"Our strong start to 2009 for the exhibition industry continued into the second quarter," commented Alan Stock, the company's CEO. Stock went on to say that the slate of quality films during the quarter drew in more attendance which, in turn, bolstered Cinemark's balance sheet.
The company's total revenues for six months ending June 30 were $943.3 million, up from $858.2 million for the six months ending June 30, 2008. The revenues for Q2 were $517.5 million, also up from the same period the year before. The total for the three months ending June 30, 2008 was $457.2 million.
Cinemark executive vice president; treasurer; chief financial officer; assistant secretary Robert Copple said the company's theater footprint expanded domestically and internationally, despite the slowdown of commercial development, especially in the United States. Three theaters have opened so far in 2009, with one more scheduled to open by year end. This would bring the total number of screens added during the year to 34. Eight more theaters with 92 screens are also committed domestically, subsequent to 2009.
Meanwhile, in Latin America, the company has signed commitments to open three theaters with 18 screens in 2009. "We're continuing to seek quality locations for organic build in the national and international markets," he said, adding that the method to both expansions would include a mix of acquisition and ground-up construction.
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