Cinemark (CNK) Ready to Implement Reopening Plan - Benchmark
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Benchmark analyst Mike Hickey reiterated a Hold Rating on Cinematic Holdings Inc. (NYSE: CNK), citing sales that were down due to the virus, the 4 phase reopening plan domestically, and the new slate of movies who's release dates rely upon the execution of the plan.
The analyst stated "CNK delivered sales that were $544M (consensus: $557M) or down 24%; admission sales were $293M or down 26%, concession sales were $190M or down 24%, and other sales were $61M or down 10%. Total adjusted EBITDA of $66M (consensus: $77M) or down 57%, margin was 12% compared to 21% prior year. CNK estimates the virus influence negatively impacted adjusted EBITDA and cash flow by $90M and $140M, respectively. CNK ended May with $640M in cash. We estimate CNK monthly cash burn in a zero-revenue scenario is $39M."
Shares of Cinemark Holdings closed at $16.34 yesterday.
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