"It is almost unfathomable that one year ago, we were reporting Cinemark’s fifth consecutive year of record results," says CEO Mark Zoradi as the exhibition giant reports its fourth-quarter results.
"The company’s financial results continue to be significantly impacted by the COVID-19 pandemic, as the company’s theaters were closed for an extended period of time beginning in March 2020," Cinemark said."The company began reopening domestic theaters in June 2020 and international theaters in August 2020, following enhanced health and safety protocols."
The company, led by CEO Mark Zoradi, posted a quarterly loss of $239.3 million, or $2.03 per share, compared with a profit of $26.3 million in the year-ago period, or 22 cents a share. Adjusted results before interest, taxes, depreciation and amortization, another profitability metric, swung to a loss of $97.5 million.
Cinemark, the third-largest circuit in the U.S. behind AMC Theatres and Cineworld's Regal, said that for its latest quarter attendance fell to 6.6 million patrons, admissions revenue reached $49.1 million, and concession revenue dropped to $31.5 million.
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