Cinema giant Cinemark Holdings reported higher fourth-quarter earnings, but missed Wall Street estimates, and admissions fell. CEO Mark Zoradi lauded the 'fifth consecutive year of record global revenues.' More details:
The company posted quarterly earnings of $26.3 million, or 22 cents per share, compared with $19.4 million in the year-ago period, or 17 cents a share. Adjusted earnings before interest, taxes, depreciation and amortization, another profitability metric, fell to $178.3 million from $198.1 million in the year-ago period.
Cinemark's fourth-quarter revenue dropped 1 percent to $788.8 million from $798.6 million. Admissions revenue fell 2 percent to $434.3 million, with concession revenue dropping 1 percent to $275.0 million. Cinemark's theater subscription service Movie Club had reached the 850,000-member milestone as of the third-quarter earnings conference call.
Said Cinemark CEO Mark Zoradi: "We are extremely pleased to report our fifth consecutive year of record global revenues, as well as our fifth consecutive annual dividend increase. Continued benefits derived from our strategic initiatives enabled us to surpass North American industry box office results."
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