Cinemark Holdings, Inc. Reports Adjusted EBITDA of $148.4 Million on Revenues of $633.6 Million

on November 06, 2012

PLANO, Texas -- Cinemark Holdings, Inc. (NYSE: CNK), one of the largest motion picture exhibitors in the world, today reported results for the three and nine months ended September 30, 2012. Cinemark Holdings, Inc.'s revenues for the three months ended September 30, 2012 were $633.6 million compared to $640.0 million for the three months ended September 30, 2011. For the three months ended September 30, 2012, admissions revenues were $402.4 million and concession revenues were $200.1 million. Attendance was 69.7 million patrons for the three months ended September 30, 2012, a slight increase over the three months ended September 30, 2011.

Adjusted EBITDA for the three months ended September 30, 2012 was $148.4 million compared to $154.3 million for the three months ended September 30, 2011. Reconciliations of non-GAAP financial measures are provided in the financial schedules accompanying this press release.

Net income attributable to Cinemark Holdings, Inc. for the three months ended September 30, 2012 was $47.4 million compared to $46.9 million for the three months ended September 30, 2011.

"The geographic diversity of our U.S. and Latin American footprint with 5,207 screens in 39 U.S. states and 13 Latin American countries led to an all-time Cinemark record for worldwide attendance, entertaining 69.7 million patrons during the quarter," stated Tim Warner, Cinemark's Chief Executive Officer. "As our results consistently demonstrate, Cinemark has designed a company with a strong and stable domestic base, which supports our substantial quarterly dividend, accompanied by our international circuit, which represents a long-running growth engine and differentiates us from all of our industry peers worldwide."

Cinemark Holdings, Inc.'s revenues for the nine months ended September 30, 2012 increased 6.8% to $1,862.0 million from $1,743.7 million for the nine months ended September 30, 2011. During the nine months ended September 30, 2012, admissions revenues increased 5.3% to $1,194.3 million and concession revenues increased 9.5% to $581.3 million. The increases were primarily related to a 5.7% increase in attendance and a 3.9% increase in concession revenues per patron.

Adjusted EBITDA for the nine months ended September 30, 2012 increased 9.6% to $445.7 million from $406.8 million for the nine months ended September 30, 2011. Reconciliations of non-GAAP financial measures are provided in the financial schedules accompanying this press release.

Net income attributable to Cinemark Holdings, Inc. for the nine months ended September 30, 2012 was $141.1 million compared to $112.3 million for the nine months ended September 30, 2011. Net income for the nine months ended September 30, 2011 included a loss on early retirement of debt of approximately $4.9 million, before income taxes.

On September 30, 2012, the Company's aggregate screen count was 5,207. As of September 30, 2012, the Company had signed commitments to open eight new theatres with 72 screens by the end of 2012 and open 28 new theatres and 284 screens subsequent to 2012.

 

Tags: Cinemark

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