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cinemark holdings inc (CNK) Key Developments

Cinemark Holdings Inc. Announces Board Changes

Cinemark Holdings Inc. announced Nina G. Vaca has been elected to the Board of the company, effective November 13, 2014. Ms. Vaca was elected to fill the vacancy created by the departure of Mr. Roger T. Staubach and shall serve the remainder of Mr. Staubach’s term as a member of the Class I directors. Ms. Vaca is the Chairman and Chief Executive Officer of the Pinnacle Group of companies, including Pinnacle Technical Resources Inc.

Cinemark Holdings Inc. Appoints Rob Carmony as Executive Vice President Innovation

Cinemark Holdings Inc. announced that Rob Carmony has been named Executive Vice President Innovation. In this new role, Rob will pursue various innovation opportunities, such as expansion of in-theatre e-sports and other gaming events, both for spectators and player participants.

Cinemark Holdings Inc. Announces Board Changes

Cinemark Holdings Inc. announced that Nina G. Vaca (professional name of Ximena G. Humrichouse) and Tim Warner have been elected to the Board of the company, effective November 13, 2014. Ms. Vaca was elected to fill the vacancy created by the departure of Mr. Roger T. Staubach and shall serve the remainder of Mr. Staubach's term as a member of the Class I directors. Mr. Warner was elected as a member of the Class II directors and his election increases the size of the Board to 11 members. Ms. Vaca, 43, is the Chairman and Chief Executive Officer of the Pinnacle Group of companies, including Pinnacle Technical Resources Inc. and Provade Inc. Ms. Vaca has also represented the U.S. in several transatlantic leadership forums, including the German Marshall Memorial Fellowship program and the British-American Project. In April 2014, she was named a Presidential Ambassador for Global Entrepreneurship. She is also the Chairman Emeritus for the United States Hispanic Chamber of Commerce. Ms. Vaca has been a director of Comerica Incorporated since 2008 and of Kohl's Corporation since 2010. Mr. Warner, 69, has served as the company’s Chief Executive Officer since 2012. He has over 30 years of theatrical exhibition industry experience, including more than 17 years with the company beginning in 1996 as President of Cinemark International. He has successfully led the company’s domestic and international operations and has been critical to the Company's expansion in Latin America. Prior to that, Mr. Warner served as CEO of NATO California, General Chairman of NATO/Showest, and President of a regional theatre company. Mr. Warner also founded a film buying/marketing group and a regional theatrical exhibition company.

Cinemark Holdings Inc. Declares Dividend for the Third Quarter of 2014, Payable on December 11, 2014

Cinemark Holdings Inc. announced that its Board of Directors has declared a cash dividend for the third quarter of 2014 of $0.25 per share of common stock. The dividend will be paid on December 11, 2014 to stockholders of record on December 2, 2014.

Cinemark Holdings Inc. Announces Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Announces Impairment of Long Lived Assets for the Third Quarter Ended September 30, 2014; Provides Capital Expenditure Guidance for the Full Year of 2014

Cinemark Holdings Inc. announced unaudited earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported total revenues of $646,903,000 compared to $757,566,000 a year ago. Operating income was $82,284,000 compared to $135,192,000 a year ago. Income before income taxes was $64,066,000 compared to $124,131,000 a year ago. Net income attributable to the company was $38,129,000 or $0.33 per basic and diluted share compared to $80,019,000 or $0.69 per basic and diluted share a year ago. Adjusted EBITDA was $141,739,000 compared to $190,173,000 a year ago. Total capital expenditures were $53,605,000 compared to $69,100,000 a year ago. For the nine months, the company reported total revenues of $1,967,046,000 compared to $2,030,961,000 a year ago. Operating income was $267,005,000 compared to $334,838,000 a year ago. Income before income taxes was $216,839,000 compared to $197,370,000 a year ago. Net income attributable to the company was $145,303,000 or $1.25 per basic and diluted share compared to $132,878,000 or $1.15 per basic and diluted share a year ago. Adjusted EBITDA was $439,649,000 compared to $484,453,000 a year ago. Total capital expenditures were $156,168,000 compared to $159,488,000 a year ago. For the quarter, the company reported impairment of long lived assets of $4,510,000 compared to $131,000 a year ago. For 2014, the company expects to spend approximately $92 million in capital expenditure associated with the additional 143 screens. With regard to overall capital expenditure spend for 2014, company is still targeting approximately $275 million to $300 million, which includes the cost of digital rollout in Latin America completed in April.

 

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