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Cinemark Misses Wall Street Q1 Financial Targets, Confirms June 19 Reopening

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deadline.com
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By Dade Hayes Finance Editor Cinemark, the No. 3 U.S. exhibitor, reported first-quarter results below Wall Street expectations, revealing the extent of the damage done to its business by COVID-19 on its business.

Revenue for the period ending March 31 totaled $543.6 million, down 24% from the year-ago period due to the closure of theaters in March.

Wall Street analysts had been forecasting $556.6 million. Net losses of 51 cents a share undershot analysts’ expectation for 16 cents and compared with a 28-cents-per-share profit in the 2019 quarter.

In the company’s earnings release, CEO Mark Zoradi said employees have “shifted our attention to domestic re-opening, which we plan to initiate in a multi-phased approach beginning June 19.” As

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