Cinemark misplaced more cash — $208.Eight million — than media analysts predicted within the first quarter of 2021. The movie-theater chain did beat income expectations, for what that’s price.
Wall Street had forecast a loss per share of $1.46 on $92.96 million in income, in accordance with a consensus estimate compiled by Yahoo Finance. Cinemark really posted a lack of $1.75 per share on $114.four million in income.
Of that income determine, $56.1 million got here from ticket gross sales and $39.5 million on the concessions stand.
For the sake of comparability, Cinemark misplaced $59.four million within the first quarter of 2020, or -51 cents per share. Movie theaters within the U.S. had been open for almost all of that quarter a 12 months in the past.
As of March 31, 2021, Cinemark had 301 home and 78 worldwide theaters open. The firm has an mixture display rely of 5,872 in 523 theaters.
Cinemark plans to open six new theaters and 72 screens through the the rest of 2021, and 13 new theaters and 123 screens subsequent to the present 12 months.
“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,” Mark Zoradi, Cinemark CEO, mentioned in a press release on Friday. “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.”
CInemark additionally introduced it reached agreements to theatrically showcase movies from all 5 main studio companions — Universal, Warner Bros., Disney, Paramount and Sony Pictures Entertainment — throughout its U.S. theatres.
“Cinemark is thrilled to have reached new agreements with our major studio partners, and we are eager to continue providing movie fans an immersive, larger-than-life cinematic environment to see major upcoming films, ranging from the biggest blockbusters to specialty fare to family-friendly content,” mentioned Zoradi in a ready assertion. “In our ongoing efforts to maximize attendance and box office during the pandemic and beyond, our goal is to provide the widest range of content with terms that are in the best long-term interests of Cinemark, our studio partners and moviegoers. We are pleased with these recent developments and are confident we are taking positive steps toward reigniting theatrical exhibition and evolving the industry for a post-pandemic landscape.”
According to the assertion, the total phrases of the offers are confidential and never disclosed, however every was described as having “unique attributes specific to the individual studio that mutually benefits both parties.” Follow-up questions requested through the earnings name concerning the offers had been deflected.
Cinemark inventory closed Thursday at $20.49 per share. The U.S. inventory markets will reopen for normal buying and selling at 9:30 a.m. ET.
Cinemark executives will host a convention name at 8:30 a.m. ET to debate the quarter in larger element.
Lawrence Yee contributed to this report.
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