Friday May 9, 12:20 PM
Cinemark Holdings 1Q net income misses Wall Street estimates
LONDON (Thomson Financial) - Cinemark Holdings Inc. said Friday first-quarter net income fell to $5.3 million, or 5 cents a share from $118.2 million, or $1.28 a share in the same quarter a year ago.
Net income in 2007
was boosted by an after-tax gain of $129.6 million related to the sale of part of its stake in National CineMedia.
The company, which owns more than 4,500 cinema screens across the U.S., Central and South America said revenue for the most recent three-month period rose 6.1% to $401 million. Admissions revenue increased 7.5% and concession revenue rose 6.2%.
The mean estimate of analysts polled by Thomson Reuters (TRI.TO - news) was for earnings of 7 cents a share on on revenue of $400.5 million.
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