Cinemark profits double

Thanks to a hefty addition of new screens and strong overall industry results, Cinemark USA Inc.’s first- quarter profit more than doubled, the company reported Monday.

For the quarter ended March 31, the Dallas-based exhibitor reported net income of $5.1 million, compared to $2.5 million for the same period last year. Cinemark’s revenue increased 40% to $103 million, up from $73.7 million in 1996.

“These outstanding financial results were driven by our continuing development program with the addition of just over 220 screens over the last year and record first quarter for the industry,” said Lee Roy Mitchell, chief financial officer of Cinemark, in a statement. “The industry’s strong performance continues to reinforce that strong film product can be successful in traditionally non-peak hours.”

Cinemark’s operating income during the period jumped 74% to $16.6 million, compared to $9.5 million for the previous year. The company’s first-quarter operating income, before non-cash expenditures, rose 54% to $22.5 million, compared with $14.5 million in 1996.

Cinemark operates 1,583 screens in the United States, Mexico, Chile, Canada and Japan.

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More Scene News from Variety

Loading