Cinemark Holdings, Inc. Reports Revenues of $744.4 Million and Adjusted EBITDA of $168.4 Million for the Second Quarter of 2016

Cinemark Holdings, Inc. Reports Revenues of $744.4 Million and Adjusted EBITDA of $168.4 Million for the Second Quarter of 2016

Cinemark Holdings, Inc. (NYSE: CNK), one of the largest motion picture exhibitors in the world, today reported results for the three and six months ended June 30, 2016.

Cinemark Holdings, Inc.’s total revenues for the three months ended June 30, 2016 were $744.4 million compared to $799.9 million for the three months ended June 30, 2015. For the three months ended June 30, 2016, admissions revenues were $456.1 million and concession revenues were $253.6 million. Concession revenues per patron increased 2.7% to $3.47 and average ticket price was $6.25 for the three months ended June 30, 2016.

Adjusted EBITDA for the three months ended June 30, 2016 was $168.4 million compared to $194.5 million for the three months ended June 30, 2015. Reconciliations of non-GAAP financial measures are provided in the financial schedules accompanying this press release.

Net income attributable to Cinemark Holdings, Inc. for the three months ended June 30, 2016 was approximately $53.9 million compared to $70.3 million for the three months ended June 30, 2015. Diluted earnings per share for the three months ended June 30, 2016 was $0.46 compared to $0.61 for the three months ended June 30, 2015.

“While our industry faced a challenging second quarter box office hurdle, given last year’s all-time record-setting benchmark, we are pleased that our continued execution on our key initiatives yet again enabled Cinemark to outperform the industry. Our U.S. segment surpassed the North American industry’s box office by 120 basis points in the second quarter, marking 27 out of the past 30 quarters of outperformance. Furthermore, our international segment continues to demonstrate recession-resistant strength, having attracted a consistent number of patrons despite last year’s all-time high, as well as the economic and political challenges that exist across Latin America,” stated Mark Zoradi, Cinemark’s Chief Executive Officer. Mr. Zoradi continued, “Year-to-date industry box office has increased more than 3% through July, which has surpassed everyone's expectations, and we remain enthusiastic about the film content for the remainder of this year, as well as coming years, and how it will appeal to our patrons.”

Cinemark Holdings, Inc.’s total revenues for the six months ended June 30, 2016 increased to $1,449.3 million from $1,445.3 million for the six months ended June 30, 2015. During the six months ended June 30, 2016, admissions revenues were $891.9 million and concession revenues increased 3.7% to $491.4 million. Attendance increased 2.3% to 145.5 million patrons. Concession revenues per patron increased 1.5% to $3.38 and average ticket price was $6.13 for the six months ended June 30, 2016.

Adjusted EBITDA for the six months ended June 30, 2016 increased 1.2% to $353.0 million, compared to $348.9 million for the six months ended June 30, 2015. Reconciliations of non-GAAP financial measures are provided in the financial schedules accompanying this press release.

Net income attributable to Cinemark Holdings, Inc. for the six months ended June 30, 2016 was $112.4 million compared to $112.8 million for the six months ended June 30, 2015. Net income for the six months ended June 30, 2016 was impacted by a loss on debt amendments and refinancing of $13.3 million, which was primarily due to the refinancing of the Company’s 7.375% senior subordinated notes with an add-on to the Company’s 4.875% senior notes. Diluted earnings per share for the six months ended June 30, 2016 was consistent with the six months ended June 30, 2015 at $0.97, even with the aforementioned loss on debt amendments and refinancing.

On June 30, 2016, the Company’s aggregate screen count was 5,888. As of June 30, 2016, the Company had signed commitments to open nine new theatres and 69 screens by the end of 2016 and open 12 new theatres with 109 screens subsequent to 2016.

Conference Call/Webcast – Today at 8:30AM ET

Telephone: via 800-374-1346 or 706-679-3149 (for international callers).

Live Webcast/Replay: Available live at investors.cinemark.com. A replay will be available following the call and archived for a limited time.

About Cinemark Holdings, Inc.

Cinemark is a leading domestic and international motion picture exhibitor, operating 522 theatres with 5,888 screens in 41 U.S. states, Brazil, Argentina and 13 other Latin American countries as of June 30, 2016. For more information go to investors.cinemark.com.

Forward-looking Statements

This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The “forward-looking statements” include our current expectations, assumptions, estimates and projections about our business and our industry. They include statements relating to future revenues, expenses and profitability, the future development and expected growth of our business, projected capital expenditures, attendance at movies generally or in any of the markets in which we operate, the number or diversity of popular movies released and our ability to successfully license and exhibit popular films, national and international growth in our industry, competition from other exhibitors and alternative forms of entertainment and determinations in lawsuits in which we are defendants. You can identify forward-looking statements by the use of words such as “may,” “should,” “could,” “estimates,” “predicts,” “potential,” “continue,” “anticipates,” “believes,” “plans,” “expects,” “future” and “intends” and similar expressions which are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. In evaluating forward-looking statements, you should carefully consider the risks and uncertainties described in the “Risk Factors” section or other sections in the Company’s Annual Report on Form 10-K filed February 24, 2016 and quarterly reports on Form 10-Q. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements and risk factors. Forward-looking statements contained in this press release reflect our view only as of the date of this press release. We undertake no obligation, other than as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Cinemark Holdings, Inc.
Financial Contact:
Chanda Brashears, 972-665-1671
cbrashears@cinemark.com
Media Contact:
James Meredith, 972-665-1060
communications@cinemark.com

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