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Cinemark Holdings, Inc. Reports a 14.1% Increase in Revenues to $611.5 Million for Q4 2012

  Cinemark Holdings, Inc. Reports a 14.1% Increase in Revenues to $611.5
  Million for Q4 2012

Business Wire

PLANO, Texas -- February 20, 2013

Cinemark Holdings, Inc. (NYSE: CNK), one of the largest motion picture
exhibitors in the world, today reported results for the three months and year
ended December 31, 2012.

Cinemark Holdings, Inc.’s revenues for the three months ended December 31,
2012 increased 14.1% to $611.5 million compared to $535.9 million for the
three months ended December 31, 2011. For the three months ended December 31,
2012, admissions revenues increased 14.6% and concession revenues increased
14.5% due to a 9.6% increase in attendance, a 4.5% increase in average ticket
price, and a 4.2% increase in concession revenues per patron.

Adjusted EBITDA for the three months ended December 31, 2012 increased 27.4%
to $143.6 million from $112.7 million for the three months ended December 31,
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 December 31, 2012 was
$27.8 million compared to $18.3 million for the three months ended December
31, 2011. Diluted earnings per share for the three months ended December 31,
2012 was $0.24 compared to $0.16 for the three months ended December 31, 2011.
Net income attributable to Cinemark Holdings, Inc. for the three months ended
December 31, 2012 included a pre-tax loss on early retirement of debt of $5.6
million.

“It was an incredible year for the industry, as 2012 set a new record with an
estimated $10.8 billion in domestic box office revenues, representing an
increase of approximately 6.1% compared to 2011,” stated Tim Warner,
Cinemark’s Chief Executive Officer. “Cinemark’s worldwide attendance set a
company record of 263.7 million patrons. We also reached a milestone in Latin
America, surpassing 100 million patrons. Cinemark continues to be the number
one attended worldwide exhibitor.”

Cinemark Holdings, Inc.’s revenues for the year ended December 31, 2012
increased 8.5% to $2,473.5 million from $2,279.6 million for the year ended
December 31, 2011. For the year ended December 31, 2012, admissions revenues
increased 7.4% and concession revenues increased 10.7%, primarily due to a
6.6% increase in attendance and a 3.9% increase in concession revenues per
patron.

Adjusted EBITDA for the year ended December 31, 2012 increased 13.4% to $589.2
million from $519.5 million for the year ended December 31, 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 year ended December 31, 2012 increased to $168.9
million from $130.6 million for the year ended December 31, 2011. Diluted
earnings per share for the year ended December 31, 2012 was $1.47 compared to
$1.14 for the year ended December 31, 2011. Net income attributable to
Cinemark Holdings, Inc. for the year ended December 31, 2012 included a
pre-tax loss on early retirement of debt of $5.6 million.

As of December 31, 2012, the Company’s aggregate screen count was 5,240 and
the Company had commitments to open 22 new theatres and 199 screens during
2013 and 8 additional new theatres with 88 screens subsequent to 2013.

Conference Call/Webcast – Today at 4:30 PM ET

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

Live Webcast/Replay: Available live at investors.cinemark.com. A replay will
be available following the call and archived for a limited time.

About Cinemark Holdings, Inc.

Cinemark is a leading domestic and international motion picture exhibitor,
operating 465 theatres with 5,240 screens in 39 U.S. states, Brazil, Mexico,
Argentina and 10 other Latin American countries as of December 31, 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 28, 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         Year Ended
                     December 31,                December 31,
                      2012       2011        2012          2011      
Statement of Income Data:
Revenues
   Admissions        $ 386,095     $ 336,930     $ 1,580,401     $ 1,471,627
   Concession          190,059       165,926       771,405         696,754
   Other              35,380     33,015      121,725      111,232   
   Total revenues    $ 611,534   $ 535,871    $ 2,473,531   $ 2,279,613 
                                                                 
Cost of operations
   Film rentals        208,389       185,402       845,107         798,606
   and advertising
   Concession          30,309        27,046        123,471         112,122
   supplies
   Facility lease      68,556        68,167        281,615         276,278
   expense
   Other theatre
   operating           133,171       119,874       528,138         486,178
   expenses
   General and
   administrative      41,613        34,796        148,624         127,621
   expenses
   Depreciation
   and                 37,621        34,870        147,675         154,449
   amortization
   Impairment of
   long-lived          1,559         3,432         3,031           7,033
   assets
   Loss on sale of
   assets and         4,164      817         12,168       8,792     
   other
Total cost of         525,382    474,404     2,089,829    1,971,079 
operations
Operating income       86,152        61,467        383,702         308,534
   Interest            (29,296 )     (31,786 )     (123,665  )     (123,102  )
   expense ^(1)
   Loss on early
   retirement of       (5,599  )     –             (5,599    )     (4,945    )
   debt
   Distributions       7,722         7,631         20,812          24,161
   from NCM
   Loss on
   marketable          –             (12,610 )     –               (12,610   )
   securities -
   RealD
   Other income       6,628      5,305       21,568       13,594    
Income before          65,607        30,007        296,818         205,632
income taxes
Income taxes          37,169     11,404      125,398      73,050    
Net income           $ 28,438      $ 18,603      $ 171,420       $ 132,582
Less: Net income
attributable to       616        340         2,471        2,025     
noncontrolling
interests
Net income
attributable to      $ 27,822    $ 18,263     $ 168,949     $ 130,557   
Cinemark Holdings,
Inc.
                                                                 
Earnings per share attributable to Cinemark Holdings, Inc.’s
common stockholders:
   Basic             $ 0.24      $ 0.16       $ 1.47        $ 1.15      
   Diluted           $ 0.24      $ 0.16       $ 1.47        $ 1.14      
                                                                 
Weighted average
diluted shares        113,958    113,339     113,824      113,224   
outstanding
                                                                 
Other Financial
Data:
   Adjusted EBITDA   $ 143,585   $ 112,703    $ 589,235     $ 519,473   
   ^(2)

^(1) Includes amortization of debt issue costs.

^(2) Adjusted EBITDA is a non-GAAP financial measure. A reconciliation of
Adjusted EBITDA to net income is provided in the financial schedules
accompanying this press release.

                                             
                                                As of
                                                December 31,
                                                 2012        2011
Balance Sheet Data (unaudited, in thousands):
   Cash and cash equivalents                    $ 742,664     $ 521,408
   Theatre properties and equipment, net          1,304,958     1,238,850
   Total assets                                   3,863,226     3,522,408
   Long-term debt, including current portion      1,764,010     1,572,221
   Equity                                         1,094,984     1,023,639
                                                              

                                             
Segment Information

(unaudited, in thousands)
                                                 
                     Three Months Ended          Year Ended
                     December 31,               December 31,
                      2012       2011        2012         2011      
Revenues
  U.S.               $ 435,356     $ 376,988     $ 1,706,511     $ 1,593,667
  International        178,783       161,291       777,663         696,119
  Eliminations        (2,605  )   (2,408  )   (10,643   )   (10,173   )
  Total revenues     $ 611,534   $ 535,871   $ 2,473,531   $ 2,279,613 
Adjusted EBITDA
  U.S.               $ 107,638     $ 82,121      $ 409,860       $ 371,212
  International       35,947     30,582     179,375      148,261   
  Total Adjusted     $ 143,585   $ 112,703   $ 589,235     $ 519,473   
  EBITDA
Capital
Expenditures
  U.S.               $ 33,163      $ 22,194      $ 107,323       $ 79,510
  International       41,037     36,442     113,404      105,309   
  Total capital      $ 74,200    $ 58,636    $ 220,727     $ 184,819   
  expenditures

                                                                     
Additional Segment Information ^(1)
(unaudited)
                                                                         
              U.S. Operating               International                Consolidated
               Segment                      Operating Segment
               Three Months Ended           Three Months Ended           Three Months Ended
               December 31,                 December 31,                 December 31,
                                 %                          %                          %
               2012      2011      Change   2012      2011      Change   2012      2011      Change
Admissions     $ 280.5   $ 241.5   16.1 %   $ 105.6   $ 95.4    10.7 %   $ 386.1   $ 336.9   14.6 %
revenues
Concession     $ 137.5   $ 119.7   14.9 %   $ 52.6    $ 46.3    13.6 %   $ 190.1   $ 166.0   14.5 %
revenues
Other          $ 14.7    $ 13.3    10.5 %   $ 20.6    $ 19.7    4.6  %   $ 35.3    $ 33.0    7.0  %
revenues^(2)
Total          $ 432.7   $ 374.5   15.5 %   $ 178.8   $ 161.4   10.8 %   $ 611.5   $ 535.9   14.1 %
revenues^(2)
Attendance       40.6      36.8    10.3 %     23.1      21.3    8.5  %     63.7      58.1    9.6  %
Average        $ 6.91    $ 6.57    5.2  %   $ 4.57    $ 4.48    2.0  %   $ 6.06    $ 5.80    4.5  %
ticket price
Concession
revenues per   $ 3.39    $ 3.26    4.0  %   $ 2.28    $ 2.17    5.1  %   $ 2.98    $ 2.86    4.2  %
patron
Average          3,916     3,870              1,307     1,251              5,223     5,121
screen count

                                                        
                  U.S. Operating       International        Consolidated
                  Segment              Operating Segment
                  Three Months Ended   Three Months Ended   Three Months Ended
                  December 31,         December 31,         December 31,
                  2012      2011      2012       2011     2012      2011
Film rentals      $  156.8   $ 135.7   $   51.6    $ 49.7   $  208.4   $ 185.4
and advertising
Concession           18.3      15.7        12.0      11.3      30.3      27.0
supplies
Salaries and         44.2      41.8        18.7      16.5      62.9      58.3
wages
Facility lease       48.0      46.8        20.5      21.4      68.5      68.2
expense
Utilities and        43.9      42.0        26.4      19.6      70.3      61.6
other

                                                                          
               U.S. Operating Segment           International                 Consolidated
                                                Operating Segment
               Year Ended                       Year Ended                    Year Ended
               December 31,                     December 31,                  December 31,
                                     %                          %                               %
               2012        2011        Change   2012      2011      Change    2012        2011        Change
Admissions     $ 1,099.6   $ 1,033.6   6.4  %   $ 480.8   $ 438.0   9.8  %    $ 1,580.4   $ 1,471.6   7.4  %
revenues
Concession     $ 546.2     $ 503.4     8.5  %   $ 225.2   $ 193.4   16.4 %    $ 771.4     $ 696.8     10.7 %
revenues
Other          $ 50.1      $ 46.5      7.7  %   $ 71.6    $ 64.7    10.7 %    $ 121.7     $ 111.2     9.4  %
revenues^(2)
Total          $ 1,695.9   $ 1,583.5   7.1  %   $ 777.6   $ 696.1   11.7 %    $ 2,473.5   $ 2,279.6   8.5  %
revenues^(2)
Attendance       163.6       158.5     3.2  %     100.1     88.9    12.6 %      263.7       247.4     6.6  %
Average        $ 6.72      $ 6.52      3.1  %   $ 4.80    $ 4.93    (2.6 )%   $ 5.99      $ 5.95      0.7  %
ticket price
Concession
revenues per   $ 3.34      $ 3.18      5.0  %   $ 2.25    $ 2.18    3.2  %    $ 2.93      $ 2.82      3.9  %
patron
Average          3,909       3,847                1,289     1,174               5,198       5,021
screen count

                                                         
                     U.S. Operating      International       Consolidated
                     Segment             Operating Segment
                     Year Ended          Year Ended          Year Ended
                     December 31,        December 31,        December 31,
                     2012     2011      2012     2011      2012     2011
Film rentals and     $ 610.5   $ 574.2   $ 234.6   $ 224.4   $ 845.1   $ 798.6
advertising
Concession             71.1      64.0      52.4      48.1      123.5     112.1
supplies
Salaries and wages     174.2     167.5     73.2      59.0      247.4     226.5
Facility lease         191.1     185.8     90.5      90.5      281.6     276.3
expense
Utilities and          182.9     174.5     97.8      85.2      280.7     259.7
other

^(1) Revenues, attendance and theatre operating costs are in millions. Average
ticket price and concession revenues per patron are in dollars.

^(2) U.S. operating segment revenues include eliminations of intercompany
transactions with the international operating segment.


Reconciliation of Adjusted EBITDA
(unaudited, in thousands)
                                                              
                         Three months ended          Year ended
                         December 31,               December 31,
                          2012        2011        2012        2011    
Net income               $ 28,438      $ 18,603      $ 171,420     $ 132,582
Income taxes               37,169        11,404        125,398       73,050
Interest expense           29,296        31,786        123,665       123,102
Loss on early              5,599       ―               5,599         4,945
retirement of debt
Loss on marketable       ―               12,610      ―               12,610
securities - RealD
Other income               (6,628  )     (5,305  )     (21,568 )     (13,594 )
Depreciation and           37,621        34,870        147,675       154,449
amortization
Impairment of              1,559         3,432         3,031         7,033
long-lived assets
Loss on sale of assets     4,164         817           12,168        8,792
and other
Deferred lease
expenses – theatres        (243    )     252           58            1,218
^(2)
Deferred lease             1,020         993           4,046         2,937
expenses – DCIP ^(3)
Amortization of
long-term prepaid          685           681           2,673         2,657
rents ^(2)
Share based awards
compensation expense      4,905       2,560       15,070      9,692   
^(4)
Adjusted EBITDA ^(1)     $ 143,585    $ 112,703    $ 589,235    $ 519,473 
                                                                             

^(1) Adjusted EBITDA as calculated in the chart above represents net income
before income taxes, interest expense, loss on early retirement of debt, loss
on marketable securities – RealD, 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
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