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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Cinemark Holdings Inc | NYSE:CNK | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.50 | 2.80% | 18.33 | 18.35 | 17.43 | 17.70 | 2,932,182 | 01:00:00 |
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, 2011.
Cinemark Holdings, Inc.’s revenues for the three months ended December 31, 2011 increased 2.1% to $535.9 million compared to $524.9 million for the three months ended December 31, 2010. For the three months ended December 31, 2011, admissions revenues decreased 1.4% to $336.9 million and concession revenues increased 7.9% to $166.0 million.
Adjusted EBITDA for the three months ended December 31, 2011 was $112.7 million compared to $113.9 million for the three months ended December 31, 2010. 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, 2011 was $18.3 million compared to $38.0 million for the three months ended December 31, 2010. Net income for the three months ended December 31, 2011 included an after-tax noncash loss on marketable securities of $7.9 million, which lowered diluted earnings per share by approximately $0.07. Reported diluted earnings per share for the three months ended December 31, 2011 was $0.16 compared to $0.33 for the three months ended December 31, 2010.
“Cinemark’s increase in attendance this quarter of 2.3% drove an admissions revenue performance that again exceeded the North American industry’s box office results. Our Latin American assets led us with admissions revenue growth of 8.4%,” stated Tim Warner, Cinemark’s Chief Executive Officer. “During Q4, we completed our goal of being 100% digital in all of the Company’s U.S. first-run theatres and we continue to focus on further expanding our international digital footprint.”
Cinemark Holdings, Inc.’s revenues for the year ended December 31, 2011 increased 6.5% to $2,279.6 million from $2,141.1 million for the year ended December 31, 2010. For the year ended December 31, 2011, admissions revenues increased 4.7% to $1,471.6 million and concession revenues increased 8.5% to $696.8 million.
Adjusted EBITDA for the year ended December 31, 2011 increased 6.9% to $519.5 million from $485.9 million for the year ended December 31, 2010. 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, 2011 decreased to $130.6 million from $146.1 million for the year ended December 31, 2010. The full-year net income figure was impacted by the aforementioned $7.9 million after-tax noncash loss on marketable securities and an after-tax loss on early retirement of debt of $3.1 million, which together lowered diluted earnings per share by approximately $0.10. Reported diluted earnings per share for the year ended December 31, 2011 was $1.14 compared to $1.29 for the year ended December 31, 2010.
As of December 31, 2011, the Company’s aggregate screen count was 5,152 and the Company had commitments to open 11 new theatres and 117 screens during 2012 and 11 additional new theatres with 129 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/Replay: available live at www.cinemark.com in the Investor Relations 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 456 theatres with 5,152 screens in 39 U.S. states, Brazil, Mexico and 11 other Latin American countries as of December 31, 2011. For more information go to www.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 March 1, 2011 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 Year Ended December 31, December 31,2011
2010
2011
2010
Statement of Income Data: Revenues Admissions $ 336,930 $ 341,652 $ 1,471,627 $ 1,405,389 Concession 165,926 153,862 696,754 642,326 Other 33,015 29,395 111,232 93,429 Total revenues $ 535,871 $ 524,909 $ 2,279,613 $ 2,141,144 Cost of operations Film rentals and advertising 185,402 186,834 798,606 769,698 Concession supplies 27,046 24,019 112,122 97,484 Facility lease expense 68,167 64,425 276,278 255,717 Other theatre operating expenses 119,874 117,922 486,178 460,716 General and administrative expenses 34,796 30,456 127,621 109,045 Depreciation and amortization 34,870 39,518 154,449 143,508 Impairment of long-lived assets 3,432 6,481 7,033 12,538 (Gain) loss on sale of assets and other 817 (12,337 ) 8,792 (431 ) Total cost of operations 474,404 457,318 1,971,079 1,848,275 Operating income 61,467 67,591 308,534 292,869 Interest expense (1) (31,786 ) (28,891 ) (123,102 ) (112,444 ) Loss on early retirement of debt – (3 ) (4,945 ) (3 ) Distributions from NCM 7,631 7,817 24,161 23,358 Loss on marketable securities - RealD (12,610 ) – (12,610 ) – Other income 5,305 3,716 13,594 3,721 Income before income taxes 30,007 50,230 205,632 207,501 Income taxes 11,404 11,920 73,050 57,838 Net income $ 18,603 $ 38,310 $ 132,582 $ 149,663 Less: Net income attributable to noncontrolling interests 340 297 2,025 3,543 Net income attributable to Cinemark Holdings, Inc. $ 18,263 $ 38,013 $ 130,557 $ 146,120 Earnings per share attributable to Cinemark Holdings, Inc.’s common stockholders: Basic $ 0.16 $ 0.33 $ 1.15 $ 1.30 Diluted $ 0.16 $ 0.33 $ 1.14 $ 1.29 Weighted average diluted shares outstanding 113,339 112,783 113,224 112,151 Other Financial Data: Adjusted EBITDA (2) $ 112,703 $ 113,946 $ 519,473 $ 485,920(1)
Includes amortization of debt issue costs and excludes capitalized interest.(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 31,2011
2010
Balance Sheet Data (unaudited, in thousands): Cash and cash equivalents $ 521,408 $ 464,997 Theatre properties and equipment, net 1,238,850 1,215,446 Total assets 3,507,076 3,421,478 Long-term debt, including current portion 1,572,221 1,532,441 Equity 1,023,639 1,033,152Segment Information
(unaudited, in thousands)
Three Months Ended Year Ended December 31, December 31,2011
2010
2011
2010
Revenues U.S. $ 376,988 $ 384,425 $ 1,593,667 $ 1,584,281 International 161,291 143,836 696,119 564,240 Eliminations (2,408 ) (3,352 ) (10,173 ) (7,377 ) Total revenues $ 535,871 $ 524,909 $ 2,279,613 $ 2,141,144 Adjusted EBITDA U.S. $ 82,121 $ 89,614 $ 371,212 $ 363,345 International 30,582 24,332 148,261 122,575 Total Adjusted EBITDA $ 112,703 $ 113,946 $ 519,473 $ 485,920 Capital Expenditures U.S. $ 22,194 $ 22,903 $ 79,510 $ 70,474 International 36,442 44,943 105,309 85,628 Total capital expenditures $ 58,636 $ 67,846 $ 184,819 $ 156,102Additional Segment Information (1)
(unaudited)
U.S. Operating Segment
International Operating
Segment
ConsolidatedThree Months
Ended
Three Months
Ended
Three Months
Ended
December 31, December 31, December 31, % % %2011
2010
Change
2011
2010
Change
2011
2010
Change
Admissions revenues $ 241.5 $ 253.7 (4.8)% $ 95.4 $ 88.0 8.4% $ 336.9 $ 341.7 (1.4)% Concession revenues $ 119.7 $ 114.8 4.3% $ 46.3 $ 39.0 18.7% $ 166.0 $ 153.8 7.9% Other revenues(2) $ 13.3 $ 12.6 5.6% $ 19.7 $ 16.8 17.3% $ 33.0 $ 29.4 12.2% Total revenues(2) $ 374.5 $ 381.1 (1.7)% $ 161.4 $ 143.8 12.2% $ 535.9 $ 524.9 2.1% Attendance 36.8 37.8 (2.6)% 21.3 19.0 12.1% 58.1 56.8 2.3% Average ticket price $ 6.57 $ 6.71 (2.1)% $ 4.48 $ 4.63 (3.2)% $ 5.80 $ 6.02 (3.7)% Concession revenues per patron $ 3.26 $ 3.04 7.2% $ 2.17 $ 2.05 5.9% $ 2.86 $ 2.71 5.5% Average screen count 3,870 3,829 1,251 1,098 5,121 4,927 Revenues per average screen(2) $ 96,803 $ 99,536 (2.7)% $ 128,904 $ 130,998 (1.6)% $ 104,647 $ 106,548 (1.8)% U.S. Operating SegmentInternational Operating
Segment
ConsolidatedThree Months Ended
Three Months Ended
Three Months Ended December 31, December 31, December 31,2011
2010
2011
2010
2011
2010
Film rentals and advertising $ 135.7 $ 140.9 $ 49.7 $ 46.0 $ 185.4 $ 186.9 Concession supplies 15.7 14.1 11.3 9.9 27.0 24.0 Salaries and wages 41.8 42.6 16.5 13.0 58.3 55.6 Facility lease expense 46.8 45.3 21.4 19.1 68.2 64.4 Utilities and other 42.0 36.9 19.6 25.4 61.6 62.3 U.S. Operating SegmentInternational Operating
Segment
Consolidated Year Ended Year Ended Year Ended December 31, December 31, December 31, % % %2011
2010
Change
2011
2010
Change
2011
2010
Change
Admissions revenues $ 1,033.6 $ 1,044.7 (1.1)% $ 438.0 $ 360.7 21.4% $ 1,471.6 $ 1,405.4 4.7% Concession revenues $ 503.4 $ 487.9 3.2% $ 193.4 $ 154.4 25.3% $ 696.8 $ 642.3 8.5% Other revenues(2) $ 46.5 $ 44.3 5.0% $ 64.7 $ 49.1 31.8% $ 111.2 $ 93.4 19.1% Total revenues(2) $ 1,583.5 $ 1,576.9 0.4% $ 696.1 $ 564.2 23.4% $ 2,279.6 $ 2,141.1 6.5% Attendance 158.5 161.2 (1.7)% 88.9 80.0 11.1% 247.4 241.2 2.6% Average ticket price $ 6.52 $ 6.48 0.6% $ 4.93 $ 4.51 9.3% $ 5.95 $ 5.83 2.1% Concession revenues per patron $ 3.18 $ 3.03 5.0% $ 2.18 $ 1.93 13.0% $ 2.82 $ 2.66 6.0% Average screen count 3,847 3,830 1,174 1,079 5,021 4,909 Revenues per average screen(2) $ 411,618 $ 411,708 0.0% $ 593,142 $ 523,078 13.4% $ 454,051 $ 436,181 4.1% U.S. Operating SegmentInternational Operating
Segment
Consolidated Year Ended Year Ended Year Ended December 31, December 31, December 31,2011
2010
2011
2010
2011
2010
Film rentals and advertising $ 574.2 $ 586.6 $ 224.4 $ 183.1 $ 798.6 $ 769.7 Concession supplies 64.0 59.1 48.1 38.4 112.1 97.5 Salaries and wages 167.5 174.1 59.0 47.1 226.5 221.2 Facility lease expense 185.8 181.9 90.5 73.8 276.3 255.7 Utilities and other 174.5 161.5 85.2 78.0 259.7 239.5(1)
Revenues and attendance are in millions. Average ticket price, concession revenues per patron and revenues per average screen are in dollars. Theatre operating costs are in millions.(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 31,2011
2010
2011
2010
Net income $ 18,603 $ 38,310 $ 132,582 $ 149,663 Income taxes 11,404 11,920 73,050 57,838 Interest expense 31,786 28,891 123,102 112,444 Loss on early retirement of debt – 3 4,945 3 Loss on marketable securities - RealD 12,610 – 12,610 – Other income (5,305 ) (3,716 ) (13,594 ) (3,721 ) Depreciation and amortization 34,870 39,518 154,449 143,508 Impairment of long-lived assets 3,432 6,481 7,033 12,538 (Gain) loss on sale of assets and other 817 (12,337 ) 8,792 (431 ) Deferred lease expenses – theatres (2) 252 823 1,218 3,221 Deferred lease expenses – DCIP (3) 993 341 2,937 719 Amortization of long-term prepaid rents (2) 681 539 2,657 1,786 Share based awards compensation expense (4) 2,560 3,173 9,692 8,352 Adjusted EBITDA (1) $ 112,703 $ 113,946 $ 519,473 $ 485,920(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, (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 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.
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