Cinemark Holdings, Inc. Reports Results for the First Quarter of 2021
05/07/2021 - 06:30 AM
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, 2021. The Company’s financial results continue to be impacted by the COVID-19 pandemic, as the Company continues to reopen its theatres based on local mandates. As of March 31, 2021, the Company had 301 domestic and 78 international theatres open, showing a limited volume of new releases along with library content during reduced operating hours.
Cinemark Holdings, Inc.’s total revenues for the three months ended March 31, 2021 were $114.4 million compared to $543.6 million for the three months ended March 31, 2020 For the three months ended March 31, 2021, admissions revenues were $56.1 million and concession revenues were $39.5 million . For the three months ended March 31, 2021, attendance was 7.7 million patrons, average ticket price was $7.25 and concession revenues per patron were $5.10 .
Net loss attributable to Cinemark Holdings, Inc. for the three months ended March 31, 2021 was $208.2 million compared to $59.6 million for the three months ended March 31, 2020. Diluted loss per share for the three months ended March 31, 2021 was $1.75 compared to $0.51 for the three months ended March 31, 2020.
Adjusted EBITDA for the three months ended March 31, 2021 was $(92.0) million compared to $66.2 million for the three months ended March 31, 2020. Reconciliations of non-GAAP financial measures are provided in the financial schedules accompanying this press release and at investors.cinemark.com.
“Over a year has passed since COVID-19 prompted the shutdown of our global circuit, and today I am pleased to report that we are now actively on the road to recovery,” stated Mark Zoradi, Cinemark CEO. “We are highly optimistic about theatrical exhibition’s resurgence in the U.S. over the coming months on account of a range of factors, including the rapid pace of the vaccine rollout, improving consumer sentiment about returning to movie theaters, recent box office successes and confirmation of consistent product supply. On a global basis, we remain confident that, like the U.S., other countries will quickly recover as lockdowns reign in the virus and vaccines are more widely disseminated.”
As of March 31, 2021, the Company’s aggregate screen count was 5,872 and the Company had commitments to open six new theatres and 72 screens during the remainder of 2021 and 13 new theatres and 123 screens subsequent to 2021.
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://investors.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 523 theatres with 5,872 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://investors.cinemark.com/
Forward-looking Statements
This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The “forward-looking statements” include our current expectations, assumptions, estimates and projections about our business and our industry. They include statements relating to future revenues, expenses and profitability, the future development and expected growth of our business, projected capital expenditures, attendance at movies generally or in any of the markets in which we operate, the number or diversity of popular movies released and our ability to successfully license and exhibit popular films, national and international growth in our industry, competition from other exhibitors and alternative forms of entertainment and determinations in lawsuits in which we are defendants. You can identify forward-looking statements by the use of words such as “may,” “should,” “could,” “estimates,” “predicts,” “potential,” “continue,” “anticipates,” “believes,” “plans,” “expects,” “future” and “intends” and similar expressions which are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict, including, among others, the impacts of COVID-19. Such risks and uncertainties could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. In evaluating forward-looking statements, you should carefully consider the risks and uncertainties described in the “Risk Factors” section or other sections in the Company’s Annual Report on Form 10-K filed February 26, 2021 and the Current Report on Form 8-K filed March 4, 2021. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements and risk factors. Forward-looking statements contained in this press release reflect our view only as of the date of this press release. We undertake no obligation, other than as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Cinemark Holdings, Inc.
Financial and Operating Summary
(unaudited, in thousands, except per share amounts)
Three Months Ended
March 31,
2021
2020
Statement of income data:
Revenues
Admissions
$
56,121
$
292,462
Concession
39,488
190,356
Other
18,752
60,798
Total revenues
114,361
543,616
Cost of operations
Film rentals and advertising
23,205
156,617
Concession supplies
7,140
34,812
Salaries and wages
31,166
87,544
Facility lease expense
64,829
82,241
Utilities and other
49,144
100,523
General and administrative expenses
35,858
41,018
Depreciation and amortization
68,160
65,256
Impairment of long-lived assets
—
16,619
Restructuring costs
(208
)
—
Loss on disposal of assets and other
4,505
1,905
Total cost of operations
283,799
586,535
Operating loss
(169,438
)
(42,919
)
Interest expense
(36,553
)
(24,666
)
Interest income
646
2,084
Loss on extinguishment of debt
(2,603
)
-
Foreign currency exchange loss
(2,974
)
(4,848
)
Distributions from NCM
77
5,224
Interest expense - NCM
(5,835
)
(5,891
)
Equity in income (loss) of affiliates
(6,806
)
CNK Rankings
#441 Ranked by Stock Gains
CNK Stock Data
Industry
Motion Picture Theaters (except Drive-Ins)
Sector
Information
Tags
Consumer Services, Movies/Entertainment, Information, Motion Picture Theaters (except Drive-Ins)
Country
US
City
Plano
About CNK
headquartered in plano, tx, cinemark holdings, inc. is a leader in the motion picture exhibition industry with 507 theatres and 5,746 screens in the u.s. and latin america as of september 30, 2015. our circuit is the third largest in the u.s. with 334 theatres and 4,489 screens in 41 states. we ranked either #1 or #2 by box office revenues in 23 of our top 30 u.s. markets as of 12/31/2014. we are the most geographically diverse circuit in latin america with 173 theatres and 1,257 screens in 14 countries. we have a presence in 12 of the top 15 metropolitan areas in south america as of 12/31/2014. cinemark is the most geographically diverse circuit in latin america with 173 theatres and 1,257 screens in 14 countries as of september 30, 2015. moviegoers can also enjoy the cinemark experience at our theatres in taiwan. select a country below to visit the web sites of cinemark's international theatres.
