Cinemark 2Q Earnings Miss On Early Debt Repayment But Revenues Beat The Street

The movie theater chain says its debt refinancing effort sliced $4.9M from 2Q earnings. As a result Cinemark reported net profits of $40.4M, up 1.8% vs the same period last year, on revenues of $620.6M, up 15.1%. Earnings at 35 cents a share were short of the consensus forecast of 39 cents -- but the company beat the $593.6M revenue projection. Admissions revenues increased 15.0% to $405.9 million and concession revenues increased 14.6% to $189.3 million. Cinemark, which has a big presence in Latin America as well as the U.S.,�says that attendance was up 9.8% in the quarter despite an average 4.6% increase in ticket prices -- domestically tickets were up 2.6% to an average of $6.64.�The average consumer also spent 4.4% more than last year on concessions. ?This quarter Cinemark generated its highest ever quarterly worldwide attendance and as a result we achieved our highest ever quarterly Adjusted EBITDA," says Cinemark CEO Alan Stock. "This record performance extended our domestic industry box office out-performance streak to eleven straight quarters. Our international circuit continues to distinguish itself with attendance growth of approximately four times the U.S. industry rate for the quarter.?

Source: http://www.deadline.com/2011/08/cinemark-2q-earnings-miss-on-early-debt-repayment-but-revenues-exceed-expectations/

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