Exhibit 99.1
(CINEMARK LOGO)
For Immediate Release    
    Contact:     Robert Copple or Nikki Sacks
    972-665-1500
CINEMARK REPORTS RESULTS FOR FIRST QUARTER 2009
Plano, TX, May 7, 2009 — Cinemark Holdings, Inc. (NYSE: CNK), a leading motion picture exhibitor, today reported results for the three months ended March 31, 2009.
Cinemark Holdings, Inc.’s attendance for the three months ended March 31, 2009 increased by 8.9% compared to the three months ended March 31, 2008. The Company’s total revenues for the three months ended March 31, 2009 increased to $425.8 million from $401.0 million for the three months ended March 31, 2008. During the three months ended March 31, 2009, admissions revenues increased to $279.9 million and concession revenues increased to $130.0 million.
Adjusted EBITDA for the three months ended March 31, 2009 increased 16.4% to $98.0 million from $84.2 million for the three months ended March 31, 2008. Reconciliations of non-GAAP financial measures are provided in the financial schedules accompanying this press release.
“The box office recorded its strongest first quarter in history, further demonstrating the resiliency of the industry in the midst of a challenging economic environment. Our results outperformed the already-strong industry performance, driven by an approximate 9% increase in attendance in both our domestic and international markets as well as growth in both average ticket prices and concession revenues per patron in local currencies. We expect consumers will continue to view the cinema as one of the most convenient and affordable forms of entertainment, offering a strong value proposition in today’s economy. We look forward to a promising lineup of films during the remainder of 2009,” stated Alan Stock, Cinemark’s Chief Executive Officer.
Net income attributable to Cinemark Holdings, Inc. for the three months ended March 31, 2009 was $17.6 million compared to $5.3 million for the three months ended March 31, 2008.
The Company had cash of approximately $306 million as of March 31, 2009. The Company has long-term debt, net of cash, of approximately $1.21 billion as of March 31, 2009.
On March 31, 2009, the Company’s aggregate screen count was 4,846. As of March 31, 2009, the Company had signed commitments to open eight new theatres with 77 screens during the remainder of 2009 and open five new theatres with 74 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 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 97081492. The replay will be available until May 10, 2009.

 

 

About Cinemark Holdings, Inc.
Headquartered in Plano, TX, Cinemark is a leader in the motion picture exhibition industry. As of March 31, 2009, Cinemark operates 420 theatres and 4,846 screens in 39 states in the United States and internationally in 12 countries, including Brazil, Mexico, Argentina, Chile, Ecuador, Peru, Honduras, El Salvador, Nicaragua, Costa Rica, Panama and Colombia. 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
    March 31,
    2009   2008
Statement of Income Data:
                
Revenues
                
Admissions
   $ 279,883     $ 262,367  
Concession
     130,031       122,157  
Other
     15,886       16,492  
     
Total revenues
     425,800       401,016  
     
Cost of operations
                
Film rentals and advertising
     147,126       138,140  
Concession supplies
     19,717       18,749  
Facility lease expense
     55,738       56,322  
Other theatre operating expenses
     93,078       90,752  
General and administrative expenses
     21,788       20,572  
Depreciation and amortization
     36,456       38,111  
Impairment of long-lived assets
     1,039       4,487  
(Gain) loss on sale of assets and other
     272       (199 )
     
Total cost of operations
     375,214       366,934  
     
Operating income
     50,586       34,082  
Interest expense (1)
     (25,464 )     (32,073 )
Loss on early retirement of debt
     —       (40 )
Distributions from NCM
     6,579       5,182  
Other income
     1,293       2,893  
     
Income before income taxes
     32,994       10,044  
Income taxes
     14,643       3,641  
     
Net income
   $ 18,351     $ 6,403  
Less: Net income attributable to noncontrolling interests
     786       1,152  
     
Net income attributable to Cinemark Holdings, Inc.
   $ 17,565     $ 5,251  
     
 
                
Earnings per share attributable to Cinemark Holdings, Inc.’s common stockholders:
                
Basic
   $ 0.16     $ 0.05  
     
Diluted
   $ 0.16     $ 0.05  
     
Other Financial Data:
                
Adjusted EBITDA (2)
   $ 97,988     $ 84,160  
     
                 
    As of   As of
    March 31,   December 31,
    2009   2008
Balance Sheet Data:
                
Cash and cash equivalents
   $ 305,504     $ 349,603  
Theatre properties and equipment, net
     1,227,048       1,208,283  
Total assets
     3,087,741       3,065,708  
Long-term debt, including current portion
     1,513,536       1,508,462  
Stockholders’ equity
     823,296       824,227  

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    Three months ended
    March 31,
    2009   2008
Other operating data:
                
Attendance (patrons, in thousands):
                
Domestic
     37,268       34,291  
International
     16,855       15,435  
     
Worldwide
     54,123       49,726  
     
 
                
Average ticket price (in dollars):
                
Domestic
   $ 6.05     $ 5.91  
International
   $ 3.24     $ 3.86  
Worldwide
   $ 5.17     $ 5.28  
 
                
Concession revenues per patron (in dollars):
                
Domestic
   $ 2.84     $ 2.82  
International
   $ 1.43     $ 1.65  
Worldwide
   $ 2.40     $ 2.46  
 
                
Average screen count (month end average):
                
Domestic
     3,759       3,648  
International
     1,035       1,010  
     
Worldwide
     4,794       4,658  
     
Segment Information
(unaudited, in thousands)
                 
    Three months ended
    March 31,
    2009   2008
Revenues
                
U.S.
   $ 341,445     $ 308,799  
International
     85,195       93,109  
Eliminations
     (840 )     (892 )
     
Total revenues
   $ 425,800     $ 401,016  
     
Adjusted EBITDA (2)
                
U.S.
   $ 81,719     $ 64,876  
International
     16,269       19,284  
     
Total Adjusted EBITDA
   $ 97,988     $ 84,160  
     
Capital expenditures
                
U.S.
   $ 16,251     $ 25,895  
International
     6,621       4,906  
     
Total capital expenditures
   $ 22,872     $ 30,801  
     

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Reconciliation of Adjusted EBITDA
(unaudited , in thousands)
                 
    Three months ended
    March 31,
    2009   2008
Net income
   $ 18,351     $ 6,403  
Income taxes
     14,643       3,641  
Interest expense (1)
     25,464       32,073  
Loss on early retirement of debt
     —       40  
Other income
     (1,293 )     (2,893 )
Depreciation and amortization
     36,456       38,111  
Impairment of long-lived assets
     1,039       4,487  
(Gain) loss on sale of assets and other
     272       (199 )
Deferred lease expenses (3)
     1,088       1,232  
Amortization of long-term prepaid rents (3)
     390       404  
Share based awards compensation expense (4)
     1,578       861  
     
Adjusted EBITDA (2)
   $ 97,988     $ 84,160  
     
 
(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, (gain) 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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