Movie theater owner Cinemark Holdings reported first-quarter revenue of $572.9 million for the three months ended March 31, down 5 percent from $610.8 million in the prior year.
That beat a Wall Street analysts estimate for overall revenue at $558.2 million. Overall attendance fell to 40.0 million patrons across its global footprint, down from 42.9 million customers in 2023, due to last year’s Hollywood strikes and their impact on the studio movie supply.
Admissions revenue came in at $289.8 million, down 6.8 percent from $311.0 million, and concession revenue also fell 5 percent to $224.2 million from a year-earlier $235.8 million, as food and drink sales were hit by the attendance decline, including in Latin America.
The company reported a net profit of $24.8 million, compared to a loss of $3.1 million in the prior year, though, helped by a gain of $27.7 million from an income tax benefit due mainly to the release of valuation allowances in certain foreign markets. The diluted earnings per share was 19 cents,...
That beat a Wall Street analysts estimate for overall revenue at $558.2 million. Overall attendance fell to 40.0 million patrons across its global footprint, down from 42.9 million customers in 2023, due to last year’s Hollywood strikes and their impact on the studio movie supply.
Admissions revenue came in at $289.8 million, down 6.8 percent from $311.0 million, and concession revenue also fell 5 percent to $224.2 million from a year-earlier $235.8 million, as food and drink sales were hit by the attendance decline, including in Latin America.
The company reported a net profit of $24.8 million, compared to a loss of $3.1 million in the prior year, though, helped by a gain of $27.7 million from an income tax benefit due mainly to the release of valuation allowances in certain foreign markets. The diluted earnings per share was 19 cents,...
- 5/2/2024
- 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 reported a narrowed fourth-quarter loss of $18 million, compared to a year-earlier loss of $99.3 million, as revenue rose 6.5 percent to $638.9 million, the exhibition giant reported Friday.
Quarterly adjusted earnings before interest, taxes, depreciation and amortization (Ebitda), another profitability metric, grew to $79.6 million from $73.5 million a year ago. On the earnings call, CEO Sean Gamble noted that the the total 2023 adjusted Ebitda recovered to within 20 percent of 2019 levels, with 25 percent less attendance.
For the three months to Dec. 31, admissions revenue increased 5.8 percent to $322.4 million, while concession revenue jumped 7.7 percent to $243 million, “driven by a 3.6 percent increase in attendance to 40.6 million patrons,” Cinemark said. Its worldwide average ticket price was $7.94, with concession revenue per patron coming in at $5.99. Domestically, the average ticket price was up 2 percent year-over-year, reaching an all-time high of $10.21 in the quarter, which management said was driven primarily by the elevated ticket pricing and box office success of Taylor...
Quarterly adjusted earnings before interest, taxes, depreciation and amortization (Ebitda), another profitability metric, grew to $79.6 million from $73.5 million a year ago. On the earnings call, CEO Sean Gamble noted that the the total 2023 adjusted Ebitda recovered to within 20 percent of 2019 levels, with 25 percent less attendance.
For the three months to Dec. 31, admissions revenue increased 5.8 percent to $322.4 million, while concession revenue jumped 7.7 percent to $243 million, “driven by a 3.6 percent increase in attendance to 40.6 million patrons,” Cinemark said. Its worldwide average ticket price was $7.94, with concession revenue per patron coming in at $5.99. Domestically, the average ticket price was up 2 percent year-over-year, reaching an all-time high of $10.21 in the quarter, which management said was driven primarily by the elevated ticket pricing and box office success of Taylor...
- 2/16/2024
- by Georg Szalai and Caitlin Huston
- The Hollywood Reporter - Movie News
It’s Day 4 of the 2023 writers strike, and while some early impacts to television are already being felt, those in the theatrical business aren’t sweating things just yet.
Both AMC and Cinemark, the largest and third largest theater chains in the country respectively, held their quarterly earnings calls on Friday morning, when each were asked by analysts how they feel a writers strike could have an impact on their businesses. The short answer? It won’t, unless the strike becomes very “prolonged.”
“Look, we’re very sympathetic to the real problems that exist for members of the Writers Guild. Streaming has changed the landscape of television, it’s changed the economics of what writers earn. We are hopeful that the Hollywood producers and the Writers Guild can work in good faith to craft a solution that’s good for all parties,” AMC CEO Adam Aron said Friday morning. “As...
Both AMC and Cinemark, the largest and third largest theater chains in the country respectively, held their quarterly earnings calls on Friday morning, when each were asked by analysts how they feel a writers strike could have an impact on their businesses. The short answer? It won’t, unless the strike becomes very “prolonged.”
“Look, we’re very sympathetic to the real problems that exist for members of the Writers Guild. Streaming has changed the landscape of television, it’s changed the economics of what writers earn. We are hopeful that the Hollywood producers and the Writers Guild can work in good faith to craft a solution that’s good for all parties,” AMC CEO Adam Aron said Friday morning. “As...
- 5/5/2023
- by Brian Welk
- Indiewire
Theaters have been in “build back” mode since reopening after the pandemic, but the leadership of the largest chains see bright days ahead as more films are released theatrically before they’re made available on streaming services.
AMC Theaters and Cinemark on Thursday both reported solid audience growth for the first quarter.
AMC, the largest chain in the U.S. with over 7,500 screens, said the number of people in seats jumped 25% domestically. It also saw a 15% gain internationally, and said audience numbers in Europe are nearing pre-pandemic norms.
The increased audience numbers helped lift AMC revenue by 21.5% to $954.4 million.
Cinemark, the third largest U.S. chain with about 4,400 screens, saw an even greater leap, with audience numbers up 30% in the U.S. thanks to a wave of hits that began with 2022 holdovers “Avatar: The Way of Water” and “Puss in Boots: The Last Wish,” and continued with new releases like...
AMC Theaters and Cinemark on Thursday both reported solid audience growth for the first quarter.
AMC, the largest chain in the U.S. with over 7,500 screens, said the number of people in seats jumped 25% domestically. It also saw a 15% gain internationally, and said audience numbers in Europe are nearing pre-pandemic norms.
The increased audience numbers helped lift AMC revenue by 21.5% to $954.4 million.
Cinemark, the third largest U.S. chain with about 4,400 screens, saw an even greater leap, with audience numbers up 30% in the U.S. thanks to a wave of hits that began with 2022 holdovers “Avatar: The Way of Water” and “Puss in Boots: The Last Wish,” and continued with new releases like...
- 5/5/2023
- by Eileen AJ Connelly
- The Wrap
Echoing sentiments shared by the overall industry, AMC Theaters CEO Adam Aron discussed the ongoing WGA strike in sympathetic terms while assuring investors that the impact on the theatrical pipeline would be minimal at worst.
“We’re very sympathetic to the real problems that exist for members of the Writers Guild,” stated Aron in Friday’s earnings call. “Streaming has changed the landscape of television, changed the economics of what writers earn. We are hopeful that the Hollywood producers and the Writers Guild can work in good faith to craft a solution that works for all parties.”
In sentiments that were echoed by Cinemark CEO Sean Gamble who also had a quarterly earnings reveal and conference call on Friday, Aron noted that only a long strike by screenwriters would disrupt the cinematic pipeline, be it theatrical releases or films intended for streaming. Many upcoming films have wrapped production and all...
“We’re very sympathetic to the real problems that exist for members of the Writers Guild,” stated Aron in Friday’s earnings call. “Streaming has changed the landscape of television, changed the economics of what writers earn. We are hopeful that the Hollywood producers and the Writers Guild can work in good faith to craft a solution that works for all parties.”
In sentiments that were echoed by Cinemark CEO Sean Gamble who also had a quarterly earnings reveal and conference call on Friday, Aron noted that only a long strike by screenwriters would disrupt the cinematic pipeline, be it theatrical releases or films intended for streaming. Many upcoming films have wrapped production and all...
- 5/5/2023
- by Scott Mendelson
- The Wrap
Warner Bros. Discovery chief David Zaslav did not address the WGA writers strike on Friday’s Q1 earnings call. He didn’t have to — nobody asked.
Wbd’s first-quarter 2023 earnings came out Friday at 7 a.m. Et; the conference call kicked off an hour later. Zaslav and his CFO Gunnar Wiedenfels did not address the Writers Guild of America boycott in their prepared remarks, which spanned the first half of the hour-long call. And then in the second half, no media analysts asked them about it. That probably resulted in a pretty satisfying 9 a.m. Et shrug from the company’s senior executives; they were definitely prepared for the expected query, we hear.
So why did no one step up to the plate? One equity analyst told IndieWire that institutional investors are just not that as interested in the topic as the press — at least, not yet. That’s fair.
Wbd’s first-quarter 2023 earnings came out Friday at 7 a.m. Et; the conference call kicked off an hour later. Zaslav and his CFO Gunnar Wiedenfels did not address the Writers Guild of America boycott in their prepared remarks, which spanned the first half of the hour-long call. And then in the second half, no media analysts asked them about it. That probably resulted in a pretty satisfying 9 a.m. Et shrug from the company’s senior executives; they were definitely prepared for the expected query, we hear.
So why did no one step up to the plate? One equity analyst told IndieWire that institutional investors are just not that as interested in the topic as the press — at least, not yet. That’s fair.
- 5/5/2023
- by Tony Maglio
- Indiewire
Movie theater owner Cinemark Holdings reported total revenue of $610.8 million, up from $460.5 million in the prior year in the three months ended March 31.
Overall attendance increased 29.6 percent to 42.9 million patrons. This drove admissions revenue up 31.9 percent to $311.0 million and concession revenue up 36.3 percent to $235.8 million. The company reported a net loss of $3.1 million compared with a loss of $74.0 million in the prior year.
CEO Sean Gamble highlighted Avatar: The Way of Water, Creed III, Scream Six, John Wick: Chapter Four, Megan, Dungeons and Dragons: Honor Among Thieves, Ant Man and the Wasp: Quantumania and Cocaine Bear among the films driving results. He added that April was also a strong month at the box office, which helped lead the company on Monday to pay down a further $100 million on the incremental debt it secured during the pandemic.
The company has tried to be careful with its pricing as it recovers from the pandemic,...
Overall attendance increased 29.6 percent to 42.9 million patrons. This drove admissions revenue up 31.9 percent to $311.0 million and concession revenue up 36.3 percent to $235.8 million. The company reported a net loss of $3.1 million compared with a loss of $74.0 million in the prior year.
CEO Sean Gamble highlighted Avatar: The Way of Water, Creed III, Scream Six, John Wick: Chapter Four, Megan, Dungeons and Dragons: Honor Among Thieves, Ant Man and the Wasp: Quantumania and Cocaine Bear among the films driving results. He added that April was also a strong month at the box office, which helped lead the company on Monday to pay down a further $100 million on the incremental debt it secured during the pandemic.
The company has tried to be careful with its pricing as it recovers from the pandemic,...
- 5/5/2023
- by Caitlin Huston
- The Hollywood Reporter - Movie News
Cinemark posted a dramatically smaller loss for the first quarter, besting analyst expectations as the national theater chain saw customers return to the movies in droves.
The Plano, Texas-based company said revenue leaped 32% to $610.7 million for the three months ended March 31, compared with $460.5 million for the 2022 first quarter. Analysts polled by Zacks Investment Services had on average expected revenue of $569 million, and the actual figure exceeded even the highest estimate tracked by the service.
The company noted that the volume of wide-release theatrical films in the quarter increased by more than 25% over the 2022 period. Full-year volume is tracking better than expected, with 110 wide-release films on the docket.
Also Read:
AMC Cuts Q1 Loss by 30% Ahead of Big Summer Box Office, Topping Wall Street Expectations
Admissions revenue soared 32% to $311 million, including $244.7 million in the U.S., up 27.5% from last year. Concession revenue leaped 36% to $235.8 million, including $186.8 million in the U.S.
The Plano, Texas-based company said revenue leaped 32% to $610.7 million for the three months ended March 31, compared with $460.5 million for the 2022 first quarter. Analysts polled by Zacks Investment Services had on average expected revenue of $569 million, and the actual figure exceeded even the highest estimate tracked by the service.
The company noted that the volume of wide-release theatrical films in the quarter increased by more than 25% over the 2022 period. Full-year volume is tracking better than expected, with 110 wide-release films on the docket.
Also Read:
AMC Cuts Q1 Loss by 30% Ahead of Big Summer Box Office, Topping Wall Street Expectations
Admissions revenue soared 32% to $311 million, including $244.7 million in the U.S., up 27.5% from last year. Concession revenue leaped 36% to $235.8 million, including $186.8 million in the U.S.
- 5/5/2023
- by Jeremy Fuster and Eileen AJ Connelly
- 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
Cinemas stocks got a boost Thursday after a report that Apple plans to splash $1 billion a year on producing movies that will be sent to theaters.
Bloomberg, citing unnamed sources, reported that the tech giant plans to release a few movies in theaters this year, while ramping up its theatrical slate for a greater number of releases in future years. Apple could not be reached for direct comment on its push into theatrical releases, but it has been well telegraphed.
The tech giant recently hired former Disney marketing and content exec Ricky Strauss to join Apple TV+, which suggests Apple is serious about growing its streaming division and potentially its theatrical film efforts. And Apple, in recent discussions with major exhibitors, has indicated it wants to follow Amazon with its own $1 billion theatrical movie push.
Amazon’s theatrical plan, which includes releasing 12 to 15 movies a year, follows its purchase last...
Bloomberg, citing unnamed sources, reported that the tech giant plans to release a few movies in theaters this year, while ramping up its theatrical slate for a greater number of releases in future years. Apple could not be reached for direct comment on its push into theatrical releases, but it has been well telegraphed.
The tech giant recently hired former Disney marketing and content exec Ricky Strauss to join Apple TV+, which suggests Apple is serious about growing its streaming division and potentially its theatrical film efforts. And Apple, in recent discussions with major exhibitors, has indicated it wants to follow Amazon with its own $1 billion theatrical movie push.
Amazon’s theatrical plan, which includes releasing 12 to 15 movies a year, follows its purchase last...
- 3/23/2023
- by Etan Vlessing
- The Hollywood Reporter - Movie News
As Netflix, Amazon and other streamers compete for a best picture win at the Oscars this weekend, exhibitors will be placing bets on tech giants sending more of their movies to theaters rather than to their online services.
“They’ve been expressing plans to get more significantly into theatrical distribution for some time and that’s starting to actually take place now,” Cinemark CEO Sean Gamble said of online retailer Amazon making good on plans to spend $1 billion a year on theatrical film releases after acquiring MGM Studios for $8.45 billion.
Ben Affleck’s upcoming sports drama Air from Amazon Studios is set to open in theaters worldwide on April 5 in advance of its debut on Amazon’s Prime Video. Gamble, speaking during an appearance at the Morgan Stanley Tmt Investor Conference on Tuesday, pointed to other theatrical release experiments by streamers, including Netflix’s Glass Onion: A Knives Out Mystery...
“They’ve been expressing plans to get more significantly into theatrical distribution for some time and that’s starting to actually take place now,” Cinemark CEO Sean Gamble said of online retailer Amazon making good on plans to spend $1 billion a year on theatrical film releases after acquiring MGM Studios for $8.45 billion.
Ben Affleck’s upcoming sports drama Air from Amazon Studios is set to open in theaters worldwide on April 5 in advance of its debut on Amazon’s Prime Video. Gamble, speaking during an appearance at the Morgan Stanley Tmt Investor Conference on Tuesday, pointed to other theatrical release experiments by streamers, including Netflix’s Glass Onion: A Knives Out Mystery...
- 3/7/2023
- by Etan Vlessing
- The Hollywood Reporter - Movie News
After a disappointing late summer and fall, major movie theater chains pinned hopes on a run of tentpoles that could help prop up the box office — and their bottom lines — from Black Adam to Black Panther: Wakanda Forever and Avatar: The Way of Water. But, one by one, in reporting fourth-quarter earnings in February and early March, the top chains all posted revenue that fell short of even the comparable quarter in 2021, when the industry was in the thick of the pandemic.
While the impact of The Way of Water, the $2.2 billion grosser that opened Dec. 16, won’t be fully felt until exhibitors report first-quarter results in the spring, the fourth-quarter numbers aren’t encouraging. That’s especially so when studio executives, from Warner Bros. Discovery CEO David Zaslav to Paramount Global chief Bob Bakish, have touted the important flywheel effect of launching their tentpoles in theaters instead of sending...
While the impact of The Way of Water, the $2.2 billion grosser that opened Dec. 16, won’t be fully felt until exhibitors report first-quarter results in the spring, the fourth-quarter numbers aren’t encouraging. That’s especially so when studio executives, from Warner Bros. Discovery CEO David Zaslav to Paramount Global chief Bob Bakish, have touted the important flywheel effect of launching their tentpoles in theaters instead of sending...
- 3/7/2023
- by Etan Vlessing
- The Hollywood Reporter - Movie News
Want a movie to click with streaming audiences? The key may be to leave it running in theaters. Ringing up some box office along the way doesn’t hurt, either.
Direct-to-streaming and day-and-date strategies, pragmatic moves during the pandemic when theaters were either closed or shunned by wary audiences, are fading in popularity as Wall Street and Hollywood run the numbers. Even limited releases — the token placement of a movie in theaters to satisfy talent or qualify for awards — may not be enough to get the benefit of exposure in theaters, executives at a range of companies told investors in recent days.
Warner Bros. Discovery’s David Zaslav noted in his company’s Thursday earnings call that direct-to-hbo Max movies provided “no value” to Warner Bros. He said he would push Warner’s future slate, including films like “The Flash” and the just-announced “Lord of the Rings” franchise relaunch, to...
Direct-to-streaming and day-and-date strategies, pragmatic moves during the pandemic when theaters were either closed or shunned by wary audiences, are fading in popularity as Wall Street and Hollywood run the numbers. Even limited releases — the token placement of a movie in theaters to satisfy talent or qualify for awards — may not be enough to get the benefit of exposure in theaters, executives at a range of companies told investors in recent days.
Warner Bros. Discovery’s David Zaslav noted in his company’s Thursday earnings call that direct-to-hbo Max movies provided “no value” to Warner Bros. He said he would push Warner’s future slate, including films like “The Flash” and the just-announced “Lord of the Rings” franchise relaunch, to...
- 2/28/2023
- by Scott Mendelson
- The Wrap
Amazon’s upcoming wide release of Ben Affleck and Matt Damon’s Nike movie Air exclusively in theaters in April “could represent the start of a substantive move into theatrical exhibition by streaming companies,” said Sean Gamble, chief executive of nation’s third-largest movie chain.
Amazon last month releaves plans to give Air a wide theatrical release April 5, the streamer’s first wide release since Mindy Kaling’s Late Night in the summer of 2019. It provided the pic with a nice opening Super Bowl ad. Content from streamers could help boost a wide release slate that badly needs boosting to over 100 films this year or beyond, creeping back to the average 130 releases pre-Covid.
“All of our traditional studio partners are insisting that theatrical is a better way of creating value,” Gamble said on a call after quarterly earnings. Movies with a theatrical window are more lucrative “and end up being better value for streaming platforms,...
Amazon last month releaves plans to give Air a wide theatrical release April 5, the streamer’s first wide release since Mindy Kaling’s Late Night in the summer of 2019. It provided the pic with a nice opening Super Bowl ad. Content from streamers could help boost a wide release slate that badly needs boosting to over 100 films this year or beyond, creeping back to the average 130 releases pre-Covid.
“All of our traditional studio partners are insisting that theatrical is a better way of creating value,” Gamble said on a call after quarterly earnings. Movies with a theatrical window are more lucrative “and end up being better value for streaming platforms,...
- 2/24/2023
- by Jill Goldsmith
- Deadline Film + TV
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
While the box office climbed out of its August-September slump during the final quarter of 2022, Cinemark still reported a quarterly loss of $99.3 million, or 82 cents per share, amid a sluggish Thanksgiving holiday and a Christmas hampered by winter storms throughout much of the U.S.
Cinemark reported revenue of $599.7 million for the fourth quarter of 2022, a 10% drop from last year’s $666.7 million, and well below the prior quarter’s $650 million. The results came in ahead of the average Wall Street estimate for $568.5 million in revenue, according to Zacks Investment Research.
Revenue for the quarter broke down to $304.6 million for admissions, an 11% jump over the 2021 fourth quarter, and $225.7 in concessions, a 9% drop from the prior year. The admissions gains came despite a 19% decline in worldwide attendance during the quarter from last year, to 39.2 million. In the U.S., attendance also dropped 19%, to 25.1 million. The company reported an 82 cents loss per share,...
Cinemark reported revenue of $599.7 million for the fourth quarter of 2022, a 10% drop from last year’s $666.7 million, and well below the prior quarter’s $650 million. The results came in ahead of the average Wall Street estimate for $568.5 million in revenue, according to Zacks Investment Research.
Revenue for the quarter broke down to $304.6 million for admissions, an 11% jump over the 2021 fourth quarter, and $225.7 in concessions, a 9% drop from the prior year. The admissions gains came despite a 19% decline in worldwide attendance during the quarter from last year, to 39.2 million. In the U.S., attendance also dropped 19%, to 25.1 million. The company reported an 82 cents loss per share,...
- 2/24/2023
- by Jeremy Fuster and Eileen AJ Connelly
- The Wrap
Cinemark founder Lee Roy Mitchell is stepping down from the exhibition giant’s board of directors after a near 40-year career.
He and his wife, Tandy, launched Cinemark in 1984, when he first took a seat in the boardroom. Mitchell served as CEO until 2006, and moved from his role as executive chairman to member of the board last year.
Kevin Mitchell, who founded and served as CEO of ShowBiz Cinemas until he sold his stake in the company in late 2021, will succeed Mitchell as a director of Cinemark, which is led by Sean Gamble as president and CEO.
“Our strategic vision was to build a leading global cinema circuit, and I am humbled to have worked alongside such an incredible leadership team and board to execute upon that vision. Kevin is a natural successor given his considerable industry knowledge and experience gleaned over the past three decades,” Mitchell said of his...
He and his wife, Tandy, launched Cinemark in 1984, when he first took a seat in the boardroom. Mitchell served as CEO until 2006, and moved from his role as executive chairman to member of the board last year.
Kevin Mitchell, who founded and served as CEO of ShowBiz Cinemas until he sold his stake in the company in late 2021, will succeed Mitchell as a director of Cinemark, which is led by Sean Gamble as president and CEO.
“Our strategic vision was to build a leading global cinema circuit, and I am humbled to have worked alongside such an incredible leadership team and board to execute upon that vision. Kevin is a natural successor given his considerable industry knowledge and experience gleaned over the past three decades,” Mitchell said of his...
- 2/15/2023
- by Etan Vlessing
- The Hollywood Reporter - Movie News
Cinemark, which saw box office momentum buoy second quarter financials, said August and September will be tougher as new release volume dips.
CEO Sean Gamble told Wall Street on a post-earnings call that the nation’s third largest exhibitor is optimistic on the business, but that the pace of an ongoing recovery depends on consumer sentiment regarding the pandemic, sustained quality and diversity of new films, and the number releases.
After a string of blockbusters led by Top Gun: Maverick, the industry is girding for a slowdown on seasonality, pandemic-related production delays, and film release date shifts. Late fall and winter picks up, with highlights Black Adam, Black Panther: Wakanda Forever. Puss In Boots: The Last Wish. Shazam: Fury of the Gods, Avatar: The Way Of Water and others.
Cinemark earlier posted narrower and revenue for the three months ended in June. The former was up 152 to 744 from 294 million. Admissions...
CEO Sean Gamble told Wall Street on a post-earnings call that the nation’s third largest exhibitor is optimistic on the business, but that the pace of an ongoing recovery depends on consumer sentiment regarding the pandemic, sustained quality and diversity of new films, and the number releases.
After a string of blockbusters led by Top Gun: Maverick, the industry is girding for a slowdown on seasonality, pandemic-related production delays, and film release date shifts. Late fall and winter picks up, with highlights Black Adam, Black Panther: Wakanda Forever. Puss In Boots: The Last Wish. Shazam: Fury of the Gods, Avatar: The Way Of Water and others.
Cinemark earlier posted narrower and revenue for the three months ended in June. The former was up 152 to 744 from 294 million. Admissions...
- 8/5/2022
- by Jill Goldsmith
- Deadline Film + TV
Thanks to lower costs compared to its competitors, Cinemark was able to ride the early summer box office surge to a strong second quarter, with 744.1 million in revenue reported, beating Wall Street projections of approximately 733 million.
That revenue total is up from the 460.5 million grossed in Q1 2022, with 381.9 million coming from ticket sales and 286 million coming from concessions. After reporting a net loss of 72.5 million last quarter, Cinemark reported a net loss of 73.4 million, which equates to diluted loss per share of 61 cents. Last quarter, Cinemark reported diluted loss per share of 62 cents.
Also Read:
Dinesh D’Souza’s Election Lie Film ‘2000 Mules’ Grosses 751,000 in Cinemark-Boosted Limited Release
“Continued improvement in consumer sentiment, as well as a more consistent release cadence of compelling new films with broad consumer appeal and an exclusive theatrical window, yielded the highest quarterly box office since the inception of Covid-19,” said Sean Gamble, Cinemark’s president and CEO,...
That revenue total is up from the 460.5 million grossed in Q1 2022, with 381.9 million coming from ticket sales and 286 million coming from concessions. After reporting a net loss of 72.5 million last quarter, Cinemark reported a net loss of 73.4 million, which equates to diluted loss per share of 61 cents. Last quarter, Cinemark reported diluted loss per share of 62 cents.
Also Read:
Dinesh D’Souza’s Election Lie Film ‘2000 Mules’ Grosses 751,000 in Cinemark-Boosted Limited Release
“Continued improvement in consumer sentiment, as well as a more consistent release cadence of compelling new films with broad consumer appeal and an exclusive theatrical window, yielded the highest quarterly box office since the inception of Covid-19,” said Sean Gamble, Cinemark’s president and CEO,...
- 8/5/2022
- by Jeremy Fuster and Jethro Nededog
- The Wrap
Click here to read the full article.
Movie theater giant Cinemark Holdings improved its bottom line in the second quarter and on Friday touted higher revenue and a continued industry recovery from the Covid-19 pandemic.
The company, led by president and CEO Sean Gamble who succeeded Mark Zoradi on Jan. 1, posted a quarterly loss of 73.4 million. That compared with a loss of 142.4 million in the same period of 2021. Adjusted earnings before interest, taxes, depreciation and amortization (Ebitda), another profitability metric, swung to 138.3 million for the three months, compared with a year-ago loss of 11.8 million.
Second-quarter revenue jumped 153 percent to 744.1 million amid higher attendance and concession spending compared with the year-ago period. After all, due to the Covid pandemic, “for a portion of the three months ended June 30, 2021, some of the company’s theatres were closed and there was limited new film content available for the theatres that had reopened,” the firm noted.
Movie theater giant Cinemark Holdings improved its bottom line in the second quarter and on Friday touted higher revenue and a continued industry recovery from the Covid-19 pandemic.
The company, led by president and CEO Sean Gamble who succeeded Mark Zoradi on Jan. 1, posted a quarterly loss of 73.4 million. That compared with a loss of 142.4 million in the same period of 2021. Adjusted earnings before interest, taxes, depreciation and amortization (Ebitda), another profitability metric, swung to 138.3 million for the three months, compared with a year-ago loss of 11.8 million.
Second-quarter revenue jumped 153 percent to 744.1 million amid higher attendance and concession spending compared with the year-ago period. After all, due to the Covid pandemic, “for a portion of the three months ended June 30, 2021, some of the company’s theatres were closed and there was limited new film content available for the theatres that had reopened,” the firm noted.
- 8/5/2022
- by Georg Szalai and Caitlin Huston
- The Hollywood Reporter - Movie News
In another step towards rebuilding to pre-pandemic numbers, the domestic box office finished June with with approximately 975-980 million, the highest monthly total since theaters reopened, according to preliminary industry estimates.
That result tops the 920 million grossed last December, and falls just short of becoming the first 1-billion month the box office has seen since the 1.14 billion grossed in December 2019. That it has come short is a quirk of the calendar, since June totals would have hit the 1 billion mark had the end of the month fallen on a Friday instead of a Thursday.
It’s worth noting that last December’s windfall was driven largely by the record-setting performance of Sony/Marvel’s “Spider-Man: No Way Home,” which grossed 572.9 million in the month of December and comprised 62 of all domestic revenue that month.
Also Read:
Why ‘Minions: The Rise of Gru’ Can Succeed at the Box Office Where ‘Lightyear’ Failed
By contrast,...
That result tops the 920 million grossed last December, and falls just short of becoming the first 1-billion month the box office has seen since the 1.14 billion grossed in December 2019. That it has come short is a quirk of the calendar, since June totals would have hit the 1 billion mark had the end of the month fallen on a Friday instead of a Thursday.
It’s worth noting that last December’s windfall was driven largely by the record-setting performance of Sony/Marvel’s “Spider-Man: No Way Home,” which grossed 572.9 million in the month of December and comprised 62 of all domestic revenue that month.
Also Read:
Why ‘Minions: The Rise of Gru’ Can Succeed at the Box Office Where ‘Lightyear’ Failed
By contrast,...
- 7/1/2022
- by Jeremy Fuster
- The Wrap
AMC Entertainment shareholders have sent a message to the company’s CEO, Adam Aron, by voting decisively to reject his compensation package.
In an SEC filing, the company said the vote yesterday at the company’s shareholder meeting was conducted “on a non-binding advisory basis,” meaning it doesn’t compel AMC to take any action.
Aron’s total pay fell to 18.9 million in 2021 from 20.9 million in 2020. Given a chance to weigh in on the compensation of Aron and his C-suite colleagues, however, the holders of 86.9 million shares voted against it, with 52.1 million in favor and 5.9 million abstaining.
Executive compensation in the media sector has continued to be among the richest in corporate America, but shareholders have not taken many significant steps to curtail it, at least through formal channels. The 2021 paydays of Warner Bros Discovery CEO David Zaslav and Endeavor Group CEO Ari Emanuel did prompt a lot of rumblings by soaring into nine-figure territory,...
In an SEC filing, the company said the vote yesterday at the company’s shareholder meeting was conducted “on a non-binding advisory basis,” meaning it doesn’t compel AMC to take any action.
Aron’s total pay fell to 18.9 million in 2021 from 20.9 million in 2020. Given a chance to weigh in on the compensation of Aron and his C-suite colleagues, however, the holders of 86.9 million shares voted against it, with 52.1 million in favor and 5.9 million abstaining.
Executive compensation in the media sector has continued to be among the richest in corporate America, but shareholders have not taken many significant steps to curtail it, at least through formal channels. The 2021 paydays of Warner Bros Discovery CEO David Zaslav and Endeavor Group CEO Ari Emanuel did prompt a lot of rumblings by soaring into nine-figure territory,...
- 6/17/2022
- by Dade Hayes
- Deadline Film + TV
The Cinemark Movie Club has surpassed 1 million active members with more than 3,000 members per theater across its U.S. circuit.
The nation’s third largest cinema chain, based in Plano, Texas, said Movie Club, launched in December of 2017, was the first North American exhibitor-developed paid monthly membership program and is the first to hit the 1-million-member milestone.
Theater loyalty programs from big chains to independent cinemas have become a crucial part of the theatrical ecosystem since Covid for marketing new releases to members, especially as some demos become harder to reach.
“Our unique program appeals to a broad range of moviegoers with rollover benefits and concession discounts that entice members to visit more frequently while boosting loyalty to Cinemark,” said CEO Sean Gamble. “Reaching the 1-million-member milestone reaffirms that our guests appreciate the exceptional benefits and incomparable value proposition that Movie Club membership provides.”
The club offers special pricing on companion tickets,...
The nation’s third largest cinema chain, based in Plano, Texas, said Movie Club, launched in December of 2017, was the first North American exhibitor-developed paid monthly membership program and is the first to hit the 1-million-member milestone.
Theater loyalty programs from big chains to independent cinemas have become a crucial part of the theatrical ecosystem since Covid for marketing new releases to members, especially as some demos become harder to reach.
“Our unique program appeals to a broad range of moviegoers with rollover benefits and concession discounts that entice members to visit more frequently while boosting loyalty to Cinemark,” said CEO Sean Gamble. “Reaching the 1-million-member milestone reaffirms that our guests appreciate the exceptional benefits and incomparable value proposition that Movie Club membership provides.”
The club offers special pricing on companion tickets,...
- 6/1/2022
- by Jill Goldsmith
- Deadline Film + TV
Cinemark Courts Gamers, Wrestling Fans; Sees Sales Surge, Market Share Rise Amid Box Office Recovery
Cinemark, the nation’s third-largest movie chain, grew revenue and slashed losses last quarter, the first one since Covid with 100% of its theaters open. Talking with Wall Streeters on his last conference call as CEO, Mark Zoradi described a push into gaming as well as wrestling and live sports and events as it leans into the ongoing box office recovery.
The chain held a recent sold out 25-city test with Critical Role and Dungeons and Dragons to “outstanding results” and is testing with League of Legends, Zoradi said. It’s looking at game competitions, game awards, and private gaming parties. Asked about football, Zoradi said the NFL hasn’t “been highly successful” yet since home-city games aren’t available for showings — only out of market. But college sports may be an opportunity “to show big local teams and big local games.”
Cinemark...
The chain held a recent sold out 25-city test with Critical Role and Dungeons and Dragons to “outstanding results” and is testing with League of Legends, Zoradi said. It’s looking at game competitions, game awards, and private gaming parties. Asked about football, Zoradi said the NFL hasn’t “been highly successful” yet since home-city games aren’t available for showings — only out of market. But college sports may be an opportunity “to show big local teams and big local games.”
Cinemark...
- 11/5/2021
- by Jill Goldsmith
- Deadline Film + TV
Big theater chain Cinemark has named Melissa Hayes Thomas, chief financial officer of Groupon, as its new CFO and executive VP effective Nov. 8.
Current CFO Sean Gamble will step back from that role but continue as president and chief operating officer, the company said Wednesday. He’ll become chief executive on Jan. 1, after current CEO Mark Zoradi retires at the end of this year.
Thomas has been at Groupon in several top positions since 2017. She previously was VP Finance at Surgical Care Affiliates and has served in a variety of finance and accounting roles at Orbitz Worldwide, Equity Office Properties and PricewaterhouseCoopers.
Thomas signed a three-year contract, automatically extended for an additional one‑year period.
Gamble helped lead Cinemark through a Covid downturn that saw theaters closed for a long stretch and at a time when the CFO role has never been more crucial. The industry is is considered increasingly...
Current CFO Sean Gamble will step back from that role but continue as president and chief operating officer, the company said Wednesday. He’ll become chief executive on Jan. 1, after current CEO Mark Zoradi retires at the end of this year.
Thomas has been at Groupon in several top positions since 2017. She previously was VP Finance at Surgical Care Affiliates and has served in a variety of finance and accounting roles at Orbitz Worldwide, Equity Office Properties and PricewaterhouseCoopers.
Thomas signed a three-year contract, automatically extended for an additional one‑year period.
Gamble helped lead Cinemark through a Covid downturn that saw theaters closed for a long stretch and at a time when the CFO role has never been more crucial. The industry is is considered increasingly...
- 10/13/2021
- by Jill Goldsmith
- Deadline Film + TV
Cinemark posted narrower losses in the second quarter as CEO Mark Zoradi hailed the “phenomenon” of the movie business righting itself after the catastrophe of Covid-19.
The company exceeded Wall Street analysts’ revenue estimates in the quarter, which ended June 30, though losses were a bit wider than expected. Losses were $1.19 per share, compared with $1.45 in the year-ago period. Revenue of $294.7 million, up from just $9 million in the 2020 quarter, when theaters were shuttered in much of the world.
“I’m pleased to report that the second quarter recovery of our industry and business progressed at a faster rate than we expected,” Zoradi said in the company’s earnings release. “For Cinemark, the second quarter improved so materially that we were able to substantially reduce our net loss during the quarter and our domestic operations delivered positive adjusted Ebitda for the first time since our theaters were forced to temporarily shut down last year.
The company exceeded Wall Street analysts’ revenue estimates in the quarter, which ended June 30, though losses were a bit wider than expected. Losses were $1.19 per share, compared with $1.45 in the year-ago period. Revenue of $294.7 million, up from just $9 million in the 2020 quarter, when theaters were shuttered in much of the world.
“I’m pleased to report that the second quarter recovery of our industry and business progressed at a faster rate than we expected,” Zoradi said in the company’s earnings release. “For Cinemark, the second quarter improved so materially that we were able to substantially reduce our net loss during the quarter and our domestic operations delivered positive adjusted Ebitda for the first time since our theaters were forced to temporarily shut down last year.
- 8/6/2021
- by Dade Hayes
- Deadline Film + TV
Cinemark lost $142 million in the second quarter of 2021. While the movie-theater chain topped analysts’ revenue estimates, it lost 12 cents more per share than anticipated.
The company lost less money in this Q2 than the previous one as theaters slowly but surely began to reopen. Last year’s second quarter saw losses exceed $170 million. By the final day of the recently wrapped quarter, all 323 domestic Cinemarks were reopened. Of its 198 international theaters, 152 had reopened.
While the reopened theaters were showing primarily new movies, they were operating under reduced hours. Some of the top second quarter (April-June) releases included “Cruella,” “In the Heights,” “A Quiet Place Part II” and “F9: The Fast Saga.” “Godzilla vs. Kong” came out on the final day of Q1.
Wall Street forecast a Q2 loss per share of -$1.07 on $262.8 million in revenue, according to a consensus estimate of media analysts compiled by Yahoo Finance. Cinemark reported...
The company lost less money in this Q2 than the previous one as theaters slowly but surely began to reopen. Last year’s second quarter saw losses exceed $170 million. By the final day of the recently wrapped quarter, all 323 domestic Cinemarks were reopened. Of its 198 international theaters, 152 had reopened.
While the reopened theaters were showing primarily new movies, they were operating under reduced hours. Some of the top second quarter (April-June) releases included “Cruella,” “In the Heights,” “A Quiet Place Part II” and “F9: The Fast Saga.” “Godzilla vs. Kong” came out on the final day of Q1.
Wall Street forecast a Q2 loss per share of -$1.07 on $262.8 million in revenue, according to a consensus estimate of media analysts compiled by Yahoo Finance. Cinemark reported...
- 8/6/2021
- by Tony Maglio
- The Wrap
Zoradi had intended to retire last year before pandemic struck.
Cinemark CEO Mark Zoradi will step down at end of the year and will be succeeded by CFO and COO Sean Gamble on January 1, 2022.
Effective as of Wednesday (July 28), Gamble has been named president and will assume the role of CEO and president following Zoradi’s retirement.
Zoradi has served more than 40 years in the industry – the past six at the helm of the exhibitor – and intended to retire last year before the pandemic struck.
He will work with Gamble and the executive leadership team until he steps down, and...
Cinemark CEO Mark Zoradi will step down at end of the year and will be succeeded by CFO and COO Sean Gamble on January 1, 2022.
Effective as of Wednesday (July 28), Gamble has been named president and will assume the role of CEO and president following Zoradi’s retirement.
Zoradi has served more than 40 years in the industry – the past six at the helm of the exhibitor – and intended to retire last year before the pandemic struck.
He will work with Gamble and the executive leadership team until he steps down, and...
- 7/28/2021
- by Jeremy Kay
- ScreenDaily
Cinemark CEO Mark Zoradi will step down at end of the year and will be succeeded by CFO and COO Sean Gamble on January 1, 2022.
Effective as of Wednesday (July 28), Gamble has been named president and will assume the role of CEO and president following Zoradi’s retirement.
Zoradi has served more than 40 years in the industry – the past six at the helm of the exhibitor – and intended to retire last year before the pandemic struck.
He will work with Gamble and the executive leadership team until he steps down, and continues as a board director until the 2024 annual meeting when...
Effective as of Wednesday (July 28), Gamble has been named president and will assume the role of CEO and president following Zoradi’s retirement.
Zoradi has served more than 40 years in the industry – the past six at the helm of the exhibitor – and intended to retire last year before the pandemic struck.
He will work with Gamble and the executive leadership team until he steps down, and continues as a board director until the 2024 annual meeting when...
- 7/28/2021
- by Jeremy Kay
- ScreenDaily
Cinemark announced on Wednesday that CEO Mark Zoradi will be stepping down at the end of the year. He will be succeeded by the theater chain’s CFO, Sean Gamble.
In a statement, Cinemark said that Zoradi had initially intended to retire in 2020 but stayed on after the Covid-19 pandemic forced the chain to shut down its theaters. “Clearly, he had no idea how long it would last or the significant impacts it would have on our industry,” the company’s statement read. “As theatrical moviegoing is resurging, now felt like an appropriate time for this announcement.”
“Mark has consistently stated that participating in the exhibition side of the business and leading Cinemark over the course of the past six years has been invigorating and he treasures the time spent at Cinemark and the relationships forged. While retirement from the day-to-day is never an easy decision, Mark is ready to...
In a statement, Cinemark said that Zoradi had initially intended to retire in 2020 but stayed on after the Covid-19 pandemic forced the chain to shut down its theaters. “Clearly, he had no idea how long it would last or the significant impacts it would have on our industry,” the company’s statement read. “As theatrical moviegoing is resurging, now felt like an appropriate time for this announcement.”
“Mark has consistently stated that participating in the exhibition side of the business and leading Cinemark over the course of the past six years has been invigorating and he treasures the time spent at Cinemark and the relationships forged. While retirement from the day-to-day is never an easy decision, Mark is ready to...
- 7/28/2021
- by Jeremy Fuster
- The Wrap
Cinemark, the No. 3 U.S. exhibitor, said CEO Mark Zoradi will retire at the end of 2021, staying on the board and handing top-exec reins to CFO and COO Sean Gamble.
Zoradi, who had a lengthy run as a Disney distribution exec before crossing over to the theater side, will stay on the company’s board until 2024. At that point, he will become eligible for election in the manner of all members of the board, who are selected at the company’s annual shareholder meeting.
Gamble has been named president as of today, the company said, and Zoradi will work closely with him as well as other executives to ensure a smooth transition.
An EVP and CFO at Universal Pictures before joining Cinemark, Gamble also held several exec posts at General Electric earlier in his career. Working with Zoradi, he has helped solidify Cinemark’s financials and putting it in a...
Zoradi, who had a lengthy run as a Disney distribution exec before crossing over to the theater side, will stay on the company’s board until 2024. At that point, he will become eligible for election in the manner of all members of the board, who are selected at the company’s annual shareholder meeting.
Gamble has been named president as of today, the company said, and Zoradi will work closely with him as well as other executives to ensure a smooth transition.
An EVP and CFO at Universal Pictures before joining Cinemark, Gamble also held several exec posts at General Electric earlier in his career. Working with Zoradi, he has helped solidify Cinemark’s financials and putting it in a...
- 7/28/2021
- by Dade Hayes
- Deadline Film + TV
Cinemark CEO Mark Zoradi has announced plans to retire at the end of the year.
Sean Gamble, the movie theater chain’s current CFO and COO, has been named as Zoradi’s successor and will assume the CEO role effective Jan. 1, 2022. Starting Wednesday, Gamble has been upped to president and will work closely with Zoradi over the next five months to ensure a smooth transition.
Zoradi, who previously ran distribution at Disney before taking the top post at Cinemark in 2015, will remain on the company’s board of directors until 2024.
“Serving as Cinemark’s CEO during the past six years has truly been the highlight of my career,” Zoradi said in a statement. “While I’ve been in the industry for more than four decades, the vast majority was spent on the studio side of the business. I’ve thoroughly enjoyed participating in all aspects of theatrical exhibition and will...
Sean Gamble, the movie theater chain’s current CFO and COO, has been named as Zoradi’s successor and will assume the CEO role effective Jan. 1, 2022. Starting Wednesday, Gamble has been upped to president and will work closely with Zoradi over the next five months to ensure a smooth transition.
Zoradi, who previously ran distribution at Disney before taking the top post at Cinemark in 2015, will remain on the company’s board of directors until 2024.
“Serving as Cinemark’s CEO during the past six years has truly been the highlight of my career,” Zoradi said in a statement. “While I’ve been in the industry for more than four decades, the vast majority was spent on the studio side of the business. I’ve thoroughly enjoyed participating in all aspects of theatrical exhibition and will...
- 7/28/2021
- by Rebecca Rubin
- Variety Film + TV
Cinemark CEO Mark Zoradi is set to retire at the end of the year, with Sean Gamble, CFO and COO, named as Zoradi’s successor from Jan. 1, 2022.
A Hollywood veteran who previously ran distribution at Disney, Zoradi is widely admired and news of his retirement has rattled the major studios as key film suppliers to theater chains. He will remain on the company’s board of directors until 2024.
Until Zoradi’s departure, Gamble has been named president and will serve as CEO and president from the beginning of 2022. Cinemark said Zoradi will work closely with Gamble and the ...
A Hollywood veteran who previously ran distribution at Disney, Zoradi is widely admired and news of his retirement has rattled the major studios as key film suppliers to theater chains. He will remain on the company’s board of directors until 2024.
Until Zoradi’s departure, Gamble has been named president and will serve as CEO and president from the beginning of 2022. Cinemark said Zoradi will work closely with Gamble and the ...
- 7/28/2021
- The Hollywood Reporter - Film + TV
Cinemark CEO Mark Zoradi is set to retire at the end of the year, with Sean Gamble, CFO and COO, named as Zoradi’s successor from Jan. 1, 2022.
A Hollywood veteran who previously ran distribution at Disney, Zoradi is widely admired and news of his retirement has rattled the major studios as key film suppliers to theater chains. He will remain on the company’s board of directors until 2024.
Until Zoradi’s departure, Gamble has been named president and will serve as CEO and president from the beginning of 2022. Cinemark said Zoradi will work closely with Gamble and the ...
A Hollywood veteran who previously ran distribution at Disney, Zoradi is widely admired and news of his retirement has rattled the major studios as key film suppliers to theater chains. He will remain on the company’s board of directors until 2024.
Until Zoradi’s departure, Gamble has been named president and will serve as CEO and president from the beginning of 2022. Cinemark said Zoradi will work closely with Gamble and the ...
- 7/28/2021
- The Hollywood Reporter - Movie News
Disney is not sending stars or executives.
The heads of leading US exhibitors and National Association Of Theatre owners (NATO) top brass have issued a rallying cry ahead of CinemaCon as the fourth Covid wave gathers pace in the US and Disney sits out the show due to pandemic concerns.
With less than one month before NATO’s conference is due to kick off in Las Vegas on August 23, every major studio and a number of distributors were set to present upcoming slates at the show besides Disney (and therefore Fox), and are monitoring the pandemic’s trajectory on a daily basis.
The heads of leading US exhibitors and National Association Of Theatre owners (NATO) top brass have issued a rallying cry ahead of CinemaCon as the fourth Covid wave gathers pace in the US and Disney sits out the show due to pandemic concerns.
With less than one month before NATO’s conference is due to kick off in Las Vegas on August 23, every major studio and a number of distributors were set to present upcoming slates at the show besides Disney (and therefore Fox), and are monitoring the pandemic’s trajectory on a daily basis.
- 7/28/2021
- by Jeremy Kay
- ScreenDaily
Despite taking a pay cut to help weather the Covid-19 storm, Cinemark CEO Mark Zoradi saw his total compensation increase in 2020, according to an SEC filing.
Zoradi earned $6.9 million in 2020, up from the $6.3 million he pulled in for 2019.
While his salary decreased from $1 million to $740,000 and his Non-Equity Incentive Plan Compensation went to zero, he more than made up for it elsewhere. Zoradi’s stock awards from $3.1 million in 2019 to $5.8 million in 2020, while under the catch-all “All Other Compensation,” his earnings went from $165,000 to $413,000.
Cinemark, which like all U.S theater chains has been rocked by the pandemic over the last 12 months, lost $239.3 million in the final quarter of 2020. As of December 31, 2020, Cinemark had 217 domestic and 129 international movie theaters open — all operating at limited hours and showing mostly library titles. More recent weeks have been brighter for Cinemark, as the pandemic has receded down from the astronomically high levels in...
Zoradi earned $6.9 million in 2020, up from the $6.3 million he pulled in for 2019.
While his salary decreased from $1 million to $740,000 and his Non-Equity Incentive Plan Compensation went to zero, he more than made up for it elsewhere. Zoradi’s stock awards from $3.1 million in 2019 to $5.8 million in 2020, while under the catch-all “All Other Compensation,” his earnings went from $165,000 to $413,000.
Cinemark, which like all U.S theater chains has been rocked by the pandemic over the last 12 months, lost $239.3 million in the final quarter of 2020. As of December 31, 2020, Cinemark had 217 domestic and 129 international movie theaters open — all operating at limited hours and showing mostly library titles. More recent weeks have been brighter for Cinemark, as the pandemic has receded down from the astronomically high levels in...
- 4/2/2021
- by Tim Baysinger
- The Wrap
Mark Zoradi, CEO of major exhibitor Cinemark and a former longtime Disney executive, sees some familiar elements on the summer release calendar, which he sees as a potential Covid-19 recovery turning point.
“The last weekend in May, in that traditional beginning of summer, you have Cruella from Disney and you have F9 from Universal and you have Infinite from Paramount,” he said. “So, you’ve got three big movies.” The July Fourth weekend, he added, has Minions: The Rise of Gru and Top Gun: Maverick.
Given those studio commitments, declining virus infection rates and ramped-up vaccinations, Zoradi said, “We’re optimistic that we’re going to be able to light up these theaters again come this summer.”
Zoradi and COO and CFO Sean Gamble offered their read of the market and detailed Cinemark’s “Project Phoenix” comeback effort during a conference call with Wall Street analysts this morning. One obvious key is more theaters reopening.
“The last weekend in May, in that traditional beginning of summer, you have Cruella from Disney and you have F9 from Universal and you have Infinite from Paramount,” he said. “So, you’ve got three big movies.” The July Fourth weekend, he added, has Minions: The Rise of Gru and Top Gun: Maverick.
Given those studio commitments, declining virus infection rates and ramped-up vaccinations, Zoradi said, “We’re optimistic that we’re going to be able to light up these theaters again come this summer.”
Zoradi and COO and CFO Sean Gamble offered their read of the market and detailed Cinemark’s “Project Phoenix” comeback effort during a conference call with Wall Street analysts this morning. One obvious key is more theaters reopening.
- 2/26/2021
- by Dade Hayes
- Deadline Film + TV
B. Riley Securities analyst Eric Wold on Friday upgraded his rating on shares of cinema giant Cinemark from “neutral” to “buy” and doubled his stock price target to $28, predicting “attendance should return to 2019 levels by 2023.”
Following a chat this week with Cinemark CEO Mark Zoradi, CFO and COO Sean Gamble and Chanda Brashears, vp of investor relations, about the coronavirus pandemic and the company’s outlook, Wold published a report entitled “Virtual ‘Fireside Chat’ Highlights Underlying Operating Strengths in the Midst of Reopening Uncertainties.”
“We continue to believe that consumers ...
Following a chat this week with Cinemark CEO Mark Zoradi, CFO and COO Sean Gamble and Chanda Brashears, vp of investor relations, about the coronavirus pandemic and the company’s outlook, Wold published a report entitled “Virtual ‘Fireside Chat’ Highlights Underlying Operating Strengths in the Midst of Reopening Uncertainties.”
“We continue to believe that consumers ...
- 1/15/2021
- The Hollywood Reporter - Movie News
B. Riley Securities analyst Eric Wold on Friday upgraded his rating on shares of cinema giant Cinemark from “neutral” to “buy” and doubled his stock price target to $28, predicting “attendance should return to 2019 levels by 2023.”
Following a chat this week with Cinemark CEO Mark Zoradi, CFO and COO Sean Gamble and Chanda Brashears, vp of investor relations, about the coronavirus pandemic and the company’s outlook, Wold published a report entitled “Virtual ‘Fireside Chat’ Highlights Underlying Operating Strengths in the Midst of Reopening Uncertainties.”
“We continue to believe that consumers ...
Following a chat this week with Cinemark CEO Mark Zoradi, CFO and COO Sean Gamble and Chanda Brashears, vp of investor relations, about the coronavirus pandemic and the company’s outlook, Wold published a report entitled “Virtual ‘Fireside Chat’ Highlights Underlying Operating Strengths in the Midst of Reopening Uncertainties.”
“We continue to believe that consumers ...
- 1/15/2021
- The Hollywood Reporter - Film + TV
Cinemark CEO Mark Zoradi expects “some contraction” in the movie theater business due to Covid-19, but said his company is not actively pursuing acquisitions or takeovers of leases held by less well-fortified rivals.
“Our No. 1 priority is to rebuild our balance sheet,” he said at the Mkm Partners Virtual Investor Conference. “We are going to be very careful in taking cash that we have on hand, of which we have plenty, and risking it with acquisitions where we’re not certain what that particular outlet is going to do in a post-pandemic environment. Until a landlord actually owns a property, it obviously is not appropriate for us to be negotiating with that landlord prior to that moment.”
Zoradi dismissed a report in the New York Post that the company was looking to swoop in on some locations run by troubled competitor AMC Entertainment. “We tried to tell them that was...
“Our No. 1 priority is to rebuild our balance sheet,” he said at the Mkm Partners Virtual Investor Conference. “We are going to be very careful in taking cash that we have on hand, of which we have plenty, and risking it with acquisitions where we’re not certain what that particular outlet is going to do in a post-pandemic environment. Until a landlord actually owns a property, it obviously is not appropriate for us to be negotiating with that landlord prior to that moment.”
Zoradi dismissed a report in the New York Post that the company was looking to swoop in on some locations run by troubled competitor AMC Entertainment. “We tried to tell them that was...
- 12/16/2020
- by Dade Hayes
- Deadline Film + TV
Cinemark CEO Mark Zoradi said Thursday that the major exhibitor has started taking a “dynamic” approach to theatrical windows, negotiating release terms on a film-by-film basis in a concession to Covid-19.
Upcoming Universal releases like The Croods 2, Let Him Go and Freaky, for example, will play in Cinemark theaters, Zoradi said during the company’s third-quarter earnings call. The CEO stressed that there is no overall, formal shift in windows along the lines of the deal rival AMC struck with Universal last summer, however. That deal lets releases leave AMC theaters after as few as 17 days of release.
Zoradi said Cinemark’s approach will allow the company to make forecasts on individual films, with talks also contemplating multi-year arrangements with individual studios, though he repeatedly declined to offer further details. CFO and COO Sean Gamble said the discussions with studios pre-dated Covid-19. “This isn’t new,” he said. “Clearly,...
Upcoming Universal releases like The Croods 2, Let Him Go and Freaky, for example, will play in Cinemark theaters, Zoradi said during the company’s third-quarter earnings call. The CEO stressed that there is no overall, formal shift in windows along the lines of the deal rival AMC struck with Universal last summer, however. That deal lets releases leave AMC theaters after as few as 17 days of release.
Zoradi said Cinemark’s approach will allow the company to make forecasts on individual films, with talks also contemplating multi-year arrangements with individual studios, though he repeatedly declined to offer further details. CFO and COO Sean Gamble said the discussions with studios pre-dated Covid-19. “This isn’t new,” he said. “Clearly,...
- 11/5/2020
- by Dade Hayes
- Deadline Film + TV
Cinemark, the No. 3 theatrical exhibitor in the U.S, confirmed Monday that it is currently planning to stay open during the pandemic. The news comes in the wake of Cineworld’s plans to close its Regal movie theaters nationwide on Thursday until further notice, in large part due to New York continuing to be shuttered and the lack of immediate studio marquee product.
Note that Cinemark does not have any movie theaters in New York City, and it has only one location in Rochester, NY, so they’re not greatly impacted by Gov. Andrew Cuomo’s reluctance to reopen cinemas in the Empire state. Cineworld boss Mooky Greidinger put the blame on Regal’s closing squarely on the shoulders of Cuomo, who has reopened casinos and health clubs but has punished exhibition despite the great lengths the industry has gone to implement safety cleaning and ventilation protocols during Covid-19.
Studio...
Note that Cinemark does not have any movie theaters in New York City, and it has only one location in Rochester, NY, so they’re not greatly impacted by Gov. Andrew Cuomo’s reluctance to reopen cinemas in the Empire state. Cineworld boss Mooky Greidinger put the blame on Regal’s closing squarely on the shoulders of Cuomo, who has reopened casinos and health clubs but has punished exhibition despite the great lengths the industry has gone to implement safety cleaning and ventilation protocols during Covid-19.
Studio...
- 10/5/2020
- by Anthony D'Alessandro
- Deadline Film + TV
Cinemark CEO Mark Zoradi said getting theaters open in California and New York is crucial to the health of exhibition as the second largest U.S. chain has 70% of cinemas open but lacks these key markets — keeping it “behind the eight ball.”
Some California counties are open or opening but not yet San Francisco or Los Angeles. New York Governor Mario Cuomo Wednesday reiterated his thinking that with the state teetering on his target 1% infection rate, he can’t risk going over although he understands movie theaters and all businesses want to open.
The fourth quarter will be “thinner” than usual” as releases continue to drift into next year but 2021-2022 look strong, load with films that were moved or had to delay production, Zoradi told investors at a Goldman Sachs media conference. He sees light starting with the year-end release of...
Some California counties are open or opening but not yet San Francisco or Los Angeles. New York Governor Mario Cuomo Wednesday reiterated his thinking that with the state teetering on his target 1% infection rate, he can’t risk going over although he understands movie theaters and all businesses want to open.
The fourth quarter will be “thinner” than usual” as releases continue to drift into next year but 2021-2022 look strong, load with films that were moved or had to delay production, Zoradi told investors at a Goldman Sachs media conference. He sees light starting with the year-end release of...
- 9/16/2020
- by Jill Goldsmith
- Deadline Film + TV
Executives at Cinemark, the No. 3 U.S. exhibitor, believe they have sufficient cash to last “well into 2021” even if theaters remain closed due to Covid-19.
The forecast came during an earnings call with Wall Street analysts Tuesday to discuss second-quarter numbers. Earlier in the morning, company reported second-quarter results revealing the severe toll taken by the pandemic. Ticket buyers numbered only in the thousands and nearly all of the reported $9 million in revenue came via pre-paid advertising deals with National CineMedia.
COO and CFO Sean Gamble said the company’s cash balance as of July 31 was about $525 million and it is burning about $50 million a month. That puts it in a more secure position than many rivals like top circuit AMC, which had already been carrying immense debt before the pandemic.
Gamble said he sees enough “cash runway” to last “well into 2021” if theaters were to remain closed. “That said,...
The forecast came during an earnings call with Wall Street analysts Tuesday to discuss second-quarter numbers. Earlier in the morning, company reported second-quarter results revealing the severe toll taken by the pandemic. Ticket buyers numbered only in the thousands and nearly all of the reported $9 million in revenue came via pre-paid advertising deals with National CineMedia.
COO and CFO Sean Gamble said the company’s cash balance as of July 31 was about $525 million and it is burning about $50 million a month. That puts it in a more secure position than many rivals like top circuit AMC, which had already been carrying immense debt before the pandemic.
Gamble said he sees enough “cash runway” to last “well into 2021” if theaters were to remain closed. “That said,...
- 8/4/2020
- by Dade Hayes
- Deadline Film + TV
While Cinemark CEO Mark Zoradi continued to champion the theatrical window this morning on the chain’s Q1 earnings call, he also told investors and financial analysts that when it comes to smaller and lower-grossing titles, “we’re open to talking with studio partners about alternatives we can consider.”
“I don’t want to give the wrong impression,” Zoradi emphasized, “the 74-day exclusive window is an important one, especially for big blockbusters.”
The question about theatrical windows was raised this morning, given all the noise that Universal has made about their $100M-grossing Pvod rental of originally planned DreamWorks Animation event pic Trolls World Tour. Universal first made that title available in homes over Easter weekend, April 10-12, in addition to the handful of drive-ins that were open around the nation. Given exhibition’s shutdown, a number of studios opted to take their originally planned theatrical releases and make them available in home,...
“I don’t want to give the wrong impression,” Zoradi emphasized, “the 74-day exclusive window is an important one, especially for big blockbusters.”
The question about theatrical windows was raised this morning, given all the noise that Universal has made about their $100M-grossing Pvod rental of originally planned DreamWorks Animation event pic Trolls World Tour. Universal first made that title available in homes over Easter weekend, April 10-12, in addition to the handful of drive-ins that were open around the nation. Given exhibition’s shutdown, a number of studios opted to take their originally planned theatrical releases and make them available in home,...
- 6/3/2020
- by Anthony D'Alessandro
- Deadline Film + TV
Mark Zoradi, a former longtime Disney executive who is now CEO of major exhibitor Cinemark, believes business comparable with what existed prior to Covid-19 won’t return until at least 2022.
“The reality is I don’t think we’re going to be able to get into a full-on rhythm again of product cycles and all that we had prior to Covid-19 until 2022,” he said during a conference call with Wall Street analysts to discuss first-quarter results. “That’s more production-related than our operation-related because as studios have had to adapt to not being able to do filming and do post-production, they’ve had to move their schedules. Therefore, we’re going to adapt as well.”
Next year is shaping up to be a “nice recovery year” after the debacle of 2020, Zoradi said, but the recovery has a “long tail.” Zoradi and CFO Sean Gamble tackled a range of topics during the hour-plus call,...
“The reality is I don’t think we’re going to be able to get into a full-on rhythm again of product cycles and all that we had prior to Covid-19 until 2022,” he said during a conference call with Wall Street analysts to discuss first-quarter results. “That’s more production-related than our operation-related because as studios have had to adapt to not being able to do filming and do post-production, they’ve had to move their schedules. Therefore, we’re going to adapt as well.”
Next year is shaping up to be a “nice recovery year” after the debacle of 2020, Zoradi said, but the recovery has a “long tail.” Zoradi and CFO Sean Gamble tackled a range of topics during the hour-plus call,...
- 6/3/2020
- by Dade Hayes
- Deadline Film + TV
Cinemark Holdings reported a net loss of $59.6 million for the three-month period ending March 31, the first quarter the company said it was impacted by the ongoing coronavirus pandemic. The cinema chain was forced to close its theater doors in March to halt the spread of the virus.
On Wednesday, the theater chain reported a quarterly net loss of $59.6 million or a loss per share of 51 cents. Analysts following the stock via Yahoo! Finance were expecting a loss of 18 cents in the quarter. That after reporting net income of $32.7 million, or earnings per share of 28 cents during the same quarter a year ago.
Revenue for the first quarter was $543.6 million, down from $714.7 million compared with the same quarter last year. Analysts were forecasting for $556.7 million in revenue.
The worse may be yet to come, with theaters remaining closed throughout the second quarter.
Also Read: Cinemark Plans to Begin Reopening Theaters July...
On Wednesday, the theater chain reported a quarterly net loss of $59.6 million or a loss per share of 51 cents. Analysts following the stock via Yahoo! Finance were expecting a loss of 18 cents in the quarter. That after reporting net income of $32.7 million, or earnings per share of 28 cents during the same quarter a year ago.
Revenue for the first quarter was $543.6 million, down from $714.7 million compared with the same quarter last year. Analysts were forecasting for $556.7 million in revenue.
The worse may be yet to come, with theaters remaining closed throughout the second quarter.
Also Read: Cinemark Plans to Begin Reopening Theaters July...
- 6/3/2020
- by Trey Williams
- The Wrap
As Cinemark and AMC prepare to reopen theaters in July, questions remain about what the moviegoing experience will look like in the immediate wake of the coronavirus pandemic shutdowns. There are concerns throughout Hollywood, and across other industries (particularly live events), about whether moviegoers would be willing to take the potential risk of heading back to the cinema to sit in a dark theater full of strangers. Cinemark CEO Mark Zoradi and Sean Gamble, holding double duty as CFO and chief operating officer, told Wall Street analysts during a conference call this week that the cinema chain — while anxious to get back up and running — is looking at whatever options are on the table to take the necessary precautions. “We would not be in a scenario where we would be inclined to bring back everything Day 1. Clearly, it would be more of a dip-our-toe-in approach,” Gamble said during the call.
- 4/17/2020
- by Trey Williams
- The Wrap
IMDb.com, Inc. takes no responsibility for the content or accuracy of the above news articles, Tweets, or blog posts. This content is published for the entertainment of our users only. The news articles, Tweets, and blog posts do not represent IMDb's opinions nor can we guarantee that the reporting therein is completely factual. Please visit the source responsible for the item in question to report any concerns you may have regarding content or accuracy.