In its latest earnings report, Cinemark Holdings touted higher revenue and continued industry recovery from COVID in its second quarter. President and CEO Sean Gamble, who succeeded Mark Zoradi on Jan. 1, led the company to a $73.4 million quarterly loss. In comparison, the same period in 2021 saw a loss of $142.4 million.
The company reported adjusted earnings before interest, taxes, depreciation, and amortization of $138.3 million for the three months, compared with a loss of $11.8 million a year ago. A rise in attendance and concession spending contributed to 153 percent higher revenue during the second quarter of this year compared with the year before.
According to the company, some of the company’s theaters were closed for a period during the company’s third quarter due to the COVID pandemic, and there was limited new content available for the theaters that reopened.
Several big theatrical releases were released during the second quarter, including Top Gun: Maverick, Doctor Strange in the Multiverse of Madness, and Jurassic World Dominion.“Continued improvement in consumer sentiment, as well as a more consistent release cadence of compelling new films with broad consumer appeal and an exclusive theatrical window.
yielded the highest quarterly box office since the inception of COVID-19,” said Gamble. “Cinemark fully delivered on this sustained recovery in the second quarter, including domestic box office performance that surpassed North American industry results by over 300 basis points with the largest share gain of all the major exhibitors when comparing the second quarter of 2022 against the second quarter of 2019.
”In the same period, Latin American admissions exceeded the corresponding industry benchmark by approximately 400 basis points.“We believe Cinemark remains exceptionally well-positioned to navigate the ongoing recovery of our industry and fully capitalize on its continued resurgence due to our sustained investments over the years.
the operational improvements we made throughout the pandemic, and the further advancements we are making through our strategic initiatives,” concluded the CEO. Cinemark is based in Plano, Texas, and operates 520 theaters across 42 U.S. states and 15 countries throughout South and Central America. Its circuit consists of various brands, including Century, Tinseltown, and Rave.
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