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SEC Filings

10-K
CINEMARK HOLDINGS, INC. filed this Form 10-K on 02/23/2018
Entire Document
 

CINEMARK HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

In thousands, except share and per share data

 

The Company currently leases 14 theatres and one parking facility from Syufy Enterprises, LP (“Syufy”) or affiliates of Syufy. Raymond Syufy is one of the Company’s directors and is an officer of the general partner of Syufy. Of these 15 leases, 14 have fixed minimum annual rent. The one lease without minimum annual rent has rent based upon a specified percentage of gross sales as defined in the lease. For the years ended December 31, 2015, 2016 and 2017, the Company paid total rent of approximately $20,581, $21,124 and $22,483, respectively, to Syufy.

20.

VALUATION AND QUALIFYING ACCOUNTS

The Company’s valuation allowance for deferred tax assets for the years ended December 31, 2015, 2016 and 2017 were as follows:

 

 

 

Valuation Allowance for Deferred Taxes

 

Balance at January 1, 2015

 

$

52,873

 

Additions

 

 

437

 

Deductions

 

 

(2,674

)

Balance at December 31, 2015

 

$

50,636

 

Additions

 

 

483

 

Deductions

 

 

(36,595

)

Balance at December 31, 2016

 

$

14,524

 

Additions 1

 

 

21,347

 

Deductions

 

 

(625

)

Balance at December 31, 2017

 

$

35,246

 

 

(1)

A valuation allowance was provided against certain deferred tax assets arising from carryforwards of unused foreign tax credit benefits.

21.

QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

 

 

 

2016

 

 

 

First

Quarter

 

 

Second

Quarter

 

 

Third

Quarter

 

 

Fourth

Quarter

 

 

Full

Year

 

Revenues

 

$

704,869

 

 

$

744,404

 

 

$

768,574

 

 

$

700,918

 

 

$

2,918,765

 

Operating income

 

$

114,827

 

 

$

105,562

 

 

$

117,790

 

 

$

84,756

 

 

$

422,935

 

Net income

 

$

59,046

 

 

$

54,368

 

 

$

66,126

 

 

$

77,287

 

 

$

256,827

 

Net income attributable to Cinemark Holdings, Inc.

 

$

58,525

 

 

$

53,906

 

 

$

65,655

 

 

$

77,005

 

 

$

255,091

 

Net income per share attributable to Cinemark Holdings, Inc.’s common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.50

 

 

$

0.46

 

 

$

0.56

 

 

$

0.66

 

 

$

2.19

 

Diluted

 

$

0.50

 

 

$

0.46

 

 

$

0.56

 

 

$

0.66

 

 

$

2.19

 

 

 

 

2017

 

 

 

First

Quarter

 

 

Second

Quarter

 

 

Third

Quarter

 

 

Fourth

Quarter

 

 

Full

Year

 

Revenues

 

$

779,610

 

 

$

751,195

 

 

$

710,748

 

 

$

749,994

 

 

$

2,991,547

 

Operating income

 

$

131,193

 

 

$

98,221

 

 

$

74,175

 

 

$

88,693

 

 

$

392,282

 

Net income

 

$

80,194

 

 

$

51,810

 

 

$

38,540

 

 

$

95,475

 

 

$

266,019

 

Net income attributable to Cinemark Holdings, Inc.

 

$

79,728

 

 

$

51,239

 

 

$

38,139

 

 

$

95,074

 

 

$

264,180

 

Net income per share attributable to Cinemark Holdings, Inc.’s common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.68

 

 

$

0.44

 

 

$

0.33

 

 

$

0.82

 

 

$

2.26

 

Diluted

 

$

0.68

 

 

$

0.44

 

 

$

0.33

 

 

$

0.82

 

 

$

2.26

 

F-42