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10-K
CINEMARK HOLDINGS, INC. filed this Form 10-K on 02/27/2015
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Table of Contents

Comparison of Years Ended December 31, 2014 and December 31, 2013

Revenues. Total revenues decreased $55.9 million to $2,627.0 million for 2014 from $2,682.9 million for 2013, representing a 2.1% decrease. The table below, presented by reportable operating segment, summarizes our year-over-year revenue performance and certain key performance indicators that impact our revenues.

 

    U.S. Operating Segment     International Operating
Segment
    Consolidated  
    Year Ended
December 31,
    Year Ended
December 31,
    Year Ended
December 31,
 
    2014     2013     %
Change
    2014     2013     %
Change
    2014     2013     %
Change
 

Admissions revenues (1)

  $ 1,220.8      $ 1,231.4        (0.9 %)    $ 423.4      $ 474.7        (10.8 %)    $ 1,644.2      $ 1,706.1        (3.6 %) 

Concession revenues (1)

  $ 635.6      $ 609.3        4.3   $ 209.8      $ 235.9        (11.1 %)    $ 845.4      $ 845.2        —  

Other revenues (1)(2)

  $ 66.0      $ 59.1        11.7   $ 71.4      $ 72.5        (1.5 %)    $ 137.4      $ 131.6        4.4

Total revenues (1)(2)

  $ 1,922.4      $ 1,899.8        1.2   $ 704.6      $ 783.1        (10.0 %)    $ 2,627.0      $ 2,682.9        (2.1 %) 

Attendance (1)

    173.9        177.2        (1.9 %)      90.0        99.4        (9.5 %)      263.9        276.6        (4.6 %) 

 

(1) 

Amounts in millions.

(2) 

U.S. operating segment revenues include eliminations of intercompany transactions with the international operating segment. See Note 20 of our consolidated financial statements.

 

 

U.S. The decrease in admissions revenues was primarily attributable to a 1.9% decrease in attendance, partially offset by a 1.0% increase in average ticket price from $6.95 for 2013 to $7.02 for 2014. The increase in concession revenues was primarily attributable to a 6.1% increase in concession revenues per patron from $3.44 for 2013 to $3.65 for 2014. Our revenues and attendance include the 32 Rave theatres acquired beginning on May 29, 2013 (see Note 5 to the consolidated financial statements). The increase in average ticket price was primarily due to the pricing at acquired and new theatres. The increase in concession revenues per patron was primarily due to price increases and incremental sales. The increase in other revenues is partly due to a sales tax refund recorded during 2014.

 

 

International. The decrease in admissions revenues was primarily attributable to a 9.5% decrease in attendance and a 1.7% decrease in average ticket price from $4.78 for 2013 to $4.70 for 2014. The decrease in concession revenues was primarily attributable to the 9.5% decrease in attendance and a 1.7% decrease in concession revenues per patron from $2.37 for 2013 to $2.33 for 2014. The decrease in attendance was primarily due to the sale of our Mexico theatres on November 15, 2013. The decrease in average ticket price and concession revenues per patron was due to the unfavorable impact of exchange rates in certain countries in which we operate.

Cost of Operations. The table below summarizes certain of our theatre operating costs by reportable operating segment (in millions).

 

     U.S.
Operating  Segment
     International  Operating
Segment
     Consolidated  
     Year Ended
December 31,
     Year Ended
December 31,
     Year Ended
December 31,
 
     2014      2013      2014      2013      2014      2013  

Film rentals and advertising

   $ 681.1       $ 687.3       $ 202.0       $ 232.2       $ 883.1       $ 919.5   

Concession supplies

     86.4         83.7         45.6         52.0         132.0         135.7   

Salaries and wages

     202.8         192.5         71.1         76.8         273.9         269.3   

Facility lease expense

     235.2         215.5         81.9         92.4         317.1         307.9   

Utilities and other

     217.2         204.5         91.2         101.2         308.4         305.7   

 

   

U.S. Film rentals and advertising costs were $681.1 million, or 55.8% of admissions revenues, for 2014 compared to $687.3 million, or 55.8% of admissions revenues, for 2013. Concession supplies expense was $86.4 million, or 13.6% of concession revenues, for 2014 compared to $83.7 million, or 13.7% of concession revenues, for 2013.

 

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