Cinemark’s first quarter revenue at $ 114 million, down 80%, but CEO sees – Deadline

Cinemark, the country’s third-largest film channel, said revenue for the first quarter ended March fell to $ 114 million from $ 543 million the year before.

Admission revenue was $ 56 million and franchise revenue was $ 39 million. Attendance was 7.7 million, the average ticket price was $ 7.25, and franchise revenue per customer was $ 5.10. Shares were slightly higher in pre-market trading as sales beat the Wall Street consensus.

Cinemark reported a net loss of $ 208 million from $ 59.6 million the previous year, or a diluted loss per share of $ 1.75 from $ 0.51.

“We are now actively on the road to recovery,” said CEO Mark Zoradi, echoing comments from AMC CEO Adam Aron at AMC Entertainment on Thursday and CEO Marcus Theaters the year before. “We are very optimistic about the resurgence of movie theaters in the United States in the coming months due to … the rapid pace of vaccine rollout, improved consumer sentiment about returning to theaters,” recent box office successes and confirmation of a steady supply of products. Globally, we remain confident that, like the United States, other countries will recover quickly as lockdowns reign over the virus and vaccines are more widely distributed.

As of March 31, Cinemark had 301 domestic theaters and 78 international theaters open, displaying a limited volume of new releases as well as library content during reduced opening hours. Its total screen count was 5,872 and the company pledged to open six new theaters and 72 screens during the remainder of 2021 and 13 new theaters and 123 screens after 2021.

The company is holding a conference call at 8:30 a.m. ET to discuss the numbers.

Click to rate this post!
[Total: 0 Average: 0]
Previous Post

EXO fans raise over Rs. 1 lakh for COVID-19 relief in India; donate money on behalf of Baekhyun on his birthday: Bollywood News

Next Post

“My father has married four times now; you find love again”

Leave a Reply

Your email address will not be published. Required fields are marked *

%d bloggers like this: