Cinemark Second Quarter Earnings Take a Drop But Chain Looks to Future Optimistically
Cinemark has reported on their second quarter and it's what's to be expected since the outbreak of COVID-19 has shut down many businesses around the country. The chain has reported a total of $9 million in revenue and a loss of $1.45 per share. These numbers are certainly not what they are used to, they did manage to exceed expectations set by Wall Street.
In the earnings release, CEO Mark Zoradi said, "While our company and industry continue to be significantly impacted by the coronavirus pandemic, our team has been working diligently to prepare for reopening our theatres within this new operating environment."
He also discussed the chain's safety and cleaning protocols, saying, "Our test-and-learn theatres have been instrumental in honing the training, communication, and execution of The Cinemark Standard, as well as garnering guest insights regarding its implementation. We are thrilled that 97% of guests surveyed have expressed high satisfaction with how Cinemark is protecting their health and safety."
Cinemark plans on a full open of their cinemas by August 21, but given the nature of this pandemic and how some states have had to scale back openings, there really can't be any guarantee.