Cinemark’s sales peaked in the third quarter thanks to blockbusters such as Barbie And Oppenheimerand even recorded a 6% increase in 2019 compared to pre-pandemic levels.
The major exhibitor reported revenue of $875 million in the quarter ended Sept. 30, up 35% from the same period last year.
Earnings per share of 61 cents on a diluted basis marked a return to profitability, compared with a loss of 20 cents per share a year ago.
July was Cinemark’s biggest domestic box office month ever Barbie And Oppenheimer united in a rare cultural explosion. Songs of freedomWhile it was an out-of-left-field hit, it was also a welcome windfall for theater owners.
The current fourth quarter may be a bit more problematic for theater owners as the ongoing SAG-AFTRA strike has resulted in the postponement of a number of films during this period.
The number of visitors in the US and Latin America was 62 million. Cinemark said it was the only major US exhibitor to post significant market share gains since the pandemic.
Net debt fell to $2.4 billion from $2.5 billion a year ago. Plano, Texas-based Cinemark has managed to take on less debt than its competitors in recent years of operational intensity.
“As we assess the fundamental drivers of the long-term health and prosperity of our industry and business – particularly trends in consumer behavior, key indicators of recovery in new release volumes over time, and the significant range of additional revenue and productivity opportunities this presents
“This is completely within our control — we remain very optimistic about the future,” CEO Sean Gamble said in the earnings release.
Source: Deadline
Bernice Bonaparte is an author and entertainment journalist who writes for The Fashion Vibes. With a passion for pop culture and a talent for staying up-to-date on the latest entertainment news, Bernice has become a trusted source for information on the entertainment industry.
