Theatres are back – Cinemark reports a smashing revenue

Cinemark Holdings, Inc. (NYSE: CNK), one of the largest motion picture exhibitors globally, announced its Q2 results today before the market opening.

Revenues for the three months ended June 30, 2021, were $294.7 million compared to $9.0 million for the three months ended June 30, 2020. The majority of the theatres were closed for this quarter. It reported that the admissions revenues were $153.5 million and concession revenues were $109.8 million with an attendance of 19.1 million patrons, the average ticket price was $8.04 and concession revenues per patron were $5.75.

Net loss attributable to Cinemark Holdings, Inc. for the three months ended June 30, 2021, was $142.5 million compared to $170.4 million for the three months ended June 30, 2020. Diluted loss per share for the three months ended June 30, 2021 was $1.19 compared to $1.45 for the three months ended June 30, 2020.

Analyst expectations
  • Earnings : -$1.13 per share , estimated
  • Total Revenue : $260.98 million, estimated
Earnings History

CineMark Holdings, Inc.’s total revenue for the first quarter ended 31st March 2021 was $114.4 million with a diluted loss per share loss of $1.75. The SEC filing reported that admissions revenues were $56.1 million and concession revenues were $39.5 million.

The attendance was 7.7 million patrons, the average ticket price was $7.25, and concession revenues per patron were $5.10. The company also announced that the aggregate screen count was 5872, and the company plans to open six new theatres and 72 screens during the remainder of 2021 and 13 new theatres and 123 screens after 2021.

The Cinemark CEO, Mark Zoradi, reported that they are optimistic about the recovery in the coming months due to the rapid pace of vaccination and movie-goers’ interest in being back in the theatres.

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