CBS 11 Header TXA 21 Header MeTV Header KRLD Header The Fan Header
CBS DFW WEATHER APP: iPhone App Store | Android App Coming Soon | More Information

Local

Cinemark’s Q4 Profit Tumbles 52 Percent

View Comments

Get Breaking News First

Receive News, Politics, and Entertainment Headlines Each Morning.
Sign Up

From Our CBS Music Web Sites

625x352 thrill eng preview Cinemarks Q4 Profit Tumbles 52 PercentWin A Trip To Disneyland!

82641739 10 Cinemarks Q4 Profit Tumbles 52 PercentHottest Sunbathers Of The Summer

jennifer lopez 770 Cinemarks Q4 Profit Tumbles 52 PercentJennifer Lopez's Bathtub Selfie

 alt=The New Wonder Woman

 alt=Musicians Then And Now

Fantasy_tile

VOTE: Best Coaches In American Sports

cinemark Cinemarks Q4 Profit Tumbles 52 Percent

The sun sets over a Cinemark movie theater in Frisco. (credit: Cinemark via Facebook)

PLANO (AP) - Movie theater chain Cinemark Holdings Inc.’s profit dropped 52 percent in the fourth quarter, as a loss on marketable securities and higher costs offset higher revenue at the concession stand.

Its earnings were below Wall Street expectations, while revenue topped estimates. Its shares fell more than 3 percent in early premarket trading Wednesday.

Texas-based Cinemark reported net income of $18.3 million, or 16 cents per share, for the three months ended Dec. 31. That’s down from a year earlier, when it earned $38 million, or 33 cents per share.

This missed the 19 cents per share that analysts surveyed by FactSet predicted.

The current quarter included a loss on marketable securities that reduced earnings by about 7 cents per share. The prior-year period also benefited from a $12.3 million gain on an asset sale.

Total cost of operations climbed to $474.4 million from $457.3 million.

Revenue increased 2 percent to $535.9 million from $524.9 million partly because it made more money from concessions like popcorn and soda. Admissions revenue dipped 1.4 percent to $336.9 million even as attendance rose 2.3 percent.

Analysts expected lower revenue of $533 million.

Cinemark’s stock declined 73 cents, or 3.4 percent, to $20.63 in premarket trading.

For the year, Cinemark’s earnings dropped 11 percent to $130.6 million, or $1.14 per share, from $146.1 million, or $1.29 per share, in the prior year. Annual revenue rose 7 percent to $2.28 billion from $2.14 billion.

Cinemark said that it expects to open 11 new theaters and 117 screens this year. The Plano, Texas company ran 456 theatres with 5,152 screens in 39 U.S. states, Brazil, Mexico and 11 other Latin American countries at the quarter’s end.

(© Copyright 2012 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

Also Check Out:

View Comments