Why Movie Theater Chain Cinemark (CNK) Shares Are Falling Today - Cinemark Holdings (NYSE:CNK)

Cinemark Holdings Inc (NYSE:CNK) reported second-quarter FY22 sales growth of 152.6% year-on-year, to $744.10 million, beating the consensus of $733.49 million.
In 2Q21, some of the company's theatres were closed, and there was limited new film content available for the theatres that had reopened.
Admissions revenue was $381.9 million, and concession revenue was $286 million.
Cinemark recorded an attendance of 52 million patrons in the quarter, with an average ticket price of $7.34 and concession revenues per patron of $5.50.
The total cost of operations for the quarter increased 100.7% Y/Y. The operating loss was $(18.6) million versus $(85.4) million last year.
EPS loss of $(0.61) missed the analyst consensus of $0.23.
Adjusted EBITDA for the quarter was $138.3 million versus $(11.8) million last year.
Cinemark held $695.1 million in cash and equivalents as of June 30, 2022.
Price Action: CNK shares are trading lower by 9.95% at $17.42 on the last check Friday.

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