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.

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