Shrinkflation has come for Cinemark, with a proposed class action accusing the movie theater chain of duping customers on concessions for its largest beverage container.
The lawsuit, filed in Texas federal court on Tuesday, claims Cinemark’s 24-ounce cups aren’t true to size and can only be filled with a maximum of 22 ounces of liquid. It claims the alleged deception is “part of its systemic packaging and pricing practice.”
For theaters, roughly half of money from ticket sales go to studios, while they get to keep all the money from food and beverage sales. Struggles in recent years to fill seats have pushed them to reimagine concession offerings and pricing, which propelled Cinemark in 2023 to record its highest concession sales of all time, according to chief executive Sean Gamble in a February earnings call.
Tuesday’s lawsuit alleges that Cinemark swindles customers by shortchanging them on sales for the 24-ounce beverage cup.
The lawsuit, filed in Texas federal court on Tuesday, claims Cinemark’s 24-ounce cups aren’t true to size and can only be filled with a maximum of 22 ounces of liquid. It claims the alleged deception is “part of its systemic packaging and pricing practice.”
For theaters, roughly half of money from ticket sales go to studios, while they get to keep all the money from food and beverage sales. Struggles in recent years to fill seats have pushed them to reimagine concession offerings and pricing, which propelled Cinemark in 2023 to record its highest concession sales of all time, according to chief executive Sean Gamble in a February earnings call.
Tuesday’s lawsuit alleges that Cinemark swindles customers by shortchanging them on sales for the 24-ounce beverage cup.
- 4/18/2024
- by Winston Cho
- The Hollywood Reporter - Movie News
Sean Gamble, CEO of major theater chain Cinemark, earned $8.8 million in overall pay in 2023, the company said in a securities filing on Tuesday.
His compensation package came as Cinemark, the third-largest theater circuit in the U.S. behind AMC Theatres and Regal Entertainment Group, continued to recover at the box office coming out of the pandemic.
Gamble, who became president and CEO of the cinema chain in January 2022, made $5.95 million in overall pay that year. And the big movers of his total pay continue to come from stock awards and a non-equity incentive plan.
In 2023, Gamble received a base salary of $900,000, just up from a base salary of $825,000 in 2022 and $687,857 in 2021.
Gamble in 2023 once again received no bonus, as happened in the previous two years. But Gamble did nab $5.4 million in stock awards, compared to $3.6 million in stock awards received in 2022, and $1.5 million in 2021.
And he received $2.44 million in a non-equity incentive plan last year,...
His compensation package came as Cinemark, the third-largest theater circuit in the U.S. behind AMC Theatres and Regal Entertainment Group, continued to recover at the box office coming out of the pandemic.
Gamble, who became president and CEO of the cinema chain in January 2022, made $5.95 million in overall pay that year. And the big movers of his total pay continue to come from stock awards and a non-equity incentive plan.
In 2023, Gamble received a base salary of $900,000, just up from a base salary of $825,000 in 2022 and $687,857 in 2021.
Gamble in 2023 once again received no bonus, as happened in the previous two years. But Gamble did nab $5.4 million in stock awards, compared to $3.6 million in stock awards received in 2022, and $1.5 million in 2021.
And he received $2.44 million in a non-equity incentive plan last year,...
- 4/2/2024
- by Etan Vlessing
- The Hollywood Reporter - Movie News
Taylor Swift’s Eras Tour concert-doc blockbuster drove a 50-cent increase in average ticket prices at Cinemark locations in the fourth quarter, a top exec at the movie theater circuit said.
Speaking to Wall Street analysts during the company’s quarterly earnings call Friday, CFO Melissa Thomas said that in addition to being able to charge more for tickets, Cinemark theaters also sold more concessions thanks to the Swifties. “Per-caps,” the industry term for concessions revenue per moviegoer, increased 14 cents during the quarter, Thomas said. The concert film grossed nearly $181 million domestically and $81 million internationally, providing a much-needed injection of hope into an otherwise depleted year-end period.
Despite the welcome Swift bump, Cinemark’s quarterly results reflected the tepid box office environment created by the dual Hollywood strikes. Total revenue rose 6.5% from a year earlier to $638.9 million and losses per share narrowed to 15 cents from 82 cents. The revenue line was better than analysts’ consensus forecast,...
Speaking to Wall Street analysts during the company’s quarterly earnings call Friday, CFO Melissa Thomas said that in addition to being able to charge more for tickets, Cinemark theaters also sold more concessions thanks to the Swifties. “Per-caps,” the industry term for concessions revenue per moviegoer, increased 14 cents during the quarter, Thomas said. The concert film grossed nearly $181 million domestically and $81 million internationally, providing a much-needed injection of hope into an otherwise depleted year-end period.
Despite the welcome Swift bump, Cinemark’s quarterly results reflected the tepid box office environment created by the dual Hollywood strikes. Total revenue rose 6.5% from a year earlier to $638.9 million and losses per share narrowed to 15 cents from 82 cents. The revenue line was better than analysts’ consensus forecast,...
- 2/16/2024
- by Dade Hayes
- Deadline Film + TV
Cinemark blew past Wall Street projections for the second consecutive quarter, reporting revenue of $942.3 million Friday for the three months ending in June as the box office continued its post-pandemic recovery.
The results came off the back of hit films like “The Super Mario Bros. Movie,” “Guardians of the Galaxy Vol. 3” and “Spider-Man: Across the Spider-Verse” and represented a 27% leap in revenue over last year’s $744.1 million.
The Plano, Texas-based company posted net income of $119.1 million, or 80 cents per share, besting consensus projections of 54 cents per share. That reversed a year-ago loss of $73.4 million, or 61 cents per share.
The results sent Cinemark shares higher. The stock gained 50 cents, or 2.9% to $17.82 in morning trading. Shares closed Thursday at $17.32, more than doubling since the start of the year.
Admissions represented $478.4 million of the quarter’s revenue, up 25% from the $381.9 million in the 2022 quarter and reflecting a 6% gain in average ticket price versus last year.
The results came off the back of hit films like “The Super Mario Bros. Movie,” “Guardians of the Galaxy Vol. 3” and “Spider-Man: Across the Spider-Verse” and represented a 27% leap in revenue over last year’s $744.1 million.
The Plano, Texas-based company posted net income of $119.1 million, or 80 cents per share, besting consensus projections of 54 cents per share. That reversed a year-ago loss of $73.4 million, or 61 cents per share.
The results sent Cinemark shares higher. The stock gained 50 cents, or 2.9% to $17.82 in morning trading. Shares closed Thursday at $17.32, more than doubling since the start of the year.
Admissions represented $478.4 million of the quarter’s revenue, up 25% from the $381.9 million in the 2022 quarter and reflecting a 6% gain in average ticket price versus last year.
- 8/4/2023
- by Jeremy Fuster
- The Wrap
Cinemark CEO Sean Gamble’s compensation soared 87% last year as he guided the movie theater chain through a post-pandemic readjustment that shaved its annual losses by a third.
Gamble took over as president and CEO of the nation’s third-largest theater chain in January 2022, after serving as chief financial officer since 2018 – and his salary bumped up along with it, according to a regulatory filing submitted Thursday.
His take-home pay rose 20%, to $825,000 from the $687,857 he earned in 2021 when he was chief financial officer.
He was also granted a $1.4 million cash bonus, up from $963,000 in 2021.
The largest increase in his compensation package, however, came from stock awards.
Gamble received more than $3.6 million in restricted stock awards, including a special grant when he took the company’s helm.
Also Read:
Ike Perlmutter Says Disney Fired Him From Marvel Over ‘Fundamental Differences,’ Denies Trying to Boot Kevin Feige
Like many publicly traded firms, the...
Gamble took over as president and CEO of the nation’s third-largest theater chain in January 2022, after serving as chief financial officer since 2018 – and his salary bumped up along with it, according to a regulatory filing submitted Thursday.
His take-home pay rose 20%, to $825,000 from the $687,857 he earned in 2021 when he was chief financial officer.
He was also granted a $1.4 million cash bonus, up from $963,000 in 2021.
The largest increase in his compensation package, however, came from stock awards.
Gamble received more than $3.6 million in restricted stock awards, including a special grant when he took the company’s helm.
Also Read:
Ike Perlmutter Says Disney Fired Him From Marvel Over ‘Fundamental Differences,’ Denies Trying to Boot Kevin Feige
Like many publicly traded firms, the...
- 4/6/2023
- by Eileen AJ Connelly
- The Wrap
Sean Gamble, CEO of Cinemark Holdings, the major exhibition chain, earned $5.95 million in overall pay in 2022, the company said in an SEC filing Thursday.
His compensation package came as Cinemark, the third-largest theater circuit in the U.S. behind AMC Theatres and Regal Entertainment Group, continued to recover at the box office last year after facing theater closures nationwide during the early stages of the Covid-19 crisis.
Gamble, who became president and CEO of the cinema chain in January 2022, continued to see the big movers of his total pay in stock awards and a non-equity incentive plan.
In 2022, the former Cinemark COO received a base salary of $825,000, against a base salary of $687,857 in 2021 as the company stepped up efforts to generate greater admissions and concessions sales as patrons returned to its theaters to see Hollywood tentpoles.
Gamble last year received no bonus, but did nab $3.6 million in stock awards, compared...
His compensation package came as Cinemark, the third-largest theater circuit in the U.S. behind AMC Theatres and Regal Entertainment Group, continued to recover at the box office last year after facing theater closures nationwide during the early stages of the Covid-19 crisis.
Gamble, who became president and CEO of the cinema chain in January 2022, continued to see the big movers of his total pay in stock awards and a non-equity incentive plan.
In 2022, the former Cinemark COO received a base salary of $825,000, against a base salary of $687,857 in 2021 as the company stepped up efforts to generate greater admissions and concessions sales as patrons returned to its theaters to see Hollywood tentpoles.
Gamble last year received no bonus, but did nab $3.6 million in stock awards, compared...
- 4/6/2023
- by Etan Vlessing
- The Hollywood Reporter - Movie News
Even with Avatar: The Way of Water on its screens, cinema giant Cinemark Holdings reported a swing to a loss in the fourth quarter amid falling revenue.
As admissions and concessions sales came up short of last year’s performance, Cinemark saw overall revenue fall to $599.7 million for the three months ended in December, compared with a year-earlier $666.7 million. The Texas-based exhibitor had 39.2 million patrons come through its cinemas during the latest quarter, down on the 48.1 million customers that came through the turnstiles in the same period of 2021.
The cinema chain posted a fourth-quarter loss of $98.8 million, compared with a year-ago profit of $6.4 million, which had marked the first profitable quarter for Cinemark since the start of the pandemic. On an analyst call, Cinemark CFO Melissa Thomas pointed to a “significant reduction in film volume” from Hollywood, compared to pre-pandemic levels, and soft box office from certain titles during holiday...
As admissions and concessions sales came up short of last year’s performance, Cinemark saw overall revenue fall to $599.7 million for the three months ended in December, compared with a year-earlier $666.7 million. The Texas-based exhibitor had 39.2 million patrons come through its cinemas during the latest quarter, down on the 48.1 million customers that came through the turnstiles in the same period of 2021.
The cinema chain posted a fourth-quarter loss of $98.8 million, compared with a year-ago profit of $6.4 million, which had marked the first profitable quarter for Cinemark since the start of the pandemic. On an analyst call, Cinemark CFO Melissa Thomas pointed to a “significant reduction in film volume” from Hollywood, compared to pre-pandemic levels, and soft box office from certain titles during holiday...
- 2/24/2023
- by Etan Vlessing
- The Hollywood Reporter - Movie News
Cinemark CEO Sean Gamble says a relative shortfall of new films likely will be the biggest headwind his company faces this year.
“Many switched into 2023” for Covid reasons, Gamble explained during the company’s first quarter earnings call, and there is a larger reconsideration of the theatrical window as major studios get their sea legs in streaming. “We expect that to be a challenge for the entirety of this year – we don’t see those gaps filling in.”
The No. 3 U.S. exhibitor reported first-quarter results ahead of Wall Street’s expectations. Total revenue came in at 460.5 million, compared with 114.4 million in the year-earlier quarter. Analysts’ consensus estimate was for 447 million.
Losses narrowed to 62 cents per share from 1.75 a year ago, beating estimates by a penny.
Gamble said he expects Cinemark to reach a “normalized level” of box office revenue by 2024. By that point, he predicted, Covid complications will have dissipated,...
“Many switched into 2023” for Covid reasons, Gamble explained during the company’s first quarter earnings call, and there is a larger reconsideration of the theatrical window as major studios get their sea legs in streaming. “We expect that to be a challenge for the entirety of this year – we don’t see those gaps filling in.”
The No. 3 U.S. exhibitor reported first-quarter results ahead of Wall Street’s expectations. Total revenue came in at 460.5 million, compared with 114.4 million in the year-earlier quarter. Analysts’ consensus estimate was for 447 million.
Losses narrowed to 62 cents per share from 1.75 a year ago, beating estimates by a penny.
Gamble said he expects Cinemark to reach a “normalized level” of box office revenue by 2024. By that point, he predicted, Covid complications will have dissipated,...
- 5/6/2022
- by Dade Hayes
- Deadline Film + TV
Sean Gamble, CEO of No. 3 exhibitor Cinemark, envisions more than just superhero fare saving the day for the theater business as it emerges from the darkest days of Covid.
“I could see more quantity of films released over time, rather than less” because of the dramatic changes in the sector, Gamble said Tuesday at the Morgan Stanley Technology, Media & Telecom Conference. That uptick in volume, he said, will be due to the rise of newer players like Apple, Netflix and Amazon, along with ongoing efforts by traditional distributors.
Cinemark has conducted extensive test-and-learn initiatives with Netflix, booking Zack Snyder’s Army of the Dead nationally for a one-week exclusive theatrical run last year. While that engagement didn’t yield big results, Gamble said more examples are in the offing, though he didn’t offer specifics. “They’re seeing the value of releasing those films, promotionally and in terms of how...
“I could see more quantity of films released over time, rather than less” because of the dramatic changes in the sector, Gamble said Tuesday at the Morgan Stanley Technology, Media & Telecom Conference. That uptick in volume, he said, will be due to the rise of newer players like Apple, Netflix and Amazon, along with ongoing efforts by traditional distributors.
Cinemark has conducted extensive test-and-learn initiatives with Netflix, booking Zack Snyder’s Army of the Dead nationally for a one-week exclusive theatrical run last year. While that engagement didn’t yield big results, Gamble said more examples are in the offing, though he didn’t offer specifics. “They’re seeing the value of releasing those films, promotionally and in terms of how...
- 3/9/2022
- by Dade Hayes
- Deadline Film + TV
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