Cinemark 3rd-Quarter Results Increase

Revenue up 14 percent over 2010

View Comments ()
|
Email
|
Print

    NEWSLETTERS

    Getty Images
    Movie theater chain Cinemark Holdings Inc.'s third-quarter net income rose 41 percent.

    Movie theater chain Cinemark Holdings Inc.'s third-quarter net income rose 41 percent, helped by higher movie attendance, more expensive movie tickets and better sales of popcorn, snacks and soda.

    Cinemark said Friday that its net income rose to $46.9 million, or 41 cents per share, from $367.7 million, or 29 cents per share last year. Analysts expected 37 cents per share.

    Revenue rose 14 percent to $640 million from $560.2 million last year. Analysts expected $587.1 million.

    Admissions revenue rose nearly 14 percent, and concession revenue rose nearly 15 percent.

    Attendance rose 6 percent and ticket prices rose 7 percent. People going to the movies spent 9 percent more per person on snacks and drinks.

    The company, based in Plano, Texas, operates movie theaters with a total of 5,096 screens. It plans to open theaters with 60 more screens by the end of the year.

    Shares fell 10 cents to $20.48 during morning trading.