Cinemark Holdings, Inc. Reports Adjusted EBITDA of $148.4 Million on Revenues of $633.6 Million

Cinemark Holdings, Inc. Reports Adjusted EBITDA of $148.4 Million on Revenues of $633.6 Million

PLANO, Texas--(BUSINESS WIRE)-- Cinemark Holdings, Inc. (NYS: CNK) , one of the largest motion picture exhibitors in the world, today reported results for the three and nine months ended September 30, 2012. Cinemark Holdings, Inc.'s revenues for the three months ended September 30, 2012 were $633.6 million compared to $640.0 million for the three months ended September 30, 2011. For the three months ended September 30, 2012, admissions revenues were $402.4 million and concession revenues were $200.1 million. Attendance was 69.7 million patrons for the three months ended September 30, 2012, a slight increase over the three months ended September 30, 2011.

Adjusted EBITDA for the three months ended September 30, 2012 was $148.4 million compared to $154.3 million for the three months ended September 30, 2011. Reconciliations of non-GAAP financial measures are provided in the financial schedules accompanying this press release.

Net income attributable to Cinemark Holdings, Inc. for the three months ended September 30, 2012 was $47.4 million compared to $46.9 million for the three months ended September 30, 2011.

"The geographic diversity of our U.S. and Latin American footprint with 5,207 screens in 39 U.S. states and 13 Latin American countries led to an all-time Cinemark record for worldwide attendance, entertaining 69.7 million patrons during the quarter," stated Tim Warner, Cinemark's Chief Executive Officer. "As our results consistently demonstrate, Cinemark has designed a company with a strong and stable domestic base, which supports our substantial quarterly dividend, accompanied by our international circuit, which represents a long-running growth engine and differentiates us from all of our industry peers worldwide."

Cinemark Holdings, Inc.'s revenues for the nine months ended September 30, 2012 increased 6.8% to $1,862.0 million from $1,743.7 million for the nine months ended September 30, 2011. During the nine months ended September 30, 2012, admissions revenues increased 5.3% to $1,194.3 million and concession revenues increased 9.5% to $581.3 million. The increases were primarily related to a 5.7% increase in attendance and a 3.9% increase in concession revenues per patron.

Adjusted EBITDA for the nine months ended September 30, 2012 increased 9.6% to $445.7 million from $406.8 million for the nine months ended September 30, 2011. Reconciliations of non-GAAP financial measures are provided in the financial schedules accompanying this press release.

Net income attributable to Cinemark Holdings, Inc. for the nine months ended September 30, 2012 was $141.1 million compared to $112.3 million for the nine months ended September 30, 2011. Net income for the nine months ended September 30, 2011 included a loss on early retirement of debt of approximately $4.9 million, before income taxes.

On September 30, 2012, the Company's aggregate screen count was 5,207. As of September 30, 2012, the Company had signed commitments to open eight new theatres with 72 screens by the end of 2012 and open 28 new theatres and 284 screens subsequent to 2012.

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About Cinemark Holdings, Inc.

Cinemark is a leading domestic and international motion picture exhibitor, operating 461 theatres with 5,207 screens in 39 U.S. states, Brazil, Mexico, Argentina and 10 other Latin American countries as of September 30, 2012. For more information go to investors.cinemark.com.

Forward-looking Statements

This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The "forward-looking statements" include our current expectations, assumptions, estimates and projections about our business and our industry. They include statements relating to future revenues, expenses and profitability, the future development and expected growth of our business, projected capital expenditures, attendance at movies generally or in any of the markets in which we operate, the number or diversity of popular movies released and our ability to successfully license and exhibit popular films, national and international growth in our industry, competition from other exhibitors and alternative forms of entertainment and determinations in lawsuits in which we are defendants.You can identify forward-looking statements by the use of words such as "may," "should," "could," "estimates," "predicts," "potential," "continue," "anticipates," "believes," "plans," "expects," "future" and "intends" and similar expressions which are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. In evaluating forward-looking statements, you should carefully consider the risks and uncertainties described in the "Risk Factors" section or other sections in the Company's Annual Report on Form 10-K filed February 29, 2012 and quarterly reports on Form 10-Q. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements and risk factors. Forward-looking statements contained in this press release reflect our view only as of the date of this press release. We undertake no obligation, other than as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.