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Cinemark Holdings, Inc. Reports Q3 2013 Adjusted EBITDA Of $190.2 Million On Revenues Of $757.6 Million

Stocks in this article: CNK

Cinemark Holdings, Inc. (NYSE: CNK), one of the largest motion picture exhibitors in the world, today reported results for the three and nine months ended September 30, 2013.

Cinemark Holdings, Inc.’s revenues for the three months ended September 30, 2013 increased 19.6% to $757.6 million from $633.6 million for the three months ended September 30, 2012. For the three months ended September 30, 2013, admissions revenues increased 19.2% to $479.6 million and concession revenues increased 21.1% to $242.3 million. Attendance increased 16.2% to 81.0 million patrons, average ticket price increased 2.6% to $5.92 and concession revenues per patron increased 4.2% to $2.99 during the three months ended September 30, 2013.

Adjusted EBITDA for the three months ended September 30, 2013 was $190.2 million compared to $148.4 million for the three months ended September 30, 2012. Reconciliations of non-GAAP financial measures are provided in the financial schedules accompanying this press release.

Net income attributable to Cinemark Holdings, Inc. for the three months ended September 30, 2013 was approximately $80.0 million compared to $47.4 million, an increase of 68.8%, for the three months ended September 30, 2012. Diluted earnings per share for the three months ended September 30, 2013 was $0.69 compared to $0.41 for the three months ended September 30, 2012. Net income for the three months ended September 30, 2012 was impacted by a lease termination reserve for a planned closure.

“The North American industry celebrated a robust box office in the third quarter with an increase of 6.4%, fueled by a record summer box office,” stated Tim Warner, Cinemark Chief Executive Officer. “Cinemark achieved record-setting results with a 19.2% increase in admissions revenues over the prior year, as well as all-time highs for attendance, Adjusted EBITDA and Adjusted EBITDA margin. Due to the strength and diversity of our global footprint, our worldwide operations have now outperformed the North American industry in 17 of the past 18 consecutive quarters on a currency adjusted basis.”

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