Cinemark Holdings earnings drop but beat consensus

Movie theater operator Cinemark Holdings Inc. reported on Friday a drop in second-quarter earnings, though it still beat analysts' estimates by a penny on increased sales of tickets and concessions.

Net income for the three months ended June 30 fell 67.6 percent to $15.5 million, or 14 cents per share, from $47.9 million, or 45 cents per share, for the same period last year, when earnings were boosted by an income tax benefit of $25.7 million.

Adjusted earnings before interest, taxes, depreciation and amortization _ including a $9.2 million transaction with Fandango and a $7 million benefit from the termination of a profit participation agreement _ rose 2.9 percent to $99.8 million from $97 million.

Revenue rose 3.9 percent to $457.2 million from $440 million in the year-ago period.

Analysts surveyed by Thomson Financial, on average, forecast earnings of 13 cents per share on sales of $452.1 million.

Admissions revenue rose 4 percent, and concession revenue rose 2.2 percent. The increases were primarily related to rising ticket prices and 6.4 percent more spending, per customer, on concessions.

The company said it believes its digital and 3-D rollout with take place by the end of this year.

The stock closed at $14.80 Thursday. Shares have traded in a range from $11.08 to $20 in the last 52 weeks.