Strong box office boosts exhibitor's Q2 income
Citing a strong slate of films at the box office, Cinemark Holdings posted a 20% hike in second-quarter profits to $18.7 million.Revenues for the exhibitor, which operated 4,889 screens in the U.S. and 13 other countries as of June 30, gained 13% to $517.5 million. Revenue from ticket sales rose 15.2% to $339.1 million, with concession sales up 12.3% to $158.9 million. “Our strong start to the year accelerated during the second quarter as we benefited from a solid slate of films and outperformed the overall domestic industry box office results,” said CEO Alan Stock. “In addition, our international attendance growth continues to outpace U.S. attendance growth. Consumers continue to prove they value the cinema as one of the most attractive forms of out-of-home entertainment.” On Friday, Cinemark shares closed down 2% to $10.44 on the New York Stock Exchange. The stock is up 53% from its 52-week low in March.