Cinemark USA, Inc. Reports First Quarter Revenues and EBITDA in Excess of Last Year.

Business Editors

PLANO, Texas--(BUSINESS WIRE)--May 15, 2002

Cinemark USA, Inc. (the "Company"), a world leader in the motion picture exhibition industry, today reported revenues and EBITDA for the first quarter ended March 31, 2002.

Cinemark USA, Inc.'s revenues for the first quarter ended March 31, 2002 increased 15.6% to $226.7 million from $196.1 million for the first quarter ended March 31, 2001. Earnings before interest, taxes, depreciation, amortization and other non-cash expenditures (EBITDA) for the first quarter of 2002 increased 42.4% to $50.0 million from $35.1 million for the first quarter of 2001. The Company realized net income of $6.9 million for the first quarter of 2002 in comparison with a net loss of $2.7 million for the first quarter of 2001.

"We are excited about the success of the box office reflected in our first quarter results. Our 42.4% growth in EBITDA this quarter is compounding on a 2001 first quarter EBITDA base that was up 34.0% over the 2000 same quarter. We are continuing to utilize our free cash flow to pay down debt, resulting in a net debt to EBITDA coverage of approximately 3.9x for the twelve months ended March 31, 2002," said Lee Roy Mitchell, Cinemark's Chief Executive Officer. "This should be a great year for the industry with the combination of strong summer product and the completion of exhibitors' recapitalization."

Cinemark USA, Inc. continues to be a world leader in the development of stadium seating theatres. Since January 1, 2002, the Company has opened one new domestic theatre (4 screens) in Park City, Utah which screens first run films and also acts as the home of the Sundance Film Festival. In international markets, the Company has opened two new theatres (18 screens) since the beginning of the year. As of May 15, 2002, the Company operates 3,014 screens in the United States, Canada, Mexico, Argentina, Brazil, Chile, Ecuador, Peru, Honduras, El Salvador, Nicaragua, Costa Rica, Colombia and the United Kingdom. During the remainder of 2002, the Company plans to open one new theatre (12 screens) and a five screen addition to an existing theatre in the United States and three theatres (24 screens) in international markets.

The Company intends that this press release be governed by the "safe harbor" provision of the Private Securities Litigation Reform Act of 1995 (the "PSLR Act") with respect to statements that may be deemed to be forward-looking statements under the PSLR Act. Such forward-looking statements may include, but are not limited to, the Company and any of its subsidiaries' long-term theatre strategy. Actual results could differ materially from those indicated by such forward-looking statements due to a number of factors.

The Company, headquartered in Plano, Texas, has a website at www.cinemark.com where customers can view showtimes and purchase tickets over the Internet.

                          CINEMARK USA, INC.
                           FINANCIAL SUMMARY
          For the First Quarter Ended March 31, 2002 and 2001
                            (In thousands)
                              (Unaudited)

                                              First         First
                                         Quarter Ended  Quarter Ended
                                         March 31, 2002 March 31, 2001
Statement of Operations data:

Theatre revenues                            $226,702       $196,070

Film rentals and advertising                  74,962         65,308
Concession supplies                           11,982         10,273
Facility leases                               29,150         28,791
Other theatre operating expenses              51,159         48,167
General and administrative expenses           10,476          9,843
Depreciation, amortization and asset
 impairment loss                              17,725         17,058
Loss on sale of assets and other                 539            111
                                         -----------     ----------

Total costs and expenses                     195,993        179,551

Operating income                              30,709         16,519

Interest expense                              14,740         19,262
Other expense                                  1,132          1,344
                                         -----------     ----------

Income (loss) before income taxes and
 accounting change                            14,837         (4,087)
Income taxes (benefit)                         4,505         (1,424)
                                         -----------     ----------

Income (loss) before accounting change        10,332         (2,663)

Cumulative effect of an accounting change     (3,390)            --
                                         -----------     ----------

Net income (loss)                             $6,942        $(2,663)
                                         -----------     ----------


Other Financial Data:
EBITDA (1)                                   $50,036        $35,139
Cash and cash equivalents                     59,438         24,922
Theatre properties and equipment, net        846,466        934,188
Total assets                                 978,029      1,046,076
Long-term debt, including current portion    783,551        842,288
Shareholders' equity                          22,459         43,389


(1) Represents operating income plus depreciation, amortization and
    other non-cash expenditures.