Major movie chain Cinemark reported a COVID-battered quarter with revenue of $35 million versus $821 million the year earlier. It swung to a loss of $148 million from a $33-million profit.
As of September 30, it had 252 domestic and 15 international theaters open to limited hours, showing library content and some new releases. During the three months, the Plano, TX-based chain said attendance was 1.9 million patrons, admissions revenues were $14.9 million and concession revenues were $9.1 million.
“As the COVID-19 pandemic continues to have an unprecedented impact on the theatrical exhibition industry, our top near-term priorities remain stringently managing liquidity, driving productivity and reigniting moviegoing,” said CEO Mark Zoradi.
“With nearly 90% of our domestic theaters now operating, we have been encouraged by our results to-date, wherein we have been burning less cash open than when we were shut down,” he added.
Theaters have been struggling since reopening, with major markets Los Angeles and New York still shut and lack of high-profile releases to attract patrons.
Execs will discuss the quarter and state of the industry on an earnings call later this morning.
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