Fewer people went to the movies during the last three months of 2014, but Cinemark's fourth quarter earnings still managed to beat Wall Street's expectations.
The country's third biggest theater chain's revenue rose 1.2% to $659.9 million, while earnings per share climbed to 41 cents from 13 cents in the year-ago period. Net income hit $47.3 million, a huge increase from the $15.6 million Cinemark reported last year at this time. However, that discrepancy has to do with an after-tax loss relating to the company's 2013 sale of its Mexican subsidiaries to Grupo Cinemex.
Analysts had expected the Plano, Texas-based company to show revenue of $647.3 million and earnings per share of 33 cents.
Credit higher concessions revenue for helping the exhibitor soldier on despite a box office downturn. Food and beverage sales hit $214.8 million, up 6.4% from $201.8 million in the year-ago period, while concession revenues per patron increased 4.6% to $3.20. At the same time, admissions revenue fell 1.9% to $404.7 million in the fourth quarter.
A day before earnings were announced, Cinemark declared a dividend of 25 cents per share, which prompted shares to rise.
Quarterly box office across the industry fell 2.8% in the last three months of 2014, as films such as "Interstellar" and "The Hobbit: The Battle of the Five Armies" failed to match the response to the previous year's parade of hits such as "Frozen" and the second "Hunger Games" film. Ticket sales throughout the year were down more than 5%, although exhibitors are optimistic that 2015 will offer a stronger crop of box office heavyweights, such as sequels to "Star Wars" and "The Avengers."
Shares of Cinemark closed Tuesday up 0.15% at $39.08.
© 2015 Variety Media, LLC, a subsidiary of Penske Business Media; Distributed by Tribune Content Agency, LLC
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