Hit pix lift Cinemark quarter

Exhib's profits up to $6.9 mil

HOLLYWOOD — Hot movies propelled exhib Cinemark to a $6.9 million profit in the first quarter amid a 15% revenue rise to $226.7 million, officials said Wednesday.

Dallas-based chain posted a loss of $2.7 million in the same period a year ago. But Cinemark has been one of the healthier exhib circuits over the past two turbulent industry years.

Observers speculate Cinemark may grow through a major acquisition at some point, funding such a move by going public. Company execs acknowledge that they are mulling a public flotation after seeing the recent market success of rival Regal Entertainment.

Chain operates 3,014 screens in the U.S., Canada and 12 other counties.

“We are excited about the success of the box office (reflected) in our first-quarter results,” CEO Lee Roy Mitchell said. First-quarter hits included New Line’s “The Lord of the Rings: The Fellowship of the Ring” and “John Q.” and Sony/Revolution’s “Black Hawk Down.”

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 Film News from Variety