Cinemark Lost $209 Million in the First Quarter of 2021

Tony Maglio
·2 min read

We’re still in a pandemic — especially movie theaters

Cinemark lost more money — $208.8 million — than media analysts predicted in the first quarter of 2021. The movie-theater chain did beat on revenue expectations, for what that’s worth.

Wall Street had forecast a loss per share of $1.46 on $92.96 million in revenue, according to a consensus estimate compiled by Yahoo Finance. Cinemark actually posted a loss of $1.75 per share on $114.4 million in revenue.

Of that revenue figure, $56.1 million came from ticket sales and $39.5 million at the concessions stand.

For the sake of a comparison, Cinemark lost $59.4 million in the first quarter of 2020, or -51 cents per share. Movie theaters in the U.S. were open for the majority of that year-ago quarter.

As of March 31, 2021, Cinemar had 301 domestic and 78 international theaters open. The company has an aggregate screen count of 5,872 in 523 theaters.

Cinemark plans to open six new theaters and 72 screens during the remainder of 2021, and 13 new theaters and 123 screens subsequent to the current year.

“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,” Mark Zoradi, Cinemark CEO, said in a statement on Friday. “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.”

Cinemark stock closed Thursday at $20.49 per share. The U.S. stock markets will reopen for regular trading at 9:30 a.m. ET.

Cinemark executives will host a conference call at 8:30 a.m. ET to discuss the quarter in greater detail.

Read original story Cinemark Lost $209 Million in the First Quarter of 2021 At TheWrap

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