Cinemark reported its highest third-quarter revenue, bringing in $1.1 billion for the three months ended in September, up 23% from a year earlier. The results came amid a broad box office rebound. The company’s shares were up about 4% in premarket trading, according to the report.
Revenue from premium large-format screens, including XD, Imax and ScreenX, rose 50% year over year and exceeded the chain’s previous record by 20%. Admission revenue increased to $530.8 million from $429.7 million. Attendance reached 37.4 million, compared with 33.2 million, while the average ticket price rose to $11.16 from $10.50.
Concessions revenue grew to $414 million from $337 million. Revenue per patron also increased, reaching $8.66 compared with $8.20 a year earlier.
Net income rose to $123 million, or $1.04 per share, from $49.5 million, or 40 cents per share. Cinemark President and CEO Sean Ganble credited the company’s operating model, team and strategic initiatives with helping turn summer box office momentum into earnings growth.
Cinemark invested $70 million in capital expenditures during the quarter and $170 million year to date. Spending included new theaters, recliner remodels, laser projector conversions and premium amenities. The company expects full-year investment to total about $250 million.
The company generated $136 million in operating cash flow and $66 million in free cash flow. It ended the quarter with $556 million in cash and scheduled an earnings call for 8:30 a.m. ET.
Sources: Deadline.