Cinemark saw revenue and profit dip for the three months ended in September on a softer box office but the nation’s third largest theater chain will boost its quarterly dividend (by 12.5%) and set a new $300 million share repurchase program “reflecting the strength of our financial position and continued confidence in our strategic direction and outlook.”

It also said it has eliminated remaining pandemic-related debt through the settlement of $460 million convertible notes.

Shares rose 3% in pre-market trading as revenue eased 7% to $857 million, beating forecasts, with admissions at $430 million and concession at $337 million on attendance of 54.2 million patrons.

Net profit fell to $51 million, or 40 cents per diluted share, from $189 million in the year-earlier quarter.

The Plano,

See Full Page