PRESS RELEASE
PLANO, Texas–(BUSINESS WIRE)–May 10, 2016– Cinemark Holdings, Inc. (NYSE: CNK), one of the largest motion picture exhibitors in the world, today reported results for the three months ended March 31, 2016.
Cinemark Holdings, Inc.’s revenues for the three months ended March 31, 2016 increased 9.2% to $704.9 million from $645.4 million for the three months ended March 31, 2015. Admissions revenues increased 8.8% and concession revenues increased 10.9%. For the three months ended March 31, 2016, attendance increased 10.7%, the average ticket price was $6.01 and concession revenues per patron was $3.28.
Adjusted EBITDA for the three months ended March 31, 2016 increased 19.6% to $184.6 million compared to $154.4 million for the three months ended March 31, 2015. Reconciliations of non-GAAP financial measures are provided in the financial schedules accompanying this press release.
Net income attributable to Cinemark Holdings, Inc. for the three months ended March 31, 2016 increased 37.6% to $58.5 million compared to $42.5 million for the three months ended March 31, 2015. Diluted earnings per share for the three months ended March 31, 2016 was $0.50 compared to $0.37 for the three months ended March 31, 2015.
“We are very pleased to report first quarter records in various key performance metrics, including our worldwide attendance, admissions and concession revenues, concession per patron, Adjusted EBITDA, and Adjusted EBITDA margin,” stated Mark Zoradi, Cinemark’s Chief Executive Officer. “The strength of the Hollywood film content drove North American industry box office growth of 12.5%. Cinemark’s domestic admissions revenues surpassed the industry by 160 basis points, marking 26 out of the past 29 quarters of outperformance. Locally-produced films fueled robust attendance growth of nearly 17% in our Latin American operations, reiterating that our industry is more closely tied to film content than economic or political environments.”
As of March 31, 2016, Cinemark operated 516 theatres with 5,840 screens and had commitments to open 11 new theatres with 96 screens during the remainder of 2016 and seven additional new theatres with 74 screens subsequent to 2016.
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