Cinemark USA, Inc.’s revenues for the first quarter ended March 31, 2001 increased 12.1% to $196.1 million from the $174.9 million reported for the first quarter of 2000. Earnings before interest, taxes, depreciation, amortization and other non-cash expenditures (EBITDA) for the first quarter of 2001 increased 34.0% to $35.1 million from $26.2 million for the first quarter of 2000. The Company’s net loss for the first quarter of 2001 was $2.7 million as compared to $5.6 million for the first quarter of 2000.
Our continued focus on operational efficiency has translated into strong EBITDA growth this quarter. We are excited about the breadth and diversity of this summer’s film product and anticipate strong box office results which should help the Company achieve its financial objectives, including the reduction of long-term debt, said Lee Roy Mitchell, Cinemark’s Chief Executive Officer. A strong summer, coupled with the resolution of the writer’s strike, should also provide needed stability to the industry and accelerate restructuring and consolidation.
Cinemark USA, Inc. continues to be a world leader in the development of stadium seating multiplex theatres. As of May 15, 2001, the Company has opened four new stadium seating multiplexes with a total of 44 screens in four different countries bringing its aggregate screen count to 2,946 in the United States, Canada, Mexico, Argentina, Brazil, Chile, Ecuador, Peru, Honduras, El Salvador, Nicaragua, Costa Rica and Colombia. During the remainder of 2001, the Company has no additional domestic theatre commitments but plans to open up to nine stadium seating multiplexes (93 screens) internationally in six different countries.
