- Cinemark Holdings Inc (NYSE:CNK) reported first-quarter FY22 sales growth of 303% year-on-year to $460.5 million, marginally beating the consensus of $460.38 million.
- Some of the company's theatres were closed for a portion of the three months ended March 31, and there was limited new film content available for the theatres that had reopened.
- Admissions revenues were $235.8 million, and concession revenues were $173 million.
- Cinemark recorded an attendance of 33.1 million patrons in the quarter, with an average ticket price of $7.12 and concession revenues per patron of $5.23.
- The total cost of operations for the quarter increased 73.8% Y/Y. The operating loss was $(33) million versus $(169.5) million last year.
- EPS loss of $(0.62) missed the consensus loss of $(0.56).
- Adjusted EBITDA for the quarter was $25.2 million versus $(92) million last year.
- Cinemark held $568.6 million in cash and equivalents.
- CEO Sean Gamble said, "Despite a challenging start to the quarter due to omicron-related shifts in film content, we delivered positive Adjusted EBITDA, driven by our industry out-performance, strong concessions sales, and stringent cost management."
- Price Action: CNK shares closed lower by 5.86% at $15.09 on Thursday.
