Cinemark Returned to (Slight) Profitability in Final Quarter of 2021
thewrap.comCinemark reported its fourth-quarter and full-year 2021 earnings early Friday morning.Wall Street forecast a loss of 13 cents on $601.29 million in revenue.
Cinemark reported earnings of 5 cents on $666.7 million in revenue.Q4’s big theatrical releases included “Spider-Man: No Way Home,” “Dune,” “Ghostbusters: Afterlife,” “Venom 2,” “No Time to Die,” “Halloween Kills,” “Eternals” “Encanto” and “Sing 2.” “West Side Story” was also out there, but it tanked.For the three months ended December 31, 2021, admissions revenues were $344.9 million and concession revenues were $248.1 million, driven by attendance of 48.1 million patrons.
Average ticket price was $7.17, and concession revenues per patron were $5.16.“The theatrical exhibition industry, and our company, made huge strides recovering from the ongoing effects of the pandemic throughout 2021, culminating in an exceptional fourth quarter,” stated Sean Gamble, Cinemark’s President & CEO. “During the quarter, Cinemark surpassed North American industry box office performance by more than 700 basis points when comparing results against 4Q19.
Our Latin American admissions also over-indexed their corresponding industry benchmarks by a similar degree.”Gamble continued, “Over 48 million guests visited our Cinemark theaters in the fourth quarter, demonstrating an enduring consumer demand to experience great films in an immersive, shared, cinematic environment.
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