Saturday, August 8, 2009
Plano-based Cinemark’s 2nd quarter profits up 20%
The common wisdom says that, when economic times are tough, people seek escape from grim reality by heading to the movies.
Well, the evidence supplied by Plano-based Cinemark's P/L sheet for the second quarter of 2009 would seem to confirm that, since it shows profits for that theater operator's revenue up by 20%.
The profits would have been even higher, but the company bit into a tough unpopped kernel by refinancing $402.5 million in debt. Revenues from ticket sales rose 15% and concession sales were up by 12%.
posted by JM
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