Cinemark Holdings, Inc. Reports Results for the First Quarter of 2021
Cinemark Holdings reported its Q1 2021 results, revealing a significant decline in total revenues to $114.4 million from $543.6 million in Q1 2020 due to ongoing impacts from the COVID-19 pandemic. The company had 301 domestic and 78 international theatres open with attendance of 7.7 million patrons. Admissions revenue was $56.1 million and concession revenue was $39.5 million. A net loss of $208.2 million was reported, leading to a diluted loss per share of $1.75. Despite challenges, the CEO expressed optimism for recovery as vaccination rates increase and consumer sentiment improves.
- Optimism regarding theatrical exhibition recovery in the U.S.
- Rapid vaccine rollout contributing to improved consumer sentiment.
- Commitments to open six new theatres and 72 screens in 2021.
- Significant revenue drop from $543.6 million in Q1 2020 to $114.4 million in Q1 2021.
- Net loss increased to $208.2 million from $59.6 million year over year.
- Adjusted EBITDA at $(92.0) million compared to $66.2 million in Q1 2020.
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, 2021. The Company’s financial results continue to be impacted by the COVID-19 pandemic, as the Company continues to reopen its theatres based on local mandates. As of March 31, 2021, the Company had 301 domestic and 78 international theatres open, showing a limited volume of new releases along with library content during reduced operating hours.
Cinemark Holdings, Inc.’s total revenues for the three months ended March 31, 2021 were
Net loss attributable to Cinemark Holdings, Inc. for the three months ended March 31, 2021 was
Adjusted EBITDA for the three months ended March 31, 2021 was
“Over a year has passed since COVID-19 prompted the shutdown of our global circuit, and today I am pleased to report that we are now actively on the road to recovery,” stated Mark Zoradi, Cinemark CEO. “We are highly optimistic about theatrical exhibition’s resurgence in the U.S. over the coming months on account of a range of factors, including the rapid pace of the vaccine rollout, improving consumer sentiment about returning to movie theaters, recent box office successes and confirmation of consistent product supply. On a global basis, we remain confident that, like the U.S., other countries will quickly recover as lockdowns reign in the virus and vaccines are more widely disseminated.”
As of March 31, 2021, the Company’s aggregate screen count was 5,872 and the Company had commitments to open six new theatres and 72 screens during the remainder of 2021 and 13 new theatres and 123 screens subsequent to 2021.
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 https://investors.cinemark.com. A replay will be available following the call and archived for a limited time.
About Cinemark Holdings, Inc.
Headquartered in Plano, TX, Cinemark (NYSE: CNK) is one of the largest and most influential movie theatre companies in the world. Cinemark’s circuit, comprised of various brands that also include Century, Tinseltown and Rave, operates 523 theatres with 5,872 screens in 42 states domestically and 15 countries throughout South and Central America. Cinemark consistently provides an extraordinary guest experience from the initial ticket purchase to the closing credits, including Movie Club, the first U.S. exhibitor-launched subscription program; the highest Luxury Lounger recliner seat penetration among the major players; XD - the No. 1 exhibitor-brand premium large format; and expansive food and beverage options to further enhance the moviegoing experience. For more information go to https://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, including, among others, the impacts of COVID-19. Such risks and uncertainties 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 26, 2021 and the Current Report on Form 8-K filed March 4, 2021. 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) |
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Three Months Ended |
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March 31, |
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2021 |
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2020 |
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Statement of income data: |
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Revenues |
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Admissions |
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$ |
56,121 |
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$ |
292,462 |
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Concession |
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39,488 |
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190,356 |
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Other |
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18,752 |
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60,798 |
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Total revenues |
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114,361 |
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543,616 |
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Cost of operations |
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Film rentals and advertising |
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23,205 |
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156,617 |
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Concession supplies |
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7,140 |
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34,812 |
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Salaries and wages |
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31,166 |
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87,544 |
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Facility lease expense |
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64,829 |
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82,241 |
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Utilities and other |
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49,144 |
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100,523 |
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General and administrative expenses |
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35,858 |
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41,018 |
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Depreciation and amortization |
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68,160 |
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65,256 |
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Impairment of long-lived assets |
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— |
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16,619 |
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Restructuring costs |
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(208 |
) |
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— |
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Loss on disposal of assets and other |
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4,505 |
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1,905 |
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Total cost of operations |
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283,799 |
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586,535 |
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Operating loss |
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(169,438 |
) |
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(42,919 |
) |
Interest expense |
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(36,553 |
) |
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(24,666 |
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Interest income |
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646 |
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2,084 |
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Loss on extinguishment of debt |
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(2,603 |
) |
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- |
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Foreign currency exchange loss |
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(2,974 |
) |
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(4,848 |
) |
Distributions from NCM |
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77 |
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5,224 |
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Interest expense - NCM |
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(5,835 |
) |
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(5,891 |
) |
Equity in income (loss) of affiliates |
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(6,806 |
) |
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FAQ
What were Cinemark's total revenues for Q1 2021?
Cinemark's total revenues for Q1 2021 were $114.4 million.
How much did Cinemark lose in Q1 2021?
Cinemark reported a net loss of $208.2 million in Q1 2021.
What is Cinemark's outlook for recovery?
Cinemark's CEO expressed optimism about recovery due to vaccine rollout and improving consumer sentiment.
How many theatres does Cinemark have open as of March 31, 2021?
As of March 31, 2021, Cinemark had 301 domestic and 78 international theatres open.
What was Cinemark's attendance in Q1 2021?
Cinemark's attendance in Q1 2021 was 7.7 million patrons.
Cinemark Holdings, Inc.
NYSE:CNKCNK RankingsCNK Latest NewsCNK Stock Data
4.14B
109.33M
10.61%
119.28%
19.09%
Entertainment
Services-motion Picture Theaters
United States of America
PLANO
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