Dallas-based exhibitor Cinemark USA Wednesday reported mixed operating results for its second quarter and first half ended June 30, 1993.
While revenues increased 12.8% to $ 55.1 million from $ 48.8 million in the same period last year, net income for the period dropped to just $ 600,000 compared to $ 1.3 million a year earlier.
Cinemark — the nation’s sixth-largest exhibitor with 1,083 screens in 26 states — said the decrease in net income resulted primarily from an increase of $ 1 million in interest expense in the second quarter of 1993, to $ 3.8 million from $ 2.8 million last year.
Cash flow — one of the most important barometers of an exhibitor’s operating health — decreased to $ 8.0 million for the second quarter from $ 8.4 million in 1992. However, cash flow for the six-month period ended June 30, increased 1. 7% to $ 17 million from $ 16.8 million in the year-ago period.
Net income decreased 46.5% in the first half to $ 2.2 million from $ 4.2 million despite a revenue boost of 14.1% to $ 105.8 million.