Movie Chain Cinemark Sees Q4 Earnings Pop, Attendance Dip

Cinemark
Cinemark

Major movie theater chain Cinemark, which also owns the Century, Tinseltown and Rave chains, saw earnings rise last quarter to $26.3 million, or 22 cents a share, as attendance and revenue slipped.

Earnings for the latest fourth quarter compared with $19.4 million, or 45 cents, the year before.

Revenue of $789 million was down by $10 million. The Plano, Texas-based circuit said attendance fell to 43.3 million from 46.3 million.

The financials were shy of expectations. The company announced an 8-cent dividend hike to $1.44.

Sales from admissions of $434 were down from $445 million, with average ticket prices up 3.2% to $6.81.

Concession sales of $275 million slipped from $278 million.

Concession revenues per patron increased 4.6% to $4.31.

Cinemark’s full-year 2019 revenue rose to $3.3 billion from $3.2 billion.

CEO Mark Zoradi cited a “fifth consecutive year of record global revenue … as benefits derived from strategic initiatives enabled us to surpass North American industry box office results” in 2019.

Cinemark operates 554 theatres with 6,132 screens in 42 states domestically and 15 countries throughout South and Central America. It runs the Movie Club subscription program. And touts a high luxury lounger recliner seat penetration among major players, its branded premium large format, and expansive food and beverage options.

This article was printed from https://deadline.com/2020/02/cinemarks-q4-earnings-up-attendance-dips-1202865270/