Cinemark far outpaced industry recovery relative to pre-pandemic box office performance by 650 basis points domestically and 500 basis points internationally.
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, 2022.
Cinemark Holdings, Inc.’s total revenues for the three months ended March 31, 2022 increased 303% to $460.5 million compared with $114.4 million for the three months ended March 31, 2021. As a reminder, some of the Company’s theatres were closed for a portion of the three months ended March 31, 2021 and there was limited new film content available for the theatres that had reopened. For the three months ended March 31, 2022, admissions revenues were $235.8 million and concession revenues were $173.0 million, driven by attendance of 33.1 million patrons. Average ticket price was $7.12, and concession revenues per patron were $5.23.
Net loss attributable to Cinemark Holdings, Inc. for the three months ended March 31, 2022 was $(74.0) million compared with a loss of $(208.3) million for the three months ended March 31, 2021. Diluted loss per share for the three months ended March 31, 2022 was $(0.62) compared with diluted loss per share of $(1.75) for the three months ended March 31, 2021.
Adjusted EBITDA for the three months ended March 31, 2022 was $25.2 million compared with $(92.0) million for the three months ended March 31, 2021. Reconciliations of non-GAAP financial measures are provided in the financial schedules accompanying this press release and at https://ir.cinemark.com.
“Cinemark once again outpaced North American industry box office recovery by a significant 650 basis points when comparing first quarter 2022 against first quarter 2019. Similarly, our international admissions surpassed their corresponding industry results by 500 basis points,” stated Sean Gamble, Cinemark’s President & CEO. “Despite a challenging start to the quarter due to omicron-related shifts in film content, we delivered positive Adjusted EBITDA, driven by our industry out-performance, strong concessions sales and stringent cost management.”
Gamble continued, “We are extremely pleased with the improving rate of box office recovery, and we are highly optimistic about its continued momentum based on the compelling slate of films ahead. Given our consistent focus on providing our guests an exceptional, cinematic experience, and our concentrated efforts to reignite theatrical moviegoing, Cinemark is well-positioned to fully capitalize on surging demand as we head into the exciting summer movie season and beyond.”
As of March 31, 2022, the Company’s aggregate screen count was 5,849, and the Company had commitments to open three new theatres and 42 screens during the remainder of 2022 and nine new theatres and 70 screens subsequent to 2022.
Conference Call/Webcast – Today at 8:30 AM ET
Telephone: via 800-374-1346 or 706-679-3149 (for international callers).
Live Webcast/Replay: Available live at https://ir.cinemark.com. A replay will be available following the call and archived for a limited time.
About Cinemark Holdings, Inc.
Headquartered in Plano, TX, Cinemark (NYSE: CNK) is one of the largest and most influential movie theatre companies in the world. Cinemark’s circuit, comprised of various brands that also include Century, Tinseltown and Rave, operates 520 theatres with 5,849 screens in 42 states domestically and 15 countries throughout South and Central America. Cinemark consistently provides an extraordinary guest experience from the initial ticket purchase to the closing credits, including Movie Club, the first U.S. exhibitor-launched subscription program; the highest Luxury Lounger recliner seat penetration among the major players; XD – the No. 1 exhibitor-brand premium large format; and expansive food and beverage options to further enhance the moviegoing experience. For more information go to https://ir.cinemark.com.