Cinema giant Cinemark Holdings improved its second-quarter results, praising higher revenues and an ongoing industry recovery from the COVID pandemic on Friday.
The company, led by President and CEO Sean Gamble who succeeded Mark Zoradi on Jan. 1, posted a quarterly loss of $73.4 million. That compared with a loss of $142.4 million in the same period of 2021. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), another measure of profitability, rose to $138.3 million for the three months, compared to a year ago loss of $11.8 million.
Second quarter revenue increased 153 percent to $744.1 million, amid higher visitor and concession expenses compared to the same period a year ago. After all, as a result of the COVID pandemic, “for part of the three months ending June 30, 2021, some of the company’s theaters were closed and limited new movie content was available for the theaters that had reopened,” the company noted.
Major theatrical releases of the second quarter included: Top Gun: Maverick, Doctor Strange in the Multiverse of Madness and Jurassic World Dominion.
“Continued improvement in consumer confidence, as well as a more consistent release cadence of compelling new films with broad consumer appeal and an exclusive cinema window, delivered the highest quarterly box office since the onset of COVID-19,” Gamble said. “Cinemark fully delivered on this sustained recovery in the second quarter, including domestic box office performance that outperformed North American industry results by more than 300 basis points with the largest market share gain of any major exhibitor when comparing the second quarter of 2022 to the second quarter of 2019.”
He added, “Likewise, our Latin American admissions in the second quarter outperformed the corresponding industry benchmark by approximately 400 basis points over the same period.”
The CEO concluded: “As a result of our continued investments over the years, the operational improvements we have made during the pandemic and the continued progress we are making through our strategic initiatives, we believe Cinemark remains exceptionally well positioned to support the ongoing recovery. of our industry and take full advantage of the ongoing revival.”
Cinemark, headquartered in Plano, Texas, has 520 movie theaters with 5,849 screens in 42 US states and 15 countries in South and Central America. The circuit is made up of several brands including Century, Tinseltown and Rave.