Cinemark's Q3 earnings drop to $38M on lower attendance

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Plano-based Cinemark reported that third-quarter earnings were down.

Lance Murray

Digital Content Producer- Dallas Business Journal

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Cinemark Holdings Inc., the Plano-based movie theater company, reported Thursday that its third-quarter earnings dropped because of lower attendance.

Net income in the quarter was about $38.1 million, compared to $80 million in the same quarter a year ago. Earnings per share was 33 cents per share compared to 69 cents per share a year ago.

Revenue in the quarter was $646.9 million, compared to $757.6 million in the same period of 2013.

EBITDA earnings were $141.7 million for the quarter ending Sept. 30. That compares to a profit of $190.2 million in the same quarter a year ago, the company said.

"We are pleased with our results considering we faced a much higher hurdle than our peers with a 650 basis point domestic industry outperformance in Q3 of 2013 and the headwinds of the World Cup in Brazil," Tim Warner, Cinemark's Chief Executive Officer, said in a release. "We continue to benefit from our strategic, diverse global platform and attribute our strong performance to our sustained emphasis on attendance growth."

Lance Murray edits and writes for the DBJ's website and can be reached at 214-706-7106. Subscribe to our email newsletters.