The movie theater giant posted its third-quarter results, with CEO Mark Zoradi saying the firm was 'highly encouraged by sustained positive trends in escalating consumer demand for theatrical moviegoing and growing momentum at the box office.'
“As an industry, and as a company, we continue to make significant progress recovering from the effects of the pandemic,” Zoradi said. “We are highly encouraged by sustained positive trends in escalating consumer demand for theatrical moviegoing and growing momentum at the box office.”
He added: “This favorable progress was clearly demonstrated in our 61 percent quarter-over-quarter growth in worldwide attendance, which flowed through to our bottom line.” And Zoradi noted that the latest results marked “the first quarter since the pandemic began that we generated positive adjusted EBITDA in every month of a quarter, tangibly underscoring our resurgence.”
Zoradi also shared on Friday: “We expect a continued ramp-up in box office performance over the course of the coming months, and October already delivered the best monthly box office results since the onset of COVID-19.
As part of its recovery, Cinemark had recorded positive adjusted earnings before interest, taxes, depreciation and amortization during
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