No. 2 Theater Chain Reports 28 Percent Boost In Profits
Cinemark Holdings, which operates the third-largest movie chain in the U.S. and is moving rapidly to raise its profile abroad, reported a 28-percent boost in earnings during the second quarter to $51.6 million on revenue of $649.6 million. Domestic business was up fractionally. Revenue from admissions rose 3 percent as attendance improved 4.1 percent and the average ticket price rose 3 percent from the same period a year ago. The big jump in revenue took place overseas, principally in Latin America, where revenue rose 30 percent. During a conference call with reporters, Cinemark CEO Tim Warner said he would not discuss the shootings at one of the company's theaters in Aurora, CO but thanked "all those who acted with immense strength and bravery in assisting the victims." He added, "Out of respect for the victims and their families, we will not be addressing any details regarding the tragedy or our specific efforts." The Denver Post reported today (Monday) that Cinemark has declined to say whether the exit door of the theater where the shootings took place had been rigged with an alarm. Noting that the shooter allegedly purchased a ticket and entered at the front of the theater, then propped open a rear door, exited and retrieved his weapons from a car parked outside, the Post noted that exit doors have been convenient entry points for thieves for decades one person buys a ticket, then opens the exit door and lets his friends in for free. It's also a way to evade movie-ratings restrictions. Jeff Logan, a theater owner in South Dakota told the newspaper, "The alarms are effective at preventing all sorts of mischief. ... We know when it goes off, somebody is up to something."