Cinemark Holdings, Inc. Reports Q1 2013 Adjusted EBITDA of $116.3 Million on Revenues of $547.8 Million Business Wire PLANO, Texas -- May 07, 2013 Cinemark Holdings, Inc. (NYSE: CNK), one of the largest motion picture exhibitors in the world, today reported results for the three months ended March 31, 2013. Cinemark Holdings, Inc.’s revenues for the three months ended March 31, 2013 were $547.8 million compared to $578.8 million for the three months ended March 31, 2012. For the three months ended March 31, 2013, admissions revenues were $349.4 million and concession revenues were $172.4 million. The average ticket price for the three months ended March 31, 2013 increased to $6.09 and concession revenues per patron increased to $3.00. Adjusted EBITDA for the three months ended March 31, 2013 was $116.3 million compared to $140.3 million for the three months ended March 31, 2012. 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 March 31, 2013 was $32.6 million compared to $42.1 million for the three months ended March 31, 2012. Diluted earnings per share for the three months ended March 31, 2013 was $0.28 compared to $0.37 for the three months ended March 31, 2012. “Cinemark’s worldwide box office results outperformed the North American industry box office for Q1 2013 by approximately 600 basis points, and has now outperformed the industry for 15 out of the past 16 consecutive quarters on a currency adjusted basis,” stated Tim Warner, Cinemark’s Chief Executive Officer. “Our international segment reported admissions revenue growth of 7.1% this quarter, reiterating the long term growth opportunity provided by this segment.” As of March 31, 2013, Cinemark operated 467 theatres with 5,259 screens and had commitments to open 22 new theatres with 195 screens during the remainder of 2013 and 9 additional new theatres with 97 screens subsequent to 2013. Conference Call/Webcast – Today at 8:00AM ET Telephone: via 888-755-8910 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 467 theatres with 5,259 screens in 39 U.S. states, Brazil, Mexico, Argentina and 10 other Latin American countries as of March 31, 2013. 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, 2013 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) Three Months Ended March 31, 2013 2012 Statement of income data: Revenues Admissions $ 349,414 $ 373,793 Concession 172,396 179,820 Other 25,963 25,205 Total revenues 547,773 578,818 Cost of operations Film rentals and advertising 179,992 195,415 Concession supplies 28,000 28,451 Facility lease expense 69,618 68,562 Other theatre operating expenses 127,221 125,001 General and administrative expenses 37,779 34,064 Depreciation and amortization 39,032 36,816 Impairment of long-lived assets 844 185 (Gain) loss on sale of assets and (342 ) 836 other Total cost of operations 482,144 489,330 Operating income 65,629 89,488 Interest expense ^(1) (32,606 ) (32,133 ) Distributions from NCM 6,103 8,031 Other income 4,554 5,422 Income before income taxes 43,680 70,808 Income taxes 10,618 27,932 Net income $ 33,062 $ 42,876 Less: Net income attributable to 468 772 noncontrolling interests Net income attributable to Cinemark $ 32,594 $ 42,104 Holdings, Inc. Earnings per share attributable to Cinemark Holdings, Inc.’s common stockholders: Basic $ 0.28 $ 0.37 Diluted $ 0.28 $ 0.37 Weighted average diluted shares 113,979 113,368 outstanding Other financial data: Adjusted EBITDA ^(2) $ 116,256 $ 140,328 (1) Includes amortization of debt issue costs and excludes capitalized interest. 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 March 31, December 31, 2013 2012 Balance Sheet Data: Cash and cash equivalents $ 724,303 $ 742,664 Theatre properties and equipment, $ 1,304,639 $ 1,304,958 net Total assets $ 3,857,199 $ 3,863,226 Long-term debt, including current $ 1,761,784 $ 1,764,010 portion Equity $ 1,110,983 $ 1,094,984 Three Months Ended March 31, 2012 2012 Other operating data: Attendance (patrons): Domestic 34,668 39,830 International 22,751 21,718 Worldwide 57,419 61,548 Average ticket price (in dollars): Domestic $ 6.76 $ 6.70 International $ 5.06 $ 4.94 Worldwide $ 6.09 $ 6.08 Concession revenues per patron (in dollars): Domestic $ 3.40 $ 3.30 International $ 2.40 $ 2.24 Worldwide $ 3.00 $ 2.92 Average screen count (month end average): Domestic 3,916 3,891 International 1,333 1,278 Worldwide 5,249 5,169 Segment Information (unaudited, in thousands) Three Months Ended March 31, 2013 2012 Revenues U.S. $ 366,363 $ 411,225 International 184,193 169,875 Eliminations (2,783 ) (2,282 ) Total revenues $ 547,773 $ 578,818 Adjusted EBITDA U.S. $ 80,078 $ 104,293 International 36,178 36,035 Total Adjusted EBITDA $ 116,256 $ 140,328 Capital expenditures U.S. $ 6,156 $ 19,694 International 30,733 27,290 Total capital expenditures $ 36,889 $ 46,984 Reconciliation of Adjusted EBITDA (unaudited, in thousands) Three Months Ended March 31, 2013 2012 Net income $ 33,062 $ 42,876 Income taxes 10,618 27,932 Interest expense 32,606 32,133 Other income (4,554 ) (5,422 ) Depreciation and amortization 39,032 36,816 Impairment of long-lived assets 844 185 (Gain) loss on sale of assets and (342 ) 836 other Deferred lease expenses – theatres^(2) (131 ) 120 Deferred lease expenses – DCIP 1,021 1,003 equipment ^(3) Amortization of long-term prepaid 650 534 rents ^(2) Share based awards compensation 3,450 3,315 expense ^(4) Adjusted EBITDA ^(1) $ 116,256 $ 140,328 Adjusted EBITDA as calculated in the chart above represents net income before income taxes, interest expense, other income, depreciation and amortization, impairment of long-lived assets, (gain) 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 (1) 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. Financial Contact: Chanda Brashears, 972-665-1671 email@example.com or Media Contact: James Meredith, 972-665-1060 firstname.lastname@example.org
Cinemark Holdings, Inc. Reports Q1 2013 Adjusted EBITDA of $116.3 Million on Revenues of $547.8 Million
Press spacebar to pause and continue. Press esc to stop.