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Cinemark in First Profit in COVID, Box Office Recovery – The Hollywood Reporter

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Cinema large Cinemark Holdings reported a swing to a revenue in the fourth quarter, marking its first worthwhile quarter for the reason that begin of the coronavirus pandemic regardless of the omicron variant having triggered renewed complications for companies. The firm on Friday additionally touted “significant advances in pandemic recovery.”

The firm, led by CEO Sean Gamble who succeeded Mark Zoradi on Jan. 1, posted a quarterly revenue of $5.7 million. That in contrast with a lack of $239.3 million in the identical interval of 2020. Adjusted earnings earlier than curiosity, taxes, depreciation and amortization (EBITDA) for the most recent three months swung to $139.4 million, in contrast with a year-ago lack of $97.5 million. Revenue jumped 579 % to $666.7 million from $98.2 million in the year-ago interval.

“The theatrical exhibition industry, and our company, made huge strides recovering from the ongoing effects of the pandemic throughout 2021, culminating in an exceptional fourth quarter,” mentioned Gamble, who most lately served because the exhibitors COO and CFO. “During the quarter, Cinemark surpassed North American industry box office performance … when comparing results against the fourth quarter of 2019. Our Latin American admissions also over-indexed their corresponding industry benchmarks.”

He highlighted {that a} “rebound in attendance generated positive results in cash flow from operations, net income and adjusted EBITDA across our entire global organization for the first time since the onset of COVID-19 – all significant milestones in our recovery.”

Concluded Gamble: “We are highly encouraged by recent favorable developments in the state of the virus, government restrictions and associated consumer sentiment regarding moviegoing. Furthermore, we are greatly looking forward to a robust slate in 2022 that includes a long list of highly anticipated franchises, as well as a broad range of diverse films, providing varied offerings for all audiences.”





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