Cinemark’s Q2 Net Income Edges Up
PLANO (AP) - Movie theater chain Cinemark Holdings Inc. said its second-quarter net income edged up as higher revenue from tickets and concessions outpaced higher costs for film rentals and other expenses.
About 10 percent more people went to movies at Cinemark theaters during the three months ended June 30 compared with atlast year. People spent about 4 percent more on snacks and drinks and the average ticket price rose almost 5 percent.
Net income rose 1 percent to $40.4 million, or 35 cents per share, from $39.7 million, or 35 cents per share. Analysts expected net income of 41 cents per share, according to a FactSet poll.
Revenue rose 15 percent to $620.6 million from $539.4 million last year. Analysts expected $595 million.
Admission revenue rose 15 percent to $405.9 million. Concession revenue rose nearly 15 percent to $189.3 million.
Shares rose 54 cents, or 3 percent, to $18.46 during afternoon trading Friday.
(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)