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Losses deepen for exhib Cinemark

Second-quarter hits negative $3.9 mil

Cinemark USA, a Plano, Texas-based exhibitor that has been expanding its 2,800-plus screen circuit with stadium-seating multiplexes worldwide, on Monday posted a broadened second-quarter loss of $3.9 million, compared with red ink of $320,000 in the same period last year.

Acknowledging “intense financial pressures” facing the exhibition industry from a recent round of plex expansions, CEO Lee Roy Mitchell pledged that Cinemark’s focus in the future will be “on improving our operating margins and deleveraging the company.”

Mitchell noted that Cinemark reported cash flow and revenue gains in the second quarter. Cash flow was up 2% to $13.6 million, while theater revs jumped 8% to $188 million.

So far this year, Cinemark has opened 12 stadium-seating megaplexes with a total of 145 screens in five countries. The circuit operates theaters throughout the U.S. and in Canada, Mexico, Argentina, Brazil, Chile, Ecuador, Peru, Honduras, El Salvador, Nicaragua, Costa Rica and Colombia.

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