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Cinemark To Sell Mexico Subsidiaries To Cinemex

Completion of the sale is subject to the satisfaction of customary closing conditions for transactions of this type, including antitrust approval.

 
Reconciliation of Net Income to Adjusted EBITDA
(Unaudited, in millions)
 
Net income     $ 7.9
Income tax expense (0.8 )
Depreciation and amortization 6.6
Amortization of long-term prepaid rents and other 1.3
Impairment expense and other   1.2  
Adjusted EBITDA (1) $ 16.3  

(1)

  Adjusted EBITDA as calculated in the chart above represents net income before income taxes, depreciation and amortization, deferred rent expense and impairment of long-lived assets. Adjusted EBITDA is a non-GAAP financial measure commonly used in our industry and should not be construed as an alternative to net income as an indicator of operating performance or as an alternative to cash flow provided by operating activities as a measure of liquidity (as determined in accordance with GAAP). Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.
 

About Cinemark Holdings, Inc.:

Cinemark is a leading domestic and international motion picture exhibitor, operating 461 theatres with 5,207 screens in 39 U.S. states, Brazil, Mexico, Argentina and 10 other Latin American countries as of September 30, 2012. For more information, go to investors.cinemark.com.

Forward-looking Statements

Certain matters within this press release include “forward–looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance to differ from those projected in the forward-looking statements. For a description of these factors, please review the “Risk Factors” section or other sections in the Company’s Annual Report on Form 10-K filed February 29, 2012 and quarterly reports on Form 10-Q, filed with the Securities and Exchange Commission. All forward-looking statements are expressly qualified in their entirety by such risk factors.

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