Rev boost narrows Cinemark loss

First qtr net revs up to $196.1 mil

Exhib Cinemark USA posted a narrowed first-quarter loss amid a 12% rise in revenue shaped by boosts both in admissions and concession sales.

The Dallas-based circuit said red ink totaled $2.7 million in the latest quarter, down from a loss of $5.6 million in the same period last year.

Quarterly net revenue was $196.1 million vs. $174.9 million. Admissions jumped 14% to $127.8 million, and concession sales climbed 11% to $57.8 million.

The financial results were roughly in line with those filed so far by other exhibs for the first quarter, which saw a big improvement in industrywide box office compared with a year ago. CEO Lee Roy Mitchell said he’s upbeat about prospects that the summer season will prove to be a plentiful one for exhibs.

Cinemark, which is privately held but reports financial results due to its public debt, operates theaters in 33 states, Canada and 11 Latin American countries. Revenue from operations in the U.S. and Canada increased 13% to $145.3 million, and Latin American revenue rose 14% to $52.9 million.

The company, which is one of the largest exhibs not filing for a bankruptcy reorg amid an industrywide overbuilding crisis, marked a $2.1 million cost for theater eliminations. As of March 31, the company operated 2,938 screens in 273 theaters and managed another 36 screens in five locations.