PLANO, Texas--(BUSINESS WIRE)--Cinemark Holdings, Inc. (NYSE: CNK), one of the largest motion picture exhibitors in the world, today reported results for the three and nine months ended September 30, 2020. The Company’s financial results continue to be impacted by the COVID-19 pandemic, as the Company’s theatres were temporarily closed beginning in March 2020. The Company began reopening domestic theatres in June 2020 and international theatres in August 2020, following new health and safety protocols. As of September 30, 2020, the Company had 252 domestic and 15 international theatres open to limited hours, showing library content and some new releases. During the three months ended September 30, 2020, attendance was 1.9 million patrons, admissions revenues were $14.9 million and concession revenues were $9.1 million. Total revenues were $35.5 million for the three months ended September 30, 2020.
Net loss attributable to Cinemark Holdings, Inc. for the three months ended September 30, 2020 was $(147.6) million. Diluted loss per share for the three months ended September 30, 2020 was $(1.25) and Adjusted EBITDA for the three months ended September 30, 2020 was $(128.0) million. Reconciliations of non-GAAP financial measures are provided in the financial schedules accompanying this press release and at investors.cinemark.com.
“As the COVID-19 pandemic continues to have an unprecedented impact on the theatrical exhibition industry, our top near-term priorities remain stringently managing liquidity, driving productivity and reigniting moviegoing,” stated Mark Zoradi, Cinemark’s Chief Executive Officer. “With nearly 90% of our domestic theatres now operating, we have been encouraged by our results to-date, wherein we have been burning less cash open than when we were shut down. Significant drivers of this success have been our extensive health and safety protocols that are part of The Cinemark Standard, and innovative new ways of operating our theaters and maximizing revenues, such as the Private Watch Party concept we launched in July. We look forward to a more normalized pipeline of new film content and continuing to welcome back Cinemark moviegoers to enjoy the immersive cinematic experience they have been craving.”
Cinemark Holdings, Inc.’s total revenues for the nine months ended September 30, 2020 were $588.1 million compared to $2,494.3 million for the nine months ended September 30, 2019. For the nine months ended September 30, 2020, admissions revenues were $307.4 million and concession revenues were $199.6 million. For the nine months ended September 30, 2020, attendance was 47.7 million patrons, average ticket price was $6.44 and concession revenues per patron were $4.18.
Net loss attributable to Cinemark Holdings, Inc. for the nine months ended September 30, 2020 was $(377.6) million compared to net income attributable to Cinemark Holdings, Inc. of $165.1 million for the nine months ended September 30, 2019. Diluted loss per share for the nine months ended September 30, 2020 was $(3.22) compared to diluted earnings per share of $1.41 for the nine months ended September 30, 2019.
Adjusted EBITDA for the nine months ended September 30, 2020 was $(179.4) million compared to $566.8 million for the nine months ended September 30, 2019. Reconciliations of non-GAAP financial measures are provided in the financial schedules accompanying this press release and at investors.cinemark.com.
As of September 30, 2020, the Company’s aggregate screen count was 5,974 and the Company had commitments to open two new theatres and 16 screens during the remainder of 2020 and 20 new theatres and 205 screens subsequent to 2020.
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 533 theatres with 5,974 screens in 41 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/
