Cinemark Q1 profit drops

Company's total rev slid 10% to $204 mil

U.S.-Latin American exhib Cinemark USA saw 20% less profit than a year ago in the first quarter, amid a drop in admissions and concession sales.

Dallas-based circuit, which operates about 3,000-plus screens, posted $5.5 million in net income in the latest quarter.

Its total revenue slid 10% to $204 million, as ticket sales dropped 12% to $128.7 million. Concession sales fell 7% to $64.4 million in a period marked by the domestic release of pics including “Daredevil,” “Shanghai Knights” and “Old School.”

Most Cinemark theaters are located in the U.S., Mexico, Argentina, Brazil, Chile, Ecuador, Peru, Honduras, El Salvador, Nicaragua, Costa Rica, Panama and Colombia. It also has properties in Canada and the U.K., and manages a theater in Taiwan.

Cinemark is privately held but posts financial results due to its public debt.

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