Cinemark Q1 Earnings Fall But Beat Forecasts With Growth In Latin America
Cinemark Handily Beats Q3 Earnings Estimates With All-Time High Attendance
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. But domestic capital expenditures were down 68.7% to $6.2M, while international was up 12.6% to $30.7M. The growth in international revenues illustrates “the long-term growth opportunity provided by this segment,” CEO Tim Warner says.