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.