Cinemark looked like two different companies in the quarter that ended in September. The part with the U.S. theaters delivered blah results compared to last year, while the Latin American-focused international side was on fire. All together, the company reported net income of nearly $48M, +6.7% vs the period last year, on revenues of $633.6M, -1%. The revenue figure was ahead of the Street’s forecast for $626.8M. Earnings per share, at 41 cents, also beat projections for 35 cents. “Not only is the international box office growing faster than domestic revenues, but there are stronger socio-economic trends in those regions along with significantly better new theater growth opportunities,” says B. Riley & Co analyst Eric Wold. The U.S. theaters ended up with revenues of $416.2M, -5.7%. Attendance was down 7.4% to 41.1M. The average ticket price fell three cents to $6.44 but the average concession spending per patron was up 16 cents to $3.29. In contrast, Cinemark’s overseas revenues were up 9.4% to $220.6M. Attendance rose nearly 14% to 28.5M, outweighing the 39 cent drop in the average ticket price to $4.81. Concession prices per patron abroad were up three cents to $2.26. “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,” CEO Tim Warner says.
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