Why Cinemark (CNK) Shares Are Falling Today - Cinemark Hldgs (NYSE:CNK)

Cinemark Holdings Inc CNK reported a fourth-quarter FY22 sales decline of 10% year-on-year, to $599.7 million, missing the consensus of $609.9 million.
Admissions revenue was $304.6 million, down from $344.9 million a year ago. Concession revenue was $225.7 million, down from $248.2 million a year ago.
Cinemark recorded an attendance of 39.2 million patrons in the quarter, with an average ticket price of $7.77 and concession revenues per patron of $5.76.
Cinemark reported an operating loss of $(57) million versus a profit of $44.9 million a year ago.
EPS loss of $(0.82) missed the consensus loss of $(0.21).
Adjusted EBITDA for the quarter was $73.5 million, down from $139.4 million last year.
Cinemark held $674.5 million in cash and equivalents.
"This past year represented another positive step forward for the theatrical exhibition industry's recovery from the pandemic," stated Sean Gamble, Cinemark's President & CEO. "Sustained consumer enthusiasm to view movies and events in an immersive, larger-than-life, theatrical setting was validated time and again throughout 2022 across all genres, audience segments, and periods of the year."
Price Action: CNK shares are trading lower by 6.95% at $12.18 in premarket on the last check Friday.

Cinemark Shares Drop Premarket After Missing Q4 Consensus; Admissions & Concession Revenues Post Declines