Cinemark profits fall to $18.6 million

Exhibitor's revenue rose 2.1% to $536 million

Major exhib Cinemark saw net profit plunge last quarter to $18.6 million from $36 million. Total admissions were down, and the company said it took a $12.6 million non-cash hit on its investment in RealD as that company’s stock got pummeled last year.

Revenue rose 2.1% to $536 million.

Admissions revenues dipped 1.4% to $337 million — although attendance itself rose 2.3% — and concession revenues jumped nearly 8% to $166 million. Latin American theaters grew admissions revenue by 8.4%.

CEO Tim Warner said the Plano, Texas, company, the nation’s third-largest chain, completed its goal of digitizing all it U.S. firstrun theaters in the quarter. Warner was promoted from chief operating officer earlier this month as chief exec Alan Stock plans to retire. He’ll be sticking around as a consultant over the next several years.

Full-year revenue rose 6.5%.

Aggregate screen count was 5,152 including Brazil, Mexico and other Latin American countries. Cinemark had commitments to open 11 new theaters and 117 screens during 2012, and 11 additional new theaters with 129 screens subsequent to 2012. About one third of the new screens are in the U.S.

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