0001193125-15-367160.txt : 20151105 0001193125-15-367160.hdr.sgml : 20151105 20151105070058 ACCESSION NUMBER: 0001193125-15-367160 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20151105 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20151105 DATE AS OF CHANGE: 20151105 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Cinemark Holdings, Inc. CENTRAL INDEX KEY: 0001385280 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MOTION PICTURE THEATERS [7830] IRS NUMBER: 205490327 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33401 FILM NUMBER: 151198726 BUSINESS ADDRESS: STREET 1: 3900 DALLAS PARKWAY STREET 2: SUITE 500 CITY: PLANO STATE: TX ZIP: 75093 BUSINESS PHONE: (972) 665-1000 MAIL ADDRESS: STREET 1: 3900 DALLAS PARKWAY STREET 2: SUITE 500 CITY: PLANO STATE: TX ZIP: 75093 8-K 1 d17507d8k.htm 8-K 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): November 5, 2015

 

 

Cinemark Holdings, Inc.

(Exact Name of Registrant as Specified in Charter)

 

 

 

Delaware   001-33401   20-5490327

(State or Other Jurisdiction

of Incorporation)

  

(Commission

File Number)

  

(IRS Employer

Identification No.)

3900 Dallas Parkway, Suite 500, Plano, Texas 75093

(Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code: 972.665.1000

N/A

(Former Name or Former Address, if Changed Since Last Report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

  ¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

  ¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

  ¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

  ¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

Item 2.02 Results of Operations and Financial Condition.

On November 5, 2015, we announced our financial results for the quarter ended September 30, 2015. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.

Item 7.01 Regulation FD Disclosure.

On November 5, 2015, we announced our financial results for the quarter ended September 30, 2015. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit No.

   

Exhibit Description

99.1    Earnings press release dated November 5, 2015.

The information furnished pursuant to Items 2.02 and 7.01 of this Current Report on Form 8-K, including the exhibits, shall not be deemed to be incorporated by reference into any of our filings with the SEC under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in any such filing, and shall not be deemed to be “filed” with the SEC under the Securities Exchange Act of 1934, as amended.

 

2

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  CINEMARK HOLDINGS, INC.
By:  

/s/ Michael D. Cavalier

  Name: Michael D. Cavalier
  Title: Executive Vice President - General Counsel

Date: November 5, 2015

 

3

EX-99.1 2 d17507dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO

CINEMARK HOLDINGS, INC. REPORTS Q3 2015 ADJUSTED EBITDA OF $154.8 MILLION

ON REVENUES OF $700.1 MILLION

Plano, TX, November 5, 2015 – Cinemark Holdings, Inc. (NYSE: CNK), one of the largest motion picture exhibitors in the world, today reported results for the three and nine months ended September 30, 2015.

Cinemark Holdings, Inc.’s revenues for the three months ended September 30, 2015 increased 8.2% to $700.1 million compared to $646.9 million for the three months ended September 30, 2014. For the three months ended September 30, 2015, admissions revenues increased 7.3% to $432.2 million and concession revenues increased 9.0% to $230.2 million. Attendance increased 7.3% to 71.0 million patrons.

Adjusted EBITDA for the three months ended September 30, 2015 increased 9.2% to $154.8 million from $141.7 million for the three months ended September 30, 2014. Reconciliations of non-GAAP financial measures are provided in the financial schedules accompanying this press release.

Net income attributable to Cinemark Holdings, Inc. for the three months ended September 30, 2015 increased 21.5% to $46.3 million from $38.1 million for the three months ended September 30, 2014. Diluted earnings per share for the three months ended September 30, 2015 was $0.40 compared to $0.33 for the three months ended September 30, 2014.

“Our worldwide admissions revenues increased 15.1% on a currency adjusted basis, exceeding the North American industry’s box office by an impressive 930 basis points,” stated Mark Zoradi, Cinemark’s Chief Executive Officer. “Our Latin American segment’s attendance growth of 16.2% further substantiates the exhibition industry is reliant upon film content rather than economic cycles. Cinemark is well adept at navigating through various economic cycles with more than 20 years of operating experience in the region.”

Cinemark Holdings, Inc.’s revenues increased 9.1% to $2,145.4 million for the nine months ended September 30, 2015 from $1,967.1 million for the nine months ended September 30, 2014. During the nine months ended September 30, 2015, admissions revenues increased 7.8% to $1,335.8 million and concession revenues increased 11.7% to $704.2 million. Attendance increased 7.6% to 213.2 million patrons.

Adjusted EBITDA for the nine months ended September 30, 2015 increased 12.7% to $495.4 million from $439.6 million for the nine months ended September 30, 2014. Reconciliations of non-GAAP financial measures are provided in the financial schedules accompanying this press release.

Net income attributable to Cinemark Holdings, Inc. for the nine months ended September 30, 2015 increased 9.5% to $159.1 million from $145.3 million for the nine months ended September 30, 2014. Diluted earnings per share for the nine months ended September 30, 2015 was $1.37 compared to $1.25 for the nine months ended September 30, 2014.

On September 30, 2015, the Company’s aggregate screen count was 5,746. As of September 30, 2015, the Company had signed commitments to open seven new theatres and 66 screens during the remainder of 2015 and 16 new theatres with 163 screens subsequent to 2015.

Conference Call/Webcast – Today at 8:30AM ET

Telephone: via 888-755-8910 or 706-679-3149 (for international callers).

Live Webcast/Replay: Available live at investors.cinemark.com. A replay will be available following the call and archived for a limited time.

About Cinemark Holdings, Inc.

Cinemark is a leading domestic and international motion picture exhibitor, operating 507 theatres with 5,746 screens in 41 U.S. states, Brazil, Argentina and 12 other Latin American countries as of September 30, 2015. For more information go to investors.cinemark.com.

Financial Contact:

Chanda Brashears – 972-665-1671 or cbrashears@cinemark.com

Media Contact:

James Meredith – 972-665-1060 or jmeredith@cinemark.com

Forward-looking Statements

This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The “forward-looking statements” include our current expectations, assumptions, estimates and projections about our business and our industry. They include statements relating to future revenues, expenses and profitability, the future development and expected growth of our business, projected capital expenditures, attendance at movies generally or in any of the markets in which we operate, the number or diversity of popular movies released and our ability to successfully license and exhibit popular films, national and international growth in our industry, competition from other exhibitors and alternative forms of entertainment and determinations in lawsuits in which we are defendants. You can identify forward-looking statements by the use of words such as “may,” “should,” “could,” “estimates,” “predicts,” “potential,” “continue,” “anticipates,” “believes,” “plans,” “expects,” “future” and “intends” and similar expressions which are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. In evaluating forward-looking statements, you should carefully consider the risks and uncertainties described in the “Risk Factors” section or other sections in the Company’s Annual Report on Form 10-K filed February 27, 2015 and quarterly reports on Form 10-Q. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements and risk factors. Forward-looking statements contained in this press release reflect our view only as of the date of this press release. We undertake no obligation, other than as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

 

2

Cinemark Holdings, Inc.

Financial and Operating Summary

(unaudited, in thousands)

 

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

Statement of income data:

         

Revenues

         

Admissions

    $ 432,136      $ 402,832      $ 1,335,761      $ 1,239,472   

Concession

      230,233        211,131        704,190        630,571   

Other

      37,687        32,940        105,435        97,003   
  

 

 

    

 

 

    

 

 

    

 

 

  

Total revenues

      700,056        646,903        2,145,386        1,967,046   

Cost of operations

         

Film rentals and advertising

      236,415        215,565        737,377        665,420   

Concession supplies

      36,039        33,473        109,445        98,862   

Facility lease expense

      80,604        80,567        242,612        239,571   

Other theatre operating expenses

      161,096        147,380        467,342        436,175   

General and administrative expenses

      39,099        35,803        116,301        114,892   

Depreciation and amortization

      47,543        44,731        139,444        131,108   

Impairment of long-lived assets

      633        4,510        4,955        5,294   

(Gain) loss on sale of assets and other

      (500 )      2,590        3,852        8,719   
  

 

 

    

 

 

    

 

 

    

 

 

  

Total cost of operations

      600,929        564,619        1,821,328        1,700,041   
  

 

 

    

 

 

    

 

 

    

 

 

  

Operating income

      99,127        82,284        324,058        267,005   

Interest expense (1)

      (28,419 )      (28,335 )      (84,930 )      (85,101 ) 

Distributions from NCM

      4,601        3,481        13,100        14,158   

Loss on amendment to debt agreement

      —          —          (925 )      —     

Other income

      1,501        6,636        8,453        20,777   
  

 

 

    

 

 

    

 

 

    

 

 

  

Income before income taxes

      76,810        64,066        259,756        216,839   

Less: Income taxes

      30,109        25,534        99,263        70,477   
  

 

 

    

 

 

    

 

 

    

 

 

  

Net income

    $ 46,701      $ 38,532      $ 160,493      $ 146,362   

Less: Net income attributable to noncontrolling interests

      362        403        1,375        1,059   
  

 

 

    

 

 

    

 

 

    

 

 

  

Net income attributable to Cinemark Holdings, Inc.

    $ 46,339      $ 38,129      $ 159,118      $ 145,303   
  

 

 

    

 

 

    

 

 

    

 

 

  

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

         

Basic

    $ 0.40      $ 0.33      $ 1.37      $ 1.25   
  

 

 

    

 

 

    

 

 

    

 

 

  

Diluted

    $ 0.40      $ 0.33      $ 1.37      $ 1.25   
  

 

 

    

 

 

    

 

 

    

 

 

  

Weighted average diluted shares outstanding

      115,356        115,021        115,279        114,901   
  

 

 

    

 

 

    

 

 

    

 

 

  

Other financial data:

         

Adjusted EBITDA (2)

    $ 154,777      $ 141,739      $ 495,351      $ 439,649   
  

 

 

    

 

 

    

 

 

    

 

 

  

 

(1)  Includes amortization of debt issue costs.
(2)  Adjusted EBITDA is a non-GAAP financial measure. A reconciliation of Adjusted EBITDA to net income is provided in the financial schedules accompanying this press release.

 

3

     As of
September 30,
2015		      As of
December 31,
2014		  

Balance sheet data:

      

Cash and cash equivalents

    $ 502,914       $ 638,869   

Theatre properties and equipment, net

    $ 1,461,018       $ 1,450,812   

Total assets

    $ 4,044,256       $ 4,151,980   

Long-term debt, including current portion

    $ 1,817,718       $ 1,822,997   

Equity

    $ 1,096,106       $ 1,123,129   

 

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

Other operating data:

            

Attendance (patrons, in millions):

            

Domestic

      43.8         42.8         134.3         129.9   

International

      27.2         23.4         78.9         68.3   
  

 

 

     

 

 

     

 

 

     

 

 

  

Worldwide

      71.0         66.2         213.2         198.2   
  

 

 

     

 

 

     

 

 

     

 

 

  

Average ticket price (in dollars):

            

Domestic

    $ 7.27       $ 6.79       $ 7.37       $ 6.99   

International

    $ 4.18       $ 4.80       $ 4.38       $ 4.86   

Worldwide

    $ 6.09       $ 6.09       $ 6.27       $ 6.25   

Concession revenues per patron (in dollars):

            

Domestic

    $ 3.85       $ 3.63       $ 3.90       $ 3.63   

International

    $ 2.27       $ 2.38       $ 2.30       $ 2.33   

Worldwide

    $ 3.24       $ 3.19       $ 3.30       $ 3.18   

Average screen count (month end average):

            

Domestic

      4,493         4,468         4,496         4,462   

International

      1,250         1,154         1,214         1,140   
  

 

 

     

 

 

     

 

 

     

 

 

  

Worldwide

      5,743         5,622         5,710         5,602   
  

 

 

     

 

 

     

 

 

     

 

 

  

Segment Information

(unaudited, in thousands)

 

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

Revenues

         

U.S.

    $ 509,330      $ 463,854      $ 1,576,107      $ 1,433,259   

International

      194,497        186,428        580,335        543,501   

Eliminations

      (3,771 )      (3,379 )      (11,056 )      (9,714 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Total revenues

    $ 700,056      $ 646,903      $ 2,145,386      $ 1,967,046   
  

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted EBITDA (1)

         

U.S.

    $ 108,689      $ 99,519      $ 359,400      $ 313,930   

International

      46,088        42,220        135,951        125,719   
  

 

 

    

 

 

    

 

 

    

 

 

  

Total Adjusted EBITDA

    $ 154,777      $ 141,739      $ 495,351      $ 439,649   
  

 

 

    

 

 

    

 

 

    

 

 

  

Capital expenditures

         

U.S.

    $ 48,868      $ 36,325      $ 167,082      $ 97,120   

International

      27,771        17,280        65,269        59,048   
  

 

 

    

 

 

    

 

 

    

 

 

  

Total capital expenditures

    $ 76,639      $ 53,605      $ 232,351      $ 156,168   
  

 

 

    

 

 

    

 

 

    

 

 

  

 

4

Reconciliation of Adjusted EBITDA

(unaudited, in thousands)

 

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

Net income

    $ 46,701      $ 38,532      $ 160,493      $ 146,362   

Income taxes

      30,109        25,534        99,263        70,477   

Interest expense

      28,419        28,335        84,930        85,101   

Loss on amendment to debt agreement

      —          —          925        —     

Other income

      (1,501 )      (6,636 )      (8,453 )      (20,777 ) 

Depreciation and amortization

      47,543        44,731        139,444        131,108   

Impairment of long-lived assets

      633        4,510        4,955        5,294   

(Gain) loss on sale of assets and other

      (500 )      2,590        3,852        8,719   

Deferred lease expenses - theatres (2)

      (289 )      403        (1,108 )      1,443   

Deferred lease expenses – DCIP equipment (3)

      (232 )      (235 )      (701 )      573   

Amortization of long-term prepaid rents (2)

      519        1,000        1,901        1,785   

Share based awards compensation expense (4)

      3,375        2,975        9,850        9,564   
  

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted EBITDA (1)

    $ 154,777      $ 141,739      $ 495,351      $ 439,649   
  

 

 

    

 

 

    

 

 

    

 

 

  

 

(1)  Adjusted EBITDA as calculated in the chart above represents net income before income taxes, interest expense, loss on amendment to debt agreement, other income, depreciation and amortization, impairment of long-lived assets, (gain) loss on sale of assets and other, changes in deferred lease expense, amortization of long-term prepaid rents and share based awards compensation expense. Adjusted EBITDA is a non-GAAP financial measure commonly used in our industry and should not be construed as an alternative to net income as an indicator of operating performance or as an alternative to cash flow provided by operating activities as a measure of liquidity (as determined in accordance with GAAP). Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. We have included Adjusted EBITDA because we believe it provides management and investors with additional information to measure our performance and liquidity, estimate our value and evaluate our ability to service debt. In addition, we use Adjusted EBITDA for incentive compensation purposes.
(2)  Non-cash expense included in facility lease expense.
(3)  Non-cash expense included in other theatre operating expenses.
(4)  Non-cash expense included in general and administrative expenses.

 

5

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