Cinemark profit, rev climb in 2nd quarter

Cinemark USA Inc. reported a healthy jump in both revenue and profit for the second quarter, largely due to its expansion program, the company said Monday.

For the quarter ended June 30, the Dallas-based exhibitor reported revenue of $103 million, up 22% from $85 million for the same period the previous year.

Cinemark reported a second-quarter profit of $3 million, compared with $2.3 million — not including a $2 million non-recurring after-tax gain —for the same period last year. Including the tax gain, primarily related to a litigation settlement, Cinemark reported net income of $4.3 million for second-quarter 1996.

The company’s operating income, before non-cash expenditures, increased in the second quarter 33% to $17.9 million.

Expansion program

“We will continue to benefit from our expansion program,” said Roy Mitchell, Cinemark’s chief exec. “Over the last 90 days, we have broadened our platform for international expansion by opening our first theaters in Argentina, Brazil, Peru and Central America.”

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