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SEC Filings

10-Q
CINEMARK HOLDINGS, INC. filed this Form 10-Q on 11/03/2017
Entire Document
 

 

CINEMARK HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share data, unaudited)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Admissions

 

$

425,128

 

 

$

472,842

 

 

$

1,351,477

 

 

$

1,364,737

 

Concession

 

 

247,027

 

 

 

261,391

 

 

 

777,573

 

 

 

752,798

 

Other

 

 

38,593

 

 

 

34,341

 

 

 

112,503

 

 

 

100,312

 

Total revenues

 

 

710,748

 

 

 

768,574

 

 

 

2,241,553

 

 

 

2,217,847

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Film rentals and advertising

 

 

226,229

 

 

 

249,766

 

 

 

725,603

 

 

 

733,101

 

Concession supplies

 

 

40,178

 

 

 

41,888

 

 

 

124,117

 

 

 

116,999

 

Salaries and wages

 

 

87,305

 

 

 

84,460

 

 

 

261,318

 

 

 

243,833

 

Facility lease expense

 

 

81,919

 

 

 

82,848

 

 

 

248,569

 

 

 

241,904

 

Utilities and other

 

 

92,341

 

 

 

94,999

 

 

 

271,751

 

 

 

265,506

 

General and administrative expenses

 

 

36,947

 

 

 

35,290

 

 

 

112,997

 

 

 

109,143

 

Depreciation and amortization

 

 

58,052

 

 

 

54,187

 

 

 

174,545

 

 

 

155,874

 

Impairment of long-lived assets

 

 

5,026

 

 

 

406

 

 

 

9,600

 

 

 

2,323

 

Loss on sale of assets and other

 

 

8,576

 

 

 

6,940

 

 

 

9,464

 

 

 

10,985

 

Total cost of operations

 

 

636,573

 

 

 

650,784

 

 

 

1,937,964

 

 

 

1,879,668

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

 

74,175

 

 

 

117,790

 

 

 

303,589

 

 

 

338,179

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(26,317

)

 

 

(26,659

)

 

 

(79,208

)

 

 

(81,980

)

Loss on debt amendments and refinancing

 

 

 

 

 

 

 

 

(246

)

 

 

(13,284

)

Interest income

 

 

1,682

 

 

 

1,665

 

 

 

4,395

 

 

 

5,030

 

Foreign currency exchange gain

 

 

584

 

 

 

485

 

 

 

2,018

 

 

 

2,883

 

Distributions from NCM

 

 

2,144

 

 

 

1,381

 

 

 

11,704

 

 

 

10,117

 

Equity in income of affiliates

 

 

10,902

 

 

 

12,390

 

 

 

26,767

 

 

 

24,597

 

Total other expense

 

 

(11,005

)

 

 

(10,738

)

 

 

(34,570

)

 

 

(52,637

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

63,170

 

 

 

107,052

 

 

 

269,019

 

 

 

285,542

 

Income taxes

 

 

24,630

 

 

 

40,926

 

 

 

98,475

 

 

 

106,002

 

Net income

 

$

38,540

 

 

$

66,126

 

 

$

170,544

 

 

$

179,540

 

Less:  Net income attributable to noncontrolling interests

 

 

401

 

 

 

471

 

 

 

1,438

 

 

 

1,454

 

Net income attributable to Cinemark Holdings, Inc.

 

$

38,139

 

 

$

65,655

 

 

$

169,106

 

 

$

178,086

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

115,823

 

 

 

115,601

 

 

 

115,746

 

 

 

115,475

 

Diluted

 

 

116,104

 

 

 

115,793

 

 

 

116,063

 

 

 

115,706

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share attributable to Cinemark Holdings, Inc.'s

   common stockholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.33

 

 

$

0.56

 

 

$

1.45

 

 

$

1.53

 

Diluted

 

$

0.33

 

 

$

0.56

 

 

$

1.45

 

 

$

1.53

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends declared per common share

 

$

0.29

 

 

$

0.27

 

 

$

0.87

 

 

$

0.81

 

 

The accompanying notes are an integral part of the condensed consolidated financial statements.

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