2
Three months ended | ||||||||
March 31, | ||||||||
2011 | 2010 | |||||||
Statement of income data: |
||||||||
Revenues |
||||||||
Admissions |
$ | 311,692 | $ | 342,990 | ||||
Concession |
146,681 | 153,104 | ||||||
Other |
24,763 | 20,537 | ||||||
Total revenues |
483,136 | 516,631 | ||||||
Cost of operations |
||||||||
Film rentals and advertising |
165,153 | 188,819 | ||||||
Concession supplies |
23,282 | 22,406 | ||||||
Facility lease expense |
66,426 | 62,715 | ||||||
Other theatre operating expenses |
109,906 | 107,763 | ||||||
General and administrative expenses |
28,986 | 25,530 | ||||||
Depreciation and amortization |
39,140 | 34,091 | ||||||
Impairment of long-lived assets |
1,015 | 347 | ||||||
Loss on sale of assets and other |
472 | 3,167 | ||||||
Total cost of operations |
434,380 | 444,838 | ||||||
Operating income |
48,756 | 71,793 | ||||||
Interest expense (1) |
(29,290 | ) | (26,010 | ) | ||||
Distributions from NCM |
9,863 | 9,946 | ||||||
Other income |
5,030 | 812 | ||||||
Income before income taxes |
34,359 | 56,541 | ||||||
Income taxes |
9,037 | 19,830 | ||||||
Net income |
$ | 25,322 | $ | 36,711 | ||||
Less: Net income attributable to noncontrolling interests |
359 | 1,618 | ||||||
Net income attributable to Cinemark Holdings, Inc. |
$ | 24,963 | $ | 35,093 | ||||
Earnings per share attributable to Cinemark Holdings, Inc.s common
stockholders: |
||||||||
Basic |
$ | 0.22 | $ | 0.32 | ||||
Diluted |
$ | 0.22 | $ | 0.31 | ||||
Weighted average diluted shares outstanding |
112,899 | 110,880 | ||||||
Other financial data: |
||||||||
Adjusted EBITDA (2) |
$ | 102,706 | $ | 121,781 | ||||
(1) | Includes amortization of debt issue costs and excludes capitalized interest. | |
(2) | Adjusted EBITDA is a non-GAAP financial measure. A reconciliation of Adjusted EBITDA to net income is provided in the financial schedules accompanying this press release. |
3
As of | As of | |||||||
March 31, | December 31, | |||||||
2011 | 2010 | |||||||
Balance Sheet Data: |
||||||||
Cash and cash equivalents |
$ | 463,308 | $ | 464,997 | ||||
Theatre properties and equipment, net |
$ | 1,206,796 | $ | 1,215,446 | ||||
Total assets |
$ | 3,404,139 | $ | 3,421,478 | ||||
Long-term debt, including current portion |
$ | 1,529,938 | $ | 1,532,441 | ||||
Equity |
$ | 1,049,741 | $ | 1,033,152 |
Three months ended | ||||||||
March 31, | ||||||||
2011 | 2010 | |||||||
Other operating data: |
||||||||
Attendance (patrons): |
||||||||
Domestic |
33,389 | 39,573 | ||||||
International |
20,382 | 18,934 | ||||||
Worldwide |
53,771 | 58,507 | ||||||
Average ticket price (in dollars): |
||||||||
Domestic |
$ | 6.40 | $ | 6.55 | ||||
International |
$ | 4.81 | $ | 4.43 | ||||
Worldwide |
$ | 5.79 | $ | 5.86 | ||||
Concession revenues per patron (in dollars): |
||||||||
Domestic |
$ | 3.14 | $ | 2.99 | ||||
International |
$ | 2.05 | $ | 1.83 | ||||
Worldwide |
$ | 2.73 | $ | 2.62 | ||||
Average screen count (month end average): |
||||||||
Domestic |
3,820 | 3,825 | ||||||
International |
1,121 | 1,066 | ||||||
Worldwide |
4,941 | 4,891 | ||||||
Three months ended | ||||||||
March 31, | ||||||||
2011 | 2010 | |||||||
Revenues |
||||||||
U.S. |
$ | 330,866 | $ | 388,615 | ||||
International |
154,471 | 129,271 | ||||||
Eliminations |
(2,201 | ) | (1,255 | ) | ||||
Total revenues |
$ | 483,136 | $ | 516,631 | ||||
Adjusted EBITDA |
||||||||
U.S. |
$ | 68,791 | $ | 89,405 | ||||
International |
33,915 | 32,376 | ||||||
Total Adjusted EBITDA |
$ | 102,706 | $ | 121,781 | ||||
Capital expenditures |
||||||||
U.S. |
$ | 11,468 | $ | 12,500 | ||||
International |
24,301 | 7,017 | ||||||
Total capital expenditures |
$ | 35,769 | $ | 19,517 | ||||
4
Three Months Ended | ||||||||
March 31, | ||||||||
2011 | 2010 | |||||||
Net income |
$ | 25,322 | $ | 36,711 | ||||
Income taxes |
9,037 | 19,830 | ||||||
Interest expense |
29,290 | 26,010 | ||||||
Other income |
(5,030 | ) | (812 | ) | ||||
Depreciation and amortization |
39,140 | 34,091 | ||||||
Impairment of long-lived assets |
1,015 | 347 | ||||||
Loss on sale of assets and other |
472 | 3,167 | ||||||
Deferred lease expenses theatres(2) |
296 | 750 | ||||||
Deferred lease expenses DCIP equipment (3) |
484 | 33 | ||||||
Amortization of long-term prepaid rents (2) |
667 | 341 | ||||||
Share based awards compensation expense (4) |
2,013 | 1,313 | ||||||
Adjusted EBITDA (1) |
$ | 102,706 | $ | 121,781 | ||||
(1) | Adjusted EBITDA as calculated in the chart above represents net income before income taxes, interest expense, 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. | |
(2) | Non-cash expense included in facility lease expense. | |
(3) | Non-cash expense included in other theatre operating expenses. | |
(4) | Non-cash expense included in general and administrative expenses. |
5