Top-line gain due to hiked ticket-prices, admissions
Steady gains in cinema attendance helped Plano, Texas-based exhib Cinemark USA report revenues up 16% to $235 million for the first quarter of 2004.
Operating income grew to $32.9 million for the first three months, up from $25.1 million a year ago.
The top-line gain was credited to a 5.7% ticket-price hike and a healthy 10.9% year-over-year increase in admissions.
Megaplex market leader Cinemark opened three new theaters in the quarter with a total of 33 screens, bringing its total count to 3,175 in the U.S., Canada, U.K. and Latin America.
At the end of March, company said it had signed commitments to open 14 theaters with 143 screens and add four screens to existing theaters by the end of 2004.
Company also has signed commitments to open 11 theaters with 107 screens after 2004.