The Plano, Texas-based exhibition chain kept in step with the earnings season’s round of better-than-expected results. It generated $772,000 in net income, up 115% vs the same period last year, on revenues of $578.8M, up 6.8%. The revenue figure compared to analysts’ consensus forecast of $572M. And earnings, at 37 cents a share, beat predictions of 34 cents. Total attendance was up 14.5% to 61,548. Domestic theaters were up 19.3% to 39,830. But company watchers may be surprised at the increase in the average ticket price, which was +5% to $6.08 in all of Cinemark’s theaters and +4.7% to $6.70 in domestic ones. Concession spending per patron also was up — +7% to $2.92 across the board, and +5.1% to $3.30 in domestic venues. “This was an impressive quarter for our industry with North American box office increasing an estimated 23.5%,” Cinemark CEO Tim Warner says. “Cinemark’s US assets once again outperformed the industry.” The chain ended the period with 459 theaters and 5,181 screens — with plans to build 11 theaters with 107 screens in 2012.
Cinemark Tops Q1 Earnings Estimates As Admissions And Prices Rise
What's Hot on Deadline
Netflix Dates First Feature Film Slate With Idris Elba, Cary Fukunaga, Adam Sandler, Harvey Weinstein, Paul Reubens & Judd Apatow