Cinemark Lost Nearly $240 Million in Final Quarter of 2020
Cinemark lost nearly $240 million ($239.3 million) in the final quarter of 2020, the movie-theater chain revealed on Friday.
Wall Street had forecast a loss of $1.46 per share on revenue of $79.77 million, according to a consensus of 11 analysts compiled by Yahoo Finance. Cinemark reported a diluted loss per share of $2.03 on revenue of $98.2 million.
As of December 31, 2020, Cinemark had 217 domestic and 129 international movie theaters open. They operated at limited hours and showed mostly library. There were *some* new releases.
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“It is almost unfathomable that one year ago, we were reporting Cinemark’s fifth consecutive year of record results with the North American industry touting the second-highest grossing box office of all-time,” Mark Zoradi, Cinemark CEO, said in a prepared statement accompanying his company’s earnings. “While COVID-19 has caused significant distress to our industry and our company, Cinemark has maintained discipline and consistency, while demonstrating relentless perseverance and agility.”
“We remain highly confident in the rebound of our industry once the virus is more contained, as evidenced by recent box office results in China, Japan and Australia,” he continued. “Cinemark was well-positioned heading into the crisis, and we have adapted and evolved the way we operate to navigate the current environment, and to ensure we remain successful and further solidify our leadership position as theatrical moviegoing resurges.”
Cinemark stock (CNK) closed Thursday afternoon at $22.79 per share. The stock markets will reopen at 9:30 a.m. ET.
Zoradi and other Cinemark executives will host a conference call at 8:30 a.m. ET to discuss the fourth quarter and full-year in greater detail.
More to come…
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