Cinemark Q4 Earnings Tops Estimates

  • Cinemark Holdings Inc CNK reported fourth-quarter FY21 sales growth of 579% year-on-year, to $666.63 million, beating the consensus of $601.29 million.
  • Some of the company's theatres were closed for a portion of the three months ended December 31, 2020, and there was limited new film content available for the theatres that had reopened.
  • Admissions revenues were $344.9 million, and concession revenues were $248.1 million.
  • Cinemark recorded an attendance of 48.1 million patrons in the quarter, with an average ticket price of $7.17 and concession revenues per patron of $5.16.
  • The total cost of operations for the quarter increased 61.4% Y/Y. The operating income was $44.9 million versus $(286.9) million last year.
  • EPS of $0.05 beat the analyst consensus of $(0.13).
  • Adjusted EBITDA for the quarter was $139.4 million versus $(97.5) million last year.
  • Cinemark held $707.3 million in cash and equivalents as of December 31, 2021.
  • Price Action: CNK shares are trading higher by 5.91% at $18.80 in premarket on the last check Friday.
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