Cinemark USA, Inc. Reports Fourth Quarter and Year-end Results.PLANO Plano (plā`nō), city (1990 pop. 128,713), Collin co., N Tex., less than 20 mi (32 km) NE of Dallas; inc. 1873. In a farm and livestock area on the blackland prairie, Plano is a booming financial and commercial center, with headquarters of many , Texas--(BUSINESS WIRE)--Feb. 12, 1999--Cinemark USA, Inc. today reported its revenues for the fourth quarter ended December 31, 1998, increased 40.7% to $151.4 million from the $107.6 million reported in the fourth quarter of 1997. The Company posted a net loss of $7.9 million for the fourth quarter of 1998, which included a pre-tax asset impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. loss of $10.0 million, compared to net income of $2.3 million for the fourth quarter of 1997. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. before non-cash expenditures (EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become ), a key measure of the Company's cash flow increased 18.0% to $23.8 million for the fourth quarter of 1998 versus $20.1 million for the fourth quarter of 1997. Included in EBITDA for the fourth quarter of 1998 was $3.6 million of rent expense attributed to the sale and leaseback sale and leaseback The sale of a fixed asset that is then leased by the former owner from the new owner. A sale and leaseback permits a firm to withdraw its equity in an asset without giving up use of the asset. Also called leaseback. of 13 theatres with 205 screens over the course of 1998. EBITDA before the additional rent expense attributed to the sale and leaseback transactions increased 35.8% to $27.3 million during the fourth quarter from $20.1 million for the same period a year ago. For the year ended December 31, 1998, revenues increased 31.4% to $571.2 million compared to $434.6 million for the year ended December 31, 1997. Net income, which included a pre-tax asset impairment loss of $10.0 million, was $11.0 million for 1998 compared to net income of $14.7 million for 1997. Net income before asset impairment losses (net of taxes), increased 7.2% to $17.2 million in 1998 from $16.0 million in 1997. EBITDA for 1998 increased 23.1% to $107.5 million from the $87.3 million generated in 1997. EBITDA before rent expense of $11.9 million attributed to the sale and leaseback transactions, was $119.4 million for 1998, an increase of 36.7% over the $87.3 million of EBITDA for 1997. "We are very pleased with the record results achieved by the Company in 1998 as we continued to position our asset base to be the most modern in the motion picture exhibition industry. During the year we added in excess of 600 new screens to our portfolio," said Lee Roy Mitchell Mitchell, city (1990 pop. 13,798), seat of Davison co., SE S.Dak.; inc. 1881. Mitchell is a trade, distribution, and shipping center for a dairy and livestock area. , Cinemark's Chief Executive Officer. "We should continue this momentum in 1999 as we plan to add approximately 500 screens as well as benefit from a strong film line up beginning in May with the release of the Star Wars prequel pre·quel n. A literary, dramatic, or cinematic work whose narrative takes place before that of a preexisting work or a sequel. [pre- + (se)quel.] , `Episode I: Phantom Menace MENACE. A threat; a declaration of an intention to cause evil to happen to another. 2. When menaces to do an injury to another have been made, the party making them may, in general, be held to bail to keep the peace; and, when followed by any inconvenience or .'" Cinemark USA, Inc., headquartered in Plano, Texas Plano (IPA: /ˈpleɪnoʊ/) is a wealthy suburb of Dallas, Texas, located to the north, mainly within Collin County, but also extending into Denton County. According to the 2000 U.S. , is a world leader in the motion picture exhibition industry, operating 2,337 screens in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Mexico, Canada, Argentina, Brazil, Central America Central America, narrow, southernmost region (c.202,200 sq mi/523,698 sq km) of North America, linked to South America at Colombia. It separates the Caribbean from the Pacific. , Chile, Ecuador, and Peru. -0-
CINEMARK USA, INC.
FINANCIAL SUMMARY
For the Fiscal Fourth Quarter and
Year Ended December 31, 1998 and December 31, 1997
(In Thousands)
Fourth Fourth Year Year
Quarter Ended Quarter Ended Ended Ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1998 1997 1998 1997
-------- -------- -------- --------
Total Revenues $151,398 $107,617 $571,219 $434,598
Operating Income (1) 11,472 12,512 67,816 59,165
EBITDA (2) 23,755(a) 20,138 107,457(a) 87,313
Net Income/(Loss) $ (7,893)(b) $ 2,279 $ 11,009(b) $ 14,705(b)
(1) Total revenues less cost of operations, depreciation and
amortization and general and administrative expenses.
(2) Represents operating income plus non-cash items included in
operating income.
(a) Includes $3.6 million and $11.9 million of rent expense in the
three and twelve month periods ended December 31, 1998,
respectively, attributed to sale and leaseback transactions that
occurred in 1998.
(b) Includes a pre-tax asset impairment loss of $10.0 million in the
three and twelve month periods ended December 31, 1998, and a
pre-tax asset impairment loss of $2.2 million in the year ended
December 31, 1997.
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