Attendance jumps 9.6%, fuelling revenue growth
With 2012 domestic box office ending with a record high $10.8 billion, Cinemark, the nation’s third-largest theater, reported a 53% increase in profits at $28.4 million during the three-month period ending Dec. 31.Revenues rose 14.1% to $611.5 million vs. $535.9 million during the fourth quarter 2011. The circuit, which operates 465 theaters with 5,240 screens in the U.S. and Latin America, saw a 9.6% bump in attendance, despite a 4.5% increase in average ticket price. The company also grew its concession revenues per person by 4.2%. “It was an incredible year for the industry,” said Cinemark CEO Tim Warner, who noted that fourth-quarter attendance reached a company high at 263.7 million. “We also reached a milestone in Latin America, surpassing 100 million patrons,” Warner added. Cinemark plans to open 30 new theaters, totaling 287 screens, during 2013 and beyond. The company shares fell 69 cents Wednesday, down 2.34%, to close at $28.80.