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Sydnee Gatewood
Sydnee Gatewood
Articles (1600) 

Keeley Asset Management Comments on Cinemark

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January 23, 2020 | About:

Cinemark Holdings (CNK - $33.85 – NYSE) (NYSE:CNK) is one of the largest operators of movie theaters in the United States and has significant operations in South America. Its share price fell in the fourth quarter due to a subpar earnings release for the third quarter that was driven by an excessively concentrated slate of summer blockbuster films. Cinemark’s profitability is driven in part by film rental expense – the cost to rent movies from studios that Cinemark then exhibits in its theaters. In the third quarter, the company had an historically unprecedented level of concentration of popular films. That resulted in unusually high film rental expense, which pressured profitability. While shares rebounded some in late November and early December, they also were pressured by some investor concerns over the low number of obvious blockbusters in the box-office lineup for 2020.

From Keeley Asset Management's Keeley Mid Cap Dividend Value Fund fourth-quarter 2019 shareholder letter.

About the author:

Sydnee Gatewood
I am the editorial director at GuruFocus. I have a BA in journalism and a MA in mass communications from Texas Tech University. I have lived in Texas most of my life, but also have roots in New Mexico and Colorado. Follow me on Twitter! @gurusydneerg

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