Cinemark USA, Inc. Reports Record Results for Third Quarter.

PLANO, Texas--(BUSINESS WIRE)--Nov. 8, 1999--

Cinemark USA, Inc., a world leader in the motion picture exhibition industry, today reported record revenues and EBITDA for the third quarter ended September 30, 1999.

Cinemark USA, Inc.'s revenues for the third quarter ended September 30, 1999, increased 27.9% to $210.6 million from the $164.6 million reported for the third quarter of 1998. Earnings before interest, taxes, depreciation and amortization adjusted for other non-cash expenditures (EBITDA) for the third quarter of 1999 increased 29.1% to $46.6 million from $36.1 million for the third quarter of 1998. The Company's net income for the third quarter of 1999 was $8.3 million as compared to $9.5 million for the third quarter of 1998. Net income for the third quarter of 1999 included a $2.5 million pre-tax charge relating to the closing and write off of non-performing assets.

For the nine months ended September 30, 1999, revenues increased 27.1% to $533.7 million from the $419.8 million reported for the nine months ended September 30, 1998. EBITDA for the first nine months of 1999 increased 16.2% to $97.6 million from the $84.0 million generated in the first nine months of 1998. The Company's net income for the nine months ended September 30, 1999, was $4.8 million as compared to $18.9 million for the nine months ended September 30, 1998. Net income for the nine months ended September 30, 1999, included a $3.4 million 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 January 1, 1999, and a $2.5 million pre-tax charge relating to the closing and write off of non-performing assets.

Lee Roy Mitchell, Cinemark's Chief Executive Officer, said, "We are pleased with the Company's record results which were driven by our successful domestic and international expansion programs. Despite the startup costs and maturing process associated with the 312 screens we have opened this year, we still delivered a strong EBITDA margin of 22.1% for the quarter. We believe that our new theatres coupled with a good holiday film lineup will contribute to a strong finish to the year."

Cinemark USA, Inc. continues to be a world leader in the development of stadium seating megaplex theatres. During 1999, the Company has opened 24 new stadium seating megaplexes with a total of 305 screens in four different countries bringing its aggregate screen count to 2,576 in the United States, Mexico, Canada, Argentina, Brazil, Central America, Chile, Ecuador and Peru. The current year screen additions include the Company's first two IMAX 3D theatres which recently opened in Dallas, Texas, and Rochester, N.Y., as additions to existing megaplexes. During the remainder of 1999, the Company will open 9 stadium seating megaplexes with a total of 142 screens. At the end of the year, the Company will have stadium seating screens in more than 60% of its first run theatres.

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. -0-

                          CINEMARK USA, INC.
                           FINANCIAL SUMMARY
                  For the Three and Nine Months Ended
              September 30, 1999, and September 30, 1998
                            (In thousands)

                           Three      Three       Nine       Nine
                           Months     Months      Months     Months
                           Ended      Ended       Ended      Ended
                          Sept. 30,  Sept. 30,   Sept. 30,  Sept. 30,
                            1999       1998        1999       1998

Statement of Income Data:

Theatre revenues           $210,554   $164,625    $533,688   $419,821

Film rentals and
 advertising                 73,130     55,513     183,491    142,467
Concession supplies          11,849      9,392      28,856     22,923
Facility leases              22,258     16,815      65,003     44,280
Other theatre
 operating expenses          49,167     39,070     136,709    104,914
General and
 administrative               8,379      8,473      24,880     23,398
Depreciation and
 amortization                15,506      9,634      39,466     25,495
                          ---------- ----------  ---------- ----------
Total costs and expenses    180,289    138,897     478,405    363,477

Operating income             30,265     25,728      55,283     56,344

Interest expense             15,289     10,890      41,764     29,480
Other (income) expense        1,416       (511)       (478)    (3,453)
                          ---------- ----------  ---------- ----------
Income before income
 taxes and cumulative
 effect of an
 accounting change           13,560     15,349      13,997     30,317
Income tax provision          5,253      5,877       6,180     11,415
                          ---------- ----------  ---------- ----------
Income before cumulative
 effect of an
 accounting change            8,307      9,472       7,817     18,902
Cumulative effect of
 an accounting change,
 net of tax                      --         --      (2,969)        --
                          ---------- ----------  ---------- ----------
Net Income                   $8,307     $9,472      $4,848    $18,902
                          ---------- ----------  ---------- ----------
Other Financial Data:
EBITDA (1)                  $46,553    $36,099     $97,603    $83,981
Cash and cash equivalents                           12,481
Theatre properties
 and equipment, net                                892,210
Total assets                                     1,011,205
Long-term debt                                     766,537
Shareholders' equity                                66,417

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