Cinemark, the third-largest movie theater chain in the U.S., hopes to reopen at least some of its doors to the public in July, but don't expect the same movie-going experience as before the coronavirus pandemic. He added that Cinemark has seen attendance as low as 10% and still was able to turn a profit. Updates with company comment in fifth paragraph. It also has worked with landlords and suppliers to modify the timing of some payments and suspended its quarterly dividend to conserve cash. The official Cinemark YouTube channel. Ahead of the call, shares of Cinemark were down between 6% and 7%. We want to hear from you! Download the Cinemark app and join Cinemark Connections today! Companies like Fatham Events often host these kinds of releases, bringing back movies like "Gone With the Wind," "Batman" and "Star Wars" to the big screen. Cinemark also cut executive pay and asked landlords for rent relief. “The decision to close our U.S. theaters was incredibly tough, but we know it is the right thing to do as global coronavirus concerns continue to escalate. Covid-19 Making a Dangerous Comeback in Most Parts of U.S. New York Cracks Down on Hot Spots as Cases Surge: Virus Update, Fashion Designer Kenzo Takada Dies From Covid-19. As for Cinemark, it said Tuesday that it is extending the expiration of Cinemark Movie Rewards points to June 30. "Our runway pushes well into 2021," the company said on the call. Chains including Landmark Theatres, Cineplex Odeon and Alamo Drafthouse are also shut down. Subscribe to Deadline Breaking News Alerts and keep your inbox happy. “Through these absolutely unprecedented and evolving times, one thing will not change, and that is Cinemark’s dedication to its team members and moviegoers,” said Mark Zoradi, Cinemark CEO. Cinemark Holdings, Inc. ("Cinemark") (NYSE: CNK), one of the largest motion picture exhibitors in the world, today announced that it will report its first quarter 2020 … All Rights reserved. Depending on state and local restrictions, the company may only be able to open some of its theaters or may be forced to shorten its hours or only open on certain days of the week. A Division of NBCUniversal. Data is a real-time snapshot *Data is delayed at least 15 minutes. The company shuttered its theater locations on March 18 and is expected to be closed through June. Since January, Cinemark shares, which are valued at $1.3 billion, have fallen 66%. Cinemark is joining the other major U.S. exhibition circuits in shutting its doors in the face of the growing coronavirus pandemic. "We believe pent-up demand for out-of-home entertainment, along with a backlog of strong film content, bodes well for exhibition," the company said. The company laid off its 17,500 domestic hourly employees in March, but hopes to begin rehiring in June so that it can train new workers before opening to the public. CEO Mark Zoradi told analysts the company has plotted out several different scenarios depending on when state and local social distancing regulations are lifted, noting that no one is sure when public locations like movie theaters will be allowed to reopen or what kind of restrictions will be put in place by health officials. Last year, Cinemark garnered $3.28 billion in revenue from concessions and ticket sales. Zoradi said theaters could play "library" movies, movies that have already previously been released in cinemas, during the two- to three-week period where there isn't a new movie release. Get this delivered to your inbox, and more info about our products and services. If social distancing restrictions are still in place the company said it would either sell every other reserved seat in the theater or suspend reservations and just sell 50% of the tickets per theater. Although, it said it would amend its operations if demand spikes or slows in the months after reopening. The U.S. may start going back to the movies in July, though the experience will probably look different, according to Cinemark Holdings Inc., the country’s third-largest theater chain. The chain said Tuesday it is closing all 345 of its U.S. theater effective Wednesday. Cinemark, which closed all of its theaters in March to stem the spread of coronavirus, might start limited showings of older films in late June, executives said Wednesday on a call with investors. That became the driving force for the shutdowns; the industry wasn’t originally planning to shut down despite last weekend’s historic low at the box office.