Cinemark profit climbs

Dallas-based circuit reports $5.6 mil in net income for summer quarter

HOLLYWOOD — Cinemark Intl., one of the healthier U.S. exhibs, Tuesday posted a 30% increase in third-quarter profit on higher box office and concession sales.

The Dallas-based circuit reported $5.6 million in net income for the summer quarter.

Overall, third-quarter rev jumped 9% to $240 million. B.O. was up 9% at $155.7 million, concession revenue climbed 11% to $72.9 million and other income rose 1% to $11.5 million.

Cinemark, which revealed its financial results in a 10-Q regulatory filing, operated 2,963 U.S. and foreign screens in 273 theaters as of Sept. 30. It manages an additional 27 screens in four theaters.

Cinemark is the biggest U.S.-based circuit to succeed in keeping out of bankruptcy court amid a recent financial crisis of historic proportions among exhibs.

A spate of bankruptcy reorgs followed a megaplex-building binge that created cutthroat competish domestically. Key to Cinemark’s good fortune was its operating a substantial number of international screens in Latin American territories unaffected by overbuilding activity.

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: Logo

You are commenting using your 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 Biz News from Variety