Admissions Boost Cinemark Earnings
PLANO, Texas (
) -- Movie theater operator
Cinemark Holdings
(CNK) - Get Report
saw earnings rise during the third quarter due to higher admissions revenue.
For the quarter ended September 30, the company saw earnings rise 58.6% to $33.3 million, or 29 cents per diluted share, compared with earnings of $21 million, or 19 cents per diluted share, in the same period a year ago. Earnings came in slightly ahead of analyst estimates of 27 cents a share.
Revenue rose 12.8% to $560.2 million from $496.8 million during the quarter on increased ticket sales at higher prices. Admissions revenue increased 13.8% to $367.6 million while the average ticket price per customer rose 4.7%.
Domestic attendance at Cinemark theaters in 39 U.S. states was up 3% to 42.2 million from 41 million while attendance at its 428 theaters worldwide grew 8.8% to 65.8 million from 60.4 million.
"The 2010 third quarter marked the eighth consecutive reporting period in which Cinemark's domestic box office performance exceeded the industry," CEO Alan Stock said.
For the first nine months of 2010, earnings rose 88.8% to $108.1 million, or 96 cents a share, compared with earnings of $57.2 million, or 52 cents a share, in the same period a year ago.
Revenue was up 12.2% to $1.62 billion from $1.44 billion.
Cinemark declared a new dividend policy, under which the company has upped its annual dividend 16.7% to 84 cents per share of common stock, or 21 cents per share quarterly.
Cinemark shares are up more than 3% today to about $18.50.
over the past year.
-- Written by Theresa McCabe in Boston.
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