Cinemark 3Q net income up 1 pct on lower costs

Associated Press

PLANO, Texas (AP) — Cinemark Holdings Inc. said Tuesday its third-quarter net income rose about 1 percent, as lower film rental and other costs more than offset a slight drop in revenue.

For the quarter ended Sept. 30, Cinemark earned $47.4 million, or 41 cents per share, up from $46.9 million, or 41 cents per share, in the same quarter last year.

Revenue fell 1 percent to $633.6 million from $640 million.

Analysts, on average, expected earnings of 35 cents per share on $627.1 million in revenue, according to a FactSet poll.

Revenue from admissions fell 4 percent, while revenue from concessions rose 3 percent to $200.1 million. Film rental and advertising costs fell 5 percent to $214 million.

Attendance was largely flat at 69.6 million patrons, as increases overseas offset a slight drop in domestic attendance. The average global ticket price fell 4 percent to $5.77, while the average screen count rose 3 percent to 5,207. Cinemark operates theaters in 39 states and 13 Latin American countries.

Shares of Plano, Texas-based Cinemark fell 9 cents to $24.97 in morning trading.