Cinemark USA, Inc. Reports Record Results for Fourth Quarter and Year Ended Dec. 31, 1999.

Business Editors

PLANO, Texas--(BUSINESS WIRE)--Feb. 9, 2000

Cinemark USA, Inc., a world leader in the motion picture exhibition industry, today reported record revenues and EBITDA for the fourth quarter and year ended Dec. 31, 1999.

Cinemark USA, Inc.'s revenues for the fourth quarter ended Dec. 31, 1999, increased 18.2% to $178.9 million from the $151.4 million reported for the fourth quarter of 1998. Earnings before interest, taxes, depreciation and amortization adjusted for other non-cash expenditures (EBITDA) for the fourth quarter of 1999 increased 28.6% to $30.6 million from $23.8 million for the fourth quarter of 1998. The Company's net loss for the fourth quarter of 1999 was $3.8 million as compared to a net loss of $7.9 million for the fourth quarter of 1998.

For the year ended Dec. 31, 1999, revenues increased 24.8% to $712.6 million from the $571.2 million reported for the year ended Dec. 31, 1998. EBITDA for the year ended Dec. 31, 1999, increased 19.3% to $128.2 million from $107.5 million for the year ended Dec. 31, 1998. The Company's net income for the year ended Dec. 31, 1999, was $1.0 million as compared to net income of $11.0 million for the year ended Dec. 31, 1998. Net income for the year ended Dec. 31, 1999, included a $3.4 million non-cash pre-tax charge for the write off of the unamortized organization costs resulting from a change in accounting principles due to the adoption of statement of position (SOP) 98-5 effective Jan. 1, 1999.

Lee Roy Mitchell, Cinemark's Chief Executive Officer, said, &uot;We are pleased with the Company's record results during a year that highlighted an industry in the midst of change. The Company's results were driven by our domestic and international expansion programs. We believe that we have uniquely positioned the Company for future success by building and operating the most modern theatre circuit in the industry. Additionally, we can utilize our international platform for continued quality growth as the domestic development cycle comes to a close.&uot;

Cinemark USA, Inc. continues to be a world leader in the development of stadium seating megaplex theatres. During 1999, the Company opened 35 new stadium seating megaplexes with a total of 460 screens in eight different countries bringing its aggregate screen count to 2,710 in the United States, Mexico, Canada, Argentina, Brazil, Central America, Chile, Ecuador, Peru and Colombia. The current year screen additions include the Company's first two IMAX(R) 3D theatres which opened in Dallas and Rochester, N.Y. as additions to existing megaplexes. At Dec. 31, 1999, the Company has stadium seating screens in more than 60% of its first run theatres. During 2000, the Company plans to invest approximately $130 million to open 27 stadium seating megaplexes with a total of 303 screens consisting of 140 domestic screens, 160 international screens and three IMAX(R) 3D theatres.

The Company intends that this press release be governed by the &uot;safe harbor&uot; provision of the Private Securities Litigation Reform Act of 1995 (the &uot;PSLR Act&uot;) 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 Web site at www.cinemark.com.

                          CINEMARK USA, INC.
                           FINANCIAL SUMMARY
    For the Fiscal Fourth Quarter and Year Ended Dec. 31, 1999
                         and Dec. 31, 1998
                            (In thousands)

                                  Fourth
                                Quarter Ended           Year Ended
                             Dec. 31,   Dec. 31,    Dec. 31,  Dec. 31,
                              1999        1998        1999      1998
Statement of Income Data:

Theatre revenues             $178,916   $151,398    $712,604  $571,219

Film rentals and advertising   62,903     54,752     246,394   197,219
Concession supplies             9,325      7,455      38,180    30,378
Facility leases                24,805     17,001      89,808    61,281
Other theatre operating
 expenses                      42,389     39,467     179,099   144,381
General and administrative      9,954      9,549      34,833    32,947
Depreciation and amortization  17,522     21,652      56,989    47,147
                             --------   --------   ---------  --------
Total costs and expenses      166,898    149,876     645,303   513,353

Operating income               12,018      1,522      67,301    57,866

Interest expense               17,073     12,603      58,837    42,083
Other (income) expense          1,230     (3,242)        752    (6,694)
                             --------   --------   ---------  --------
Income (loss) before income
 taxes and cumulative effect
 of an accounting change       (6,285)    (7,839)      7,712    22,477
Income tax provision
 (benefit)                     (2,472)        54       3,708    11,469
                             --------   --------   ---------  --------
Income (loss) before
 cumulative effect of an
 accounting change             (3,813)    (7,893)      4,004    11,008
Cumulative effect of an
 accounting change, net of
 tax                               --         --      (2,969)       --
                             --------   --------   ---------  --------
Net income (loss)             $(3,813)   $(7,893)     $1,035   $11,008
                             --------   --------   ---------  --------
Other Financial Data:
EBITDA (1)                    $30,630    $23,755    $128,233  $107,457
Cash and cash equivalents                              8,872
Theatre properties and
 equipment, net                                      933,959
Total assets                                       1,051,595
Long-term debt                                       778,413
Shareholders' equity                                  63,851

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