that Cinemark “continues to be the number one attended worldwide exhibitor.” He told analysts that he’s “encouraged” about the releases scheduled for 2013 — including 32 wide-release 3D films. But the current quarter’s results may be “challenging” compared to the sales records set last February and March.