Cinemark Holdings, Inc. Reports Adjusted EBITDA of $148.4 Million on Revenues of $633.6 Million

  Cinemark Holdings, Inc. Reports Adjusted EBITDA of $148.4 Million on
  Revenues of $633.6 Million

Business Wire

PLANO, Texas -- November 06, 2012

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, 2012. Cinemark Holdings, Inc.’s revenues for the three
months ended September 30, 2012 were $633.6 million compared to $640.0 million
for the three months ended September 30, 2011. For the three months ended
September 30, 2012, admissions revenues were $402.4 million and concession
revenues were $200.1 million. Attendance was 69.7 million patrons for the
three months ended September 30, 2012, a slight increase over the three months
ended September 30, 2011.

Adjusted EBITDA for the three months ended September 30, 2012 was $148.4
million compared to $154.3 million for the three months ended September 30,
2011. 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, 2012 was $47.4 million compared to $46.9 million for the three
months ended September 30, 2011.

“The geographic diversity of our U.S. and Latin American footprint with 5,207
screens in 39 U.S. states and 13 Latin American countries led to an all-time
Cinemark record for worldwide attendance, entertaining 69.7 million patrons
during the quarter,” stated Tim Warner, Cinemark’s Chief Executive Officer.
“As our results consistently demonstrate, Cinemark has designed a company with
a strong and stable domestic base, which supports our substantial quarterly
dividend, accompanied by our international circuit, which represents a
long-running growth engine and differentiates us from all of our industry
peers worldwide.”

Cinemark Holdings, Inc.’s revenues for the nine months ended September 30,
2012 increased 6.8% to $1,862.0 million from $1,743.7 million for the nine
months ended September 30, 2011. During the nine months ended September 30,
2012, admissions revenues increased 5.3% to $1,194.3 million and concession
revenues increased 9.5% to $581.3 million. The increases were primarily
related to a 5.7% increase in attendance and a 3.9% increase in concession
revenues per patron.

Adjusted EBITDA for the nine months ended September 30, 2012 increased 9.6% to
$445.7 million from $406.8 million for the nine months ended September 30,
2011. 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 nine months ended
September 30, 2012 was $141.1 million compared to $112.3 million for the nine
months ended September 30, 2011. Net income for the nine months ended
September 30, 2011 included a loss on early retirement of debt of
approximately $4.9 million, before income taxes.

On September 30, 2012, the Company’s aggregate screen count was 5,207. As of
September 30, 2012, the Company had signed commitments to open eight new
theatres with 72 screens by the end of 2012 and open 28 new theatres and 284
screens subsequent to 2012.

Conference Call/Webcast – Today at 8:30 AM ET

Telephone: via 800/374-1346 or 706/679-3149 (for international callers).

Live Webcast: available live at investors.cinemark.com section and archived
for a limited time immediately following the call.

About Cinemark Holdings, Inc.

Cinemark is a leading domestic and international motion picture exhibitor,
operating 461 theatres with 5,207 screens in 39 U.S. states, Brazil, Mexico,
Argentina and 10 other Latin American countries as of September 30, 2012. For
more information go to investors.cinemark.com.

Forward-looking Statements

This press release includes "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. The “forward-looking statements”
include our current expectations, assumptions, estimates and projections about
our business and our industry. They include statements relating to future
revenues, expenses and profitability, the future development and expected
growth of our business, projected capital expenditures, attendance at movies
generally or in any of the markets in which we operate, the number or
diversity of popular movies released and our ability to successfully license
and exhibit popular films, national and international growth in our industry,
competition from other exhibitors and alternative forms of entertainment and
determinations in lawsuits in which we are defendants. You can identify
forward-looking statements by the use of words such as “may,” “should,”
“could,” “estimates,” “predicts,” “potential,” “continue,” “anticipates,”
“believes,” “plans,” “expects,” “future” and “intends” and similar expressions
which are intended to identify forward-looking statements. These statements
are not guarantees of future performance and are subject to risks,
uncertainties and other factors, some of which are beyond our control and
difficult to predict and could cause actual results to differ materially from
those expressed or forecasted in the forward-looking statements. In evaluating
forward-looking statements, you should carefully consider the risks and
uncertainties described in the “Risk Factors” section or other sections in the
Company’s Annual Report on Form 10-K filed February 29, 2012 and quarterly
reports on Form 10-Q. All forward-looking statements attributable to us or
persons acting on our behalf are expressly qualified in their entirety by
these cautionary statements and risk factors. Forward-looking statements
contained in this press release reflect our view only as of the date of this
press release. We undertake no obligation, other than as required by law, to
update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise.

                                                     
Cinemark Holdings, Inc.
Financial and Operating Summary
(unaudited, in thousands, except per share amounts)
                   
                         Three months ended            Nine months ended
                         September 30,                   September 30,
                         2012          2011          2012            2011
Statement of
income data:
Revenues
  Admissions             $ 402,440       $ 417,088       $ 1,194,306       $ 1,134,697
  Concession               200,112         194,794         581,346           530,828
  Other                   31,021      28,131      86,345        78,217    
Total revenues             633,573         640,013         1,861,997         1,743,742
                                                                           
Cost of
operations
  Film rentals
  and                      214,002         225,431         636,718           613,204
  advertising
  Concession               32,924          32,166          93,162            85,076
  supplies
  Facility lease           72,883          72,318          213,059           208,111
  expense
  Other theatre
  operating                138,043         132,793         394,967           366,304
  expenses
  General and
  administrative           36,996          32,652          107,011           92,825
  expenses
  Depreciation
  and                      36,897          40,542          110,054           119,579
  amortization
  Impairment of
  long-lived               976             992             1,472             3,601
  assets
  Loss on sale
  of assets and           6,699       1,809       8,004         7,975     
  other
Total cost of             539,420     538,703     1,564,447     1,496,675 
operations
Operating income           94,153          101,310         297,550           247,067
                                                                           
  Interest                 (30,861 )       (32,249 )       (94,369   )       (91,316   )
  expense ^(1)
  Distributions            4,673           5,108           13,090            16,530
  from NCM
  Loss on early
  retirement of            —             ―               ―                   (4,945    )
  debt
  Other income            9,455       2,816       14,940        8,289     
Income before              77,420          76,985          231,211           175,625
income taxes
Income taxes              29,453      29,337      88,229        61,646    
Net income               $ 47,967        $ 47,648        $ 142,982         $ 113,979
Less: Net income
attributable to           582         728         1,855         1,685     
noncontrolling
interests
Net income
attributable to          $ 47,385     $ 46,920     $ 141,127      $ 112,294   
Cinemark
Holdings, Inc.
                                                                           
Earnings per
share
attributable to
Cinemark
Holdings, Inc.’s
common
stockholders:
  Basic                  $ 0.41       $ 0.41       $ 1.23         $ 0.98      
  Diluted                $ 0.41       $ 0.41       $ 1.23         $ 0.98      
                                                                           
  Weighted
  average                 113,814     113,298     113,664       113,170   
  diluted shares
  outstanding
                                                                           
Other financial
data:
Adjusted EBITDA          $ 148,370    $ 154,273    $ 445,650      $ 406,770   
^(2)

(1)  Includes amortization of debt issue costs.
      Adjusted EBITDA is a non-GAAP financial measure. A reconciliation of
(2)   Adjusted EBITDA to net income is provided in the financial schedules
      accompanying this press release.

                                                        
                                            As of                 As of
                                            September 30,         December 31,
                                            2012                  2011
Balance sheet data (in
thousands):
Cash and cash equivalents                   $  540,759            $  521,408
Theatre properties and equipment,           $  1,262,919          $  1,238,850
net
Total assets                                $  3,581,318          $  3,522,408
Long-term debt, including current           $  1,563,470          $  1,572,221
portion
Equity                                      $  1,088,098          $  1,023,639
                                                                  

                                              
                       Three months ended            Nine months ended
                                                 
                       September 30,                 September 30,
                       2012        2011           2012         2011
Other operating
data:
Attendance
(patrons, in
thousands):
Domestic                 41,141         44,424         122,984         121,728
International           28,508     25,009     77,008      67,636
Worldwide               69,649     69,433     199,992     189,364

Average ticket
price (in
dollars):
Domestic               $ 6.44         $ 6.47         $ 6.66          $ 6.51
International          $ 4.81         $ 5.20         $ 4.87          $ 5.07
Worldwide              $ 5.77         $ 6.01         $ 5.97          $ 5.99
                                                                     
Concession
revenues per
patron (in
dollars):
Domestic               $ 3.29         $ 3.13         $ 3.32          $ 3.15
International          $ 2.26         $ 2.23         $ 2.24          $ 2.18
Worldwide              $ 2.87         $ 2.81         $ 2.91          $ 2.80
                                                                     
Average screen
count (month end
average):
Domestic                 3,922          3,861          3,907           3,840
International           1,285      1,184      1,282       1,148
Worldwide               5,207      5,045      5,189       4,988
                                                                     


Segment Information
(unaudited, in thousands)
                                                  
                        Three months ended                  Nine months ended
                                                        
                        September 30,                       September 30,
                        2012           2011              2012            2011
Revenues
U.S.                    $ 416,165         $ 441,334         $ 1,271,155       $ 1,216,679
International             220,633           201,637           598,880           534,828
Eliminations             (3,225  )     (2,958  )     (8,038    )    (7,765    )
Total                   $ 633,573     $ 640,013     $ 1,861,997    $ 1,743,742 
revenues
Adjusted
EBITDA ^(1)
U.S.                    $ 94,538          $ 110,285         $ 302,222         $ 289,091
International            53,832       43,988       143,428       117,679   
Total
Adjusted                $ 148,370     $ 154,273     $ 445,650      $ 406,770   
EBITDA
Capital
expenditures
U.S.                    $ 27,357          $ 17,871          $ 74,160          $ 57,316
International            25,583       23,010       72,367        68,867    
Total capital           $ 52,940      $ 40,881      $ 146,527      $ 126,183   
expenditures
                                                                              

                                                               
Reconciliation of Adjusted EBITDA
(unaudited, in thousands)
               
                     Three months ended           Nine months ended
                     September 30,               September 30,
                     2012          2011           2012          2011
                                                                     
Net income           $ 47,967        $ 47,648        $ 142,982       $ 113,979
Income taxes           29,453          29,337          88,229          61,646
Interest               30,861          32,249          94,369          91,316
expense
Loss on
early                ─               ─               ─                 4,945
retirement
of debt
Other income           (9,455  )       (2,816  )       (14,940 )       (8,289  )
Depreciation
and                    36,897          40,542          110,054         119,579
amortization
Impairment
of                     976             992             1,472           3,601
long-lived
assets
Loss on sale
of assets              6,699           1,809           8,004           7,975
and other
Deferred
lease
expenses -             (16     )       832             301             1,944
theatres
^(2)
Deferred
lease
expenses –             1,013           428             3,026           966
DCIP
equipment
^(3)
Amortization
of long-term           678             692             1,988           1,976
prepaid
rents ^(2)
Share based
awards                3,297       2,560       10,165      7,132   
compensation
expense ^(4)
Adjusted             $ 148,370    $ 154,273    $ 445,650    $ 406,770 
EBITDA ^(1)

      Adjusted EBITDA as calculated in the chart above represents net income
      before income taxes, interest expense, loss on early retirement of debt,
      other income, depreciation and amortization, impairment of long-lived
      assets, loss on sale of assets and other, changes in deferred lease
      expense, amortization of long-term prepaid rents and share based awards
      compensation expense. Adjusted EBITDA is a non-GAAP financial measure
      commonly used in our industry and should not be construed as an
(1)  alternative to net income as an indicator of operating performance or as
      an alternative to cash flow provided by operating activities as a
      measure of liquidity (as determined in accordance with GAAP). Adjusted
      EBITDA may not be comparable to similarly titled measures reported by
      other companies. We have included Adjusted EBITDA because we believe it
      provides management and investors with additional information to measure
      our performance and liquidity, estimate our value and evaluate our
      ability to service debt. In addition, we use Adjusted EBITDA for
      incentive compensation purposes.
(2)   Non-cash expense included in facility lease expense.
(3)   Non-cash expense included in other theatre operating expenses.
(4)   Non-cash expense included in general and administrative expenses.

Contact:

Cinemark Holdings, Inc.
Chanda Brashears, 972-665-1671
cbrashears@cinemark.com