Cinema giant Cinemark Holdings reported a narrowed loss for the second quarter of 2021 compared with the year-ago period, which had been hit hard by shutdowns due to the coronavirus pandemic, as revenue rose.
Its quarterly loss of $142.5 million compared with a loss of $170.4 million for the three months ending June 2020. Revenue rose to $294.7 million from $9 million in the year-ago period.
Admissions revenue of $153.5 million and concession revenues were $109.8 million compared with $37 million and $124 million in the year-ago period. Attendance reached 19.1 million patrons, the average ticket price $8.04 and concession revenue per patron $5.75.
The exhibitor, led by CEO Mark Zoradi, has a particularly strong presence in Latin America. In mid-March, Cinemark reopened its cinemas in the greater Los Angeles area with enhanced cleaning and safety protocols.
“I’m pleased to report that the second-quarter recovery of our industry and business progressed at a faster rate than we expected with the North American industry box office more than tripling first-quarter results,” said Zoradi. “For Cinemark, the second quarter improved so materially that we were able to substantially reduce our net loss during the quarter and our domestic operations delivered positive adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the first time since our theaters were forced to temporarily shut down last year.”
Added the CEO: “While the recovery of Latin America continues to lag the U.S. by two to three months driven by the status of the virus, all data points and financial metrics are trending in the right direction. We remain confident in the global resurgence of theatrical exhibition as COVID-19 is contained. We have already witnessed this phenomenon in various parts of the world and we have now experienced it firsthand with North America’s second quarter box office results.”
Cinemark recently said that Zoradi would retire from the CEO role, which he has held since 2015, at the end of the year. CFO and COO Sean Gamble will take over from Jan. 1, 2022.
MKM Partners analyst Eric Handler wrote in his earnings preview report: “Cinemark is emerging from the pandemic in a solid financial position with multiple initiatives at the ready to improve the productivity of its movie theater circuit. While the slope of the box office recovery has not been as steep as we once hoped, we are still optimistic a return to normal revenue and margin levels can once again be achieved, although that event may not occur until 2023.”
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August 06, 2021 at 05:42PM
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Cinemark Touts “Faster” Recovery Than Expected as Results Improve, Driven by Domestic Business - Hollywood Reporter
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