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SEC Filings

10-Q
CINEMARK HOLDINGS, INC. filed this Form 10-Q on 11/05/2015
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2015 compared to 39.9% for the third quarter of 2014. Income tax provisions for interim (quarterly) periods are based on estimated annual income tax rates and are adjusted for the effects of significant, infrequent or unusual items (i.e. discrete items) occurring during the interim period. As a result, the interim rate may vary significantly from the normalized annual rate.

Nine months ended September 30, 2015 versus September 30, 2014

Revenues. Total revenues increased $178.3 million to $2,145.4 million for the nine months ended September 30, 2015 (“the 2015 period”) from $1,967.1 million for the nine months ended September 30, 2014 (“the 2014 period”), representing a 9.1% increase. 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  
     Nine Months Ended
September 30,
    Nine Months Ended
September 30,
    Nine Months Ended
September 30,
 
                   %                   %                   %  
     2015      2014      Change     2015      2014      Change     2015      2014      Change  

Admissions revenues (1)

   $ 990.0       $ 907.9         9.0   $ 345.8       $ 331.6         4.3   $ 1,335.8       $ 1,239.5         7.8

Concession revenues (1)

   $ 523.1       $ 471.4         11.0   $ 181.1       $ 159.2         13.8   $ 704.2       $ 630.6         11.7

Other revenues (1) (2)

   $ 52.0       $ 44.3         17.4   $ 53.4       $ 52.7         1.3   $ 105.4       $ 97.0         8.7

Total revenues (1) (2)

   $ 1,565.1       $ 1,423.6         9.9   $ 580.3       $ 543.5         6.8   $ 2,145.4       $ 1,967.1         9.1

Attendance (1)

     134.3         129.9         3.4     78.9         68.3         15.5     213.2         198.2         7.6

 

(1)  Amounts in millions.
(2)  U.S. operating segment revenues include eliminations of intercompany transactions with the international operating segment. See Note 15 of our condensed consolidated financial statements.

 

  U.S. Admissions revenues increased $82.1 million due to a 3.4% increase in attendance and a 5.4% increase in average ticket price from $6.99 for the 2014 period to $7.37 for the 2015 period. The increase in attendance was due to the solid slate of films released during the 2015 period and new theatres. The increase in average ticket price was primarily due to price increases and ticket type mix. Concession revenues increased $51.7 million due to the 3.4% increase in attendance and a 7.4% increase in concession revenues per patron, from $3.63 for the 2014 period to $3.90 for the 2015 period. The increase in concession revenues per patron was primarily due to incremental sales and price increases. Other revenues increased primarily due to increases in screen advertising revenues.

 

  International. Admissions revenues increased $14.2 million due to a 15.5% increase in attendance, partially offset by a 9.9% decrease in average ticket price from $4.86 for the 2014 period to $4.38 for the 2015 period. Concession revenues increased $21.9 million due to the 15.5% increase in attendance, partially offset by a 1.3% decrease in concession revenues per patron from $2.33 for the 2014 period to $2.30 for the 2015 period. The increase in attendance was due to the solid slate of films released during the 2015 period and new theatres. The decrease in average ticket price and concession revenues per patron was primarily due to the unfavorable impact of foreign currency exchange rates in certain countries in which we operate, partially offset by price increases.

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

 

     U.S. Operating Segment      International Operating
Segment
     Consolidated  
     Nine Months Ended
September 30,
     Nine Months Ended
September 30,
     Nine Months Ended
September 30,
 
     2015      2014      2015      2014      2015      2014  

Film rentals and advertising

   $ 567.5       $ 505.5       $ 169.9       $ 159.9       $ 737.4       $ 665.4   

Concession supplies

     70.3         64.4         39.1         34.5         109.4         98.9   

Salaries and wages

     165.4         149.8         56.9         52.4         222.3         202.2   

Facility lease expense

     179.1         176.2         63.5         63.4         242.6         239.6   

Utilities and other

     170.6         164.7         74.5         69.3         245.1         234.0   

 

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