Movie Ticket And Concession Sales Up, Despite Economy - - Texoma news, weather and sports

Movie Ticket And Concession Sales Up, Despite Economy


While many businesses are suffering because of tough economic times, movie theater company Cinemark is reporting a revenue increase. KTEN's Jhen Kordela explains. 

Plano-based Cinemark has seen an increase of $14.5 million in its fourth-quarter earnings because of admission and concession sales. The company sites "escapism" as the reason. 

According to the company's CEO, as in past recessions, consumers have proven they recognize the cinema as an opportunity to affordably escape from every-day pressures. At Cinemark in Sherman, moviegoers are lining up for different hour-and-a-half getaways.

"For enjoyment, for entertainment," says Vicky Mayfield, who came to see Slumdog Millionaire."

Adds Kat Johnson, who came to see Confessions of a Shopaholic: "Probably because it's not that expensive to have a little enjoyment, if you've got the time in your day."

"People still want to be entertained, and it's a really inexpensive thing to do," says Marylou James, who came to see Slumdog Millionaire for a second time.

While the theatre has experienced its revenue jump to $407.8 million, from $393.3 million the previous year because of those who love the big screen, it's not all good news.

Profit is on the decline. The company took an $89.5 million hit in the last quarter of 2008, more than its $53.7 million loss at the same time the previous year. 

-  Jhen Kordela, KTEN News