EXHIBIT 99.1
(CINEMARK LOGO)
For Immediate Release
Contact: Robert Copple or Nikki Sacks
972-665-1500
CINEMARK HOLDINGS, INC. REPORTS RESULTS FOR SECOND QUARTER 2009
Plano, TX, August 7, 2009 — Cinemark Holdings, Inc. (NYSE: CNK), a leading motion picture exhibitor, today reported results for the three and six months ended June 30, 2009.
Cinemark Holdings, Inc.’s attendance for the three months ended June 30, 2009 increased by 14.4% compared to the three months ended June 30, 2008. The Company’s total revenues for the three months ended June 30, 2009 increased 13.2% to $517.5 million from $457.2 million for the three months ended June 30, 2008. During the three months ended June 30, 2009, admissions revenues increased 15.2% to $339.1 million and concession revenues increased 12.3% to $158.9 million.
Adjusted EBITDA for the three months ended June 30, 2009 increased 21.0% to $120.8 million from $99.8 million for the three months ended June 30, 2008. 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 June 30, 2009 increased 20.6% to $18.7 million compared to $15.5 million for the three months ended June 30, 2008. Net income for the three months ended June 30, 2009 included a loss on early retirement of debt of approximately $26.8 million, before income taxes. The loss on early retirement of debt was a result of the repurchase of approximately $402.5 million aggregate principal amount of the Company’s 93/4% senior discount notes due 2014, utilizing the proceeds received from the Company’s issuance of $470 million of senior notes due 2019.
“Our strong start to the year accelerated during the second quarter as we benefited from a solid slate of films and outperformed the overall domestic industry box office results. In addition, our international attendance growth continues to outpace U.S. attendance growth,” stated Alan Stock, Cinemark’s Chief Executive Officer. “Consumers continue to prove they value the cinema as one of the most attractive forms of out-of-home entertainment.”
Cinemark Holdings, Inc.’s attendance for the six months ended June 30, 2009 increased by 11.7% compared to the six months ended June 30, 2008. The Company’s total revenues for the six months ended June 30, 2009 increased 9.9% to $943.3 million from $858.2 million for the six months ended June 30, 2008. During the six months ended June 30, 2009, admissions revenues increased 11.2% to $619.0 million and concession revenues increased 9.6% to $288.9 million.
Adjusted EBITDA for the six months ended June 30, 2009 increased 18.9% to $218.8 million from $184.0 million for the six months ended June 30, 2008. 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 six months ended June 30, 2009 was $36.2 million compared to $20.8 million for the six months ended June 30, 2008.
On June 30, 2009, the Company’s aggregate screen count was 4,889. As of June 30, 2009, the Company had signed commitments to open four new theatres with 34 screens by the end of 2009 and open eight new theatres with 92 screens subsequent to 2009.

 

Conference Call
The Company will host a conference call and audio webcast with investors, analysts and other interested parties today at 8:30 A.M. Eastern time. The call can be accessed live over the phone by dialing (800) 374-1346, or for international callers, (706) 679-3149. A replay will be available shortly after the call and can be accessed by dialing (800) 642-1687, or for international callers, (706) 645-9291. The passcode for the replay is 21534701. The replay will be available until August 10, 2009.
About Cinemark Holdings, Inc.
Headquartered in Plano, TX, Cinemark Holdings, Inc. is the second largest motion picture exhibitor in the world in terms of both attendance and the number of screens in operation. As of June 30, 2009, Cinemark operates 424 theatres and 4,889 screens in 39 states in the United States and one Canadian province and internationally in 13 countries, including Brazil, Mexico, Chile, Colombia, Argentina, Ecuador, Peru, Honduras, El Salvador, Nicaragua, Costa Rica, Panama and Guatemala. For more information go to www.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 March 13, 2009 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.

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Cinemark Holdings, Inc.
Financial and Operating Summary
(unaudited, in thousands)
                                                     
    Three months ended June 30,   Six months ended June 30,
    2009   2008   2009   2008
Statement of income data:
                                
Revenues
                               
Admissions
   $ 339,088     $ 294,425     $ 618,971     $ 556,792  
Concession
     158,926       141,474       288,957       263,631  
Other
     19,494       21,335       35,380       37,827  
           
Total revenues
     517,508       457,234       943,308       858,250  
 
                                
Cost of operations
                                
Film rentals and advertising
     190,826       163,799       337,952       301,939  
Concession supplies
     24,027       23,205       43,744       41,954  
Facility lease expense
     59,195       56,124       114,933       112,446  
Other theatre operating expenses
     106,238       95,732       199,316       186,484  
General and administrative expenses
     23,675       24,495       45,463       45,067  
Depreciation and amortization
     37,881       38,539       74,337       76,650  
Impairment of long-lived assets
     3,930       1,342       4,969       5,829  
Loss on sale of assets and other
     1,186       1,109       1,458       910  
           
Total cost of operations
     446,958       404,345       822,172       771,279  
           
Operating income
     70,550       52,889       121,136       86,971  
 
                                
Interest expense (1)
     (25,649 )     (30,061 )     (51,113 )     (62,134 )
Distributions from NCM
     5,027       3,403       11,606       8,585  
Loss on early retirement of debt
     (26,795 )     —       (26,795 )     (40 )
Other income
     994       2,224       2,287       5,117  
           
Income before income taxes
     24,127       28,455       57,121       38,499  
Income taxes
     4,320       11,840       18,963       15,481  
           
Net income
   $ 19,807     $ 16,615     $ 38,158     $ 23,018  
Less: Net income attributable to noncontrolling interests
     1,137       1,092       1,923       2,244  
           
Net income attributable to Cinemark Holdings, Inc.
   $ 18,670     $ 15,523     $ 36,235     $ 20,774  
           
Earnings per share attributable to Cinemark Holdings, Inc.’s common stockholders:
                                
Basic
   $ 0.17     $ 0.14     $ 0.33     $ 0.19  
           
Diluted
   $ 0.17     $ 0.14     $ 0.33     $ 0.19  
           
 
                                
Other financial data:
                                
Adjusted EBITDA (2)
   $ 120,792     $ 99,838     $ 218,780     $ 183,998  
                 
    As of   As of
    June 30,   December 31,
    2009   2008
Balance sheet data:
                
Cash and cash equivalents
   $ 382,737     $ 349,603  
Theatre properties and equipment, net
     1,224,132       1,208,283  
Total assets
     3,208,046       3,065,708  
Long-term debt, including current portion
     1,566,568       1,508,462  
Stockholders’ equity
     864,309       824,227  

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    Three months ended   Six months ended
    June 30,   June 30,
    2009   2008   2009   2008
Other operating data:
                                
Attendance (patrons):
                                
Domestic
     43,922       38,559       81,190       72,850  
International
     17,198       14,830       34,053       30,265  
           
Worldwide
     61,120       53,389       115,243       103,115  
           
 
                                
Average ticket price (in dollars):
                                
Domestic
   $ 6.29     $ 6.07     $ 6.18     $ 6.00  
International
   $ 3.66     $ 4.06     $ 3.45     $ 3.96  
Worldwide
   $ 5.55     $ 5.51     $ 5.37     $ 5.40  
 
                                
Concession per patron (in dollars):
                                
Domestic
   $ 2.99     $ 2.96     $ 2.92     $ 2.89  
International
   $ 1.61     $ 1.84     $ 1.52     $ 1.74  
Worldwide
   $ 2.60     $ 2.65     $ 2.51     $ 2.56  
 
                                
Average screen count (month end average):
                                
Domestic
     3,825       3,672       3,789       3,661  
International
     1,037       1,011       1,037       1,011  
           
Worldwide
     4,862       4,683       4,826       4,672  
           
Segment Information
(unaudited, in thousands)
                                 
    Three months ended   Six months ended
    June 30,   June 30,
    2009   2008   2009   2008
Revenues
                                
U.S.
  $ 419,575     $ 360,247     $ 761,019     $ 669,047  
International
     98,962       97,900       184,158       191,009  
Eliminations
     (1,029 )     (913 )     (1,869 )     (1,806 )
           
Total revenues
   $ 517,508     $ 457,234     $ 943,308     $ 858,250  
           
Adjusted EBITDA (2)
                                
U.S.
  $ 100,576     $ 78,815     $ 182,295     $ 143,691  
International
     20,216       21,023       36,485       40,307  
           
Total adjusted EBITDA
   $ 120,792     $ 99,838     $ 218,780     $ 183,998  
           
Capital expenditures
                                
U.S.
   $ 27,171     $ 12,490     $ 43,422     $ 38,385  
International
     10,875       8,625       17,496       13,531  
           
Total capital expenditures
   $ 38,046     $ 21,115     $ 60,918     $ 51,916  
           

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Reconciliation of Adjusted EBITDA
(unaudited, in thousands)
                                 
    Three months ended   Six months ended
    June 30,   June 30,
    2009   2008   2009   2008
Net income
   $ 19,807     $ 16,615     $ 38,158     $ 23,018  
Income taxes
     4,320       11,840       18,963       15,481  
Interest expense (1)
     25,649       30,061       51,113       62,134  
Loss on early retirement of debt
     26,795       —       26,795       40  
Other income
     (994 )     (2,224 )     (2,287 )     (5,117 )
Depreciation and amortization
     37,881       38,539       74,337       76,650  
Impairment of long-lived assets
     3,930       1,342       4,969       5,829  
Loss on sale of assets and other
     1,186       1,109       1,458       910  
Deferred lease expenses (3)
     1,034       914       2,121       2,146  
Amortization of long-term prepaid rents (3)
     360       425       750       829  
Share based awards compensation expense (4)
     824       1,217       2,403       2,078  
           
Adjusted EBITDA (2)
   $ 120,792     $ 99,838     $ 218,780     $ 183,998  
           
 
(1)   Includes amortization of debt issue costs and excludes capitalized interest.
 
(2)   Adjusted EBITDA as calculated in the chart above represents net income before income taxes, interest expense, loss on early retirement of debt, other income, depreciation and amortization, impairment of long-lived assets, loss on sale of assets and other, changes in deferred lease expense, amortization of long-term prepaid rents and share based awards compensation expense. Adjusted EBITDA is a non-GAAP financial measure commonly used in our industry and should not be construed as an alternative to net income as an indicator of operating performance or as an alternative to cash flow provided by operating activities as a measure of liquidity (as determined in accordance with GAAP). Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. We have included Adjusted EBITDA because we believe it provides management and investors with additional information to measure our performance and liquidity, estimate our value and evaluate our ability to service debt. In addition, we use Adjusted EBITDA for incentive compensation purposes.
 
(3)   Non-cash expense included in facility lease expense.
 
(4)   Non-cash expense included in general and administrative expenses.

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