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Cinemark Holdings Inc. (CNK - Free Report) reported mixed financial results for the fourth quarter of 2016, wherein the bottom line beat the Zacks Consensus Estimate while the top line missed the same.
Quarterly net income was $77 million or 66 cents per share compared with $57.8 million or 50 cents in the year-ago quarter. The company’s reported adjusted earnings figure of 64 cents per share surpassed the Zacks Consensus Estimate of 43 cents.
Total quarterly revenue of $700.9 million was down 0.9% year over year lagging the Zacks Consensus Estimate of $704.5 million.
Segment-wise, Admissions revenues were $424.4 million, down 1.2% year over year. Concession revenues grossed $237.3 million, up 1.9%. Other revenues were $39.2 million, down 12.2% year over year. Geographically, U.S. revenues totaled $553.3 million, up 1.5% year over year. International revenues were $150.4 million, up 1.3%.
Quarterly operating costs and expenses totaled $616.2 million, up 1.3% year over year. Operating income was $84.8 million, down 14.5% year over year. Operating margin was 12.1% compared with 14% in the prior-year quarter. Adjusted EBITDA in the reported quarter was $168.2 million, down 3.8% from the year-ago quarter.
At the end of 2016, Cinemark had $561.2 million of cash and cash equivalents and $1,788.1 million of debt outstanding compared with $588.5 million and $1,781.3 million, respectively, at the end of 2015. At the end of 2016, the debt-to-capitalization ratio was 0.58 compared with 0.43 at the end of 2015. Quarterly total capital expenditure was $96.6 million compared with $99.4 million in the year-ago quarter.
As of Dec 31, 2016, Cinemark’s aggregate screen count was 5,903. Management has decided to open eight new theatres and 69 screens during 2017. Thereafter, it will open seven new theatres and 76 screens.
Dividend Hike
The board of directors of Cinemark has increased dividend rate by 7.4% to $1.16 per share of common stock on an annualized basis, effective immediately. The fourth-quarter dividend of 29 cents per share will be paid on Mar 20, 2017 to stockholders of record on Mar 8, 2017.
Cinemark Holdings Inc Price, Consensus and EPS Surprise
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Cinemark (CNK) Tops Q4 Earnings, Lags Revenue Estimates
Cinemark Holdings Inc. (CNK - Free Report) reported mixed financial results for the fourth quarter of 2016, wherein the bottom line beat the Zacks Consensus Estimate while the top line missed the same.
Quarterly net income was $77 million or 66 cents per share compared with $57.8 million or 50 cents in the year-ago quarter. The company’s reported adjusted earnings figure of 64 cents per share surpassed the Zacks Consensus Estimate of 43 cents.
Total quarterly revenue of $700.9 million was down 0.9% year over year lagging the Zacks Consensus Estimate of $704.5 million.
Segment-wise, Admissions revenues were $424.4 million, down 1.2% year over year. Concession revenues grossed $237.3 million, up 1.9%. Other revenues were $39.2 million, down 12.2% year over year. Geographically, U.S. revenues totaled $553.3 million, up 1.5% year over year. International revenues were $150.4 million, up 1.3%.
Quarterly operating costs and expenses totaled $616.2 million, up 1.3% year over year. Operating income was $84.8 million, down 14.5% year over year. Operating margin was 12.1% compared with 14% in the prior-year quarter. Adjusted EBITDA in the reported quarter was $168.2 million, down 3.8% from the year-ago quarter.
At the end of 2016, Cinemark had $561.2 million of cash and cash equivalents and $1,788.1 million of debt outstanding compared with $588.5 million and $1,781.3 million, respectively, at the end of 2015. At the end of 2016, the debt-to-capitalization ratio was 0.58 compared with 0.43 at the end of 2015. Quarterly total capital expenditure was $96.6 million compared with $99.4 million in the year-ago quarter.
Cinemark Holdings is a leading motion picture exhibition company. Its major competitors include AMC Entertainment Holdings Inc. (AMC - Free Report) , Regal Entertainment Group and IMAX Corp. (IMAX - Free Report) . Cinemark currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
As of Dec 31, 2016, Cinemark’s aggregate screen count was 5,903. Management has decided to open eight new theatres and 69 screens during 2017. Thereafter, it will open seven new theatres and 76 screens.
Dividend Hike
The board of directors of Cinemark has increased dividend rate by 7.4% to $1.16 per share of common stock on an annualized basis, effective immediately. The fourth-quarter dividend of 29 cents per share will be paid on Mar 20, 2017 to stockholders of record on Mar 8, 2017.
Cinemark Holdings Inc Price, Consensus and EPS Surprise
Cinemark Holdings Inc Price, Consensus and EPS Surprise | Cinemark Holdings Inc Quote
Zacks' Top 10 Stocks for 2017
In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-hold tickers for the entirety of 2017?
Who wouldn't? Last year's market-beating Top 10 portfolio produced 5 double-digit winners. For example, oil and natural gas giant Pioneer Natural Resources and First Republic Bank racked up stellar gains of +44.9% and +44.3% respectively. Now a brand-new list for 2017 has been hand-picked from 4,400 companies covered by the Zacks Rank. See the 2017 Top 10 right now>>