Home » TV & Movies » Cinemark Lost $209 Million in the First Quarter of 2021
Cinemark Lost $209 Million in the First Quarter of 2021
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<img decoding="async" width="618" height="412" src="https://www.thewrap.com/wp-content/uploads/2016/02/cinemark_earnings.jpg"></p>
<p>Cinemark’s logo on the iconography of a dollar bill</p>
<p>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.</p>
<p>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.</p>
<p>Of that revenue figure, $56.1 million came from ticket sales and $39.5 million at the concessions stand.</p>
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<p>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.</p>
<p>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.</p>
<p>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.</p>
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<p>“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.”</p>
<p>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.</p>
<p>Cinemark executives will host a conference call at 8:30 a.m. ET to discuss the quarter in greater detail.</p>
<p><img loading="lazy" decoding="async" width="150" height="150" src="https://www.thewrap.com/wp-content/uploads/2021/05/GettyImages-813860474-1-150x150.jpg"><br />
Source: <a href="https://www.thewrap.com/cinemark-q1-losses-earnings-movie-theaters/" target="_blank" rel="noopener">Read Full Article</a></p>
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