Cinemark Holdings, Inc. (NYSE:CNK), one of the largest motion picture exhibitors in the world, today reported results for the three and nine months ended September 30, 2016.
Cinemark Holdings, Inc.’s total revenues for the three months ended September 30, 2016 increased 9.8% to $768.6 million from $700.1 million for the three months ended September 30, 2015. For the three months ended September 30, 2016, admissions revenues increased 9.4% to $472.9 million and concession revenues increased 13.6% to $261.4 million. Attendance increased 7.3% to 76.2 million patrons, concession revenues per patron increased 5.9% to $3.43 and average ticket price increased 2.0% to $6.21 for the three months ended September 30, 2016.
Net income attributable to Cinemark Holdings, Inc. for the three months ended September 30, 2016 increased 42% to approximately $65.7 million from $46.3 million for the three months ended September 30, 2015. Diluted earnings per share for the three months ended September 30, 2016 increased 40% to $0.56 from $0.40 for the three months ended September 30, 2015.
Adjusted EBITDA for the three months ended September 30, 2016 increased 16% to $184.9 million from $159.1 million for the three months ended September 30, 2015. Reconciliations of non-GAAP financial measures are provided in the financial schedules accompanying this press release.
“The robust film environment, coupled with our focus and execution on our strategic initiatives, enabled us to deliver a 9.8% increase in total revenues, 16% growth in Adjusted EBITDA and a 42% increase in net income,” stated Mark Zoradi, Cinemark’s CEO. “We are pleased to see how our strategic investments and emphasis on enriching the guest experience favorably impacted our third quarter results. We remain opportunistic regarding these endeavors with an eye toward driving long-term shareholder value.”
Cinemark Holdings, Inc.’s total revenues for the nine months ended September 30, 2016 increased 3.4% to $2,217.9 million from $2,145.4 million for the nine months ended September 30, 2015. For the nine months ended September 30, 2016, admissions revenues increased 2.2% to $1,364.8 million and concession revenues increased 6.9% to $752.8 million. Attendance increased 4.0% to 221.7 million patrons, concession revenues per patron increased 3.0% to $3.40 and average ticket price was $6.16 for the nine months ended September 30, 2016.
Net income attributable to Cinemark Holdings, Inc. for the nine months ended September 30, 2016 increased 12% to $178.1 million from $159.1 million for the nine months ended September 30, 2015. Net income for the nine months ended September 30, 2016 was impacted by a loss on debt amendments and refinancing of $13.3 million, which was primarily due to the refinancing of the Company’s 7.375% senior subordinated notes with an add-on to the Company’s 4.875% senior notes. Diluted earnings per share for the nine months ended September 30, 2016 increased 12% to $1.53 from $1.37 for the nine months ended September 30, 2015, even with the aforementioned loss on debt amendments and refinancing.
Adjusted EBITDA for the nine months ended September 30, 2016 increased approximately 6% to $537.9 million from $508.0 million for the nine months ended September 30, 2015. Reconciliations of non-GAAP financial measures are provided in the financial schedules accompanying this press release.
On September 30, 2016, the Company’s aggregate screen count was 5,865. As of September 30, 2016, the Company had signed commitments to open 7 new theatres and 60 screens by the end of 2016 and open 16 new theatres with 147 screens subsequent to 2016.
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About Cinemark Holdings, Inc.
Cinemark is a leading domestic and international motion picture exhibitor, operating 522 theatres with 5,865 screens in 41 U.S. states, Brazil, Argentina and 13 other Latin American countries as of September 30, 2016. For more information go to investors.cinemark.com.