Condensed Consolidating Financial Information of Subsidiary Guarantors | 9 Months Ended |
Sep. 30, 2013 |
Condensed Consolidating Financial Information of Subsidiary Guarantors | ' |
20. Condensed Consolidating Financial Information of Subsidiary Guarantors |
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As of September 30, 2013, the Company had outstanding $400,000 aggregate principal amount of 5.125% senior notes due 2022, or the 5.125% Senior Notes, $530,000 aggregate principal amount of 4.875% senior notes due 2023, or the 4.875% Senior Notes, and $200,000 aggregate principal amount of 7.375% senior subordinated notes due 2021, or the Senior Subordinated Notes (collectively the “Notes”). The condensed consolidating financial statement information for the three and nine months ended September 30, 2012 have been recast to reflect the subsidiary guarantors as of December 31, 2012. These Notes are fully and unconditionally guaranteed on a joint and several senior unsecured basis by the following subsidiaries of Cinemark USA, Inc.: |
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Sunnymead Cinema Corp., Cinemark Properties, Inc., Greeley Holdings, Inc., Trans Texas Cinema, Inc., Inc., Cinemark Partners I, Inc., Multiplex Services, Inc., CNMK Investments, Inc., CNMK Texas Properties, LLC., Cinemark Concessions LLC, Century Theatres, Inc., Marin Theatre Management, LLC, Century Theatres NG, LLC, Cinearts LLC, Cinearts Sacramento, LLC, Corte Madera Theatres, LLC, Novato Theatres, LLC, San Rafael Theatres, LLC, Northbay Theatres, LLC, Century Theatres Summit Sierra, LLC and Century Theatres Seattle, LLC. |
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The following supplemental condensed consolidating financial information presents: |
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| a. | Condensed consolidating balance sheet information as of December 31, 2012 and September 30, 2013, condensed consolidating statements of income information for the three and nine months ended September 30, 2012 and 2013, condensed consolidating statements of comprehensive income information for the three and nine months ended September 30, 2012 and 2013 and condensed consolidating statements of cash flows information for the nine months ended September 30, 2012 and 2013. | | | | | | | | | | | | | | | | | | |
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| b. | Cinemark USA, Inc. (the “Parent” and “Issuer”), combined Guarantor Subsidiaries and combined Non-Guarantor Subsidiaries with their investments in subsidiaries accounted for using the equity method of accounting and therefore, the Parent column reflects the equity income of its Guarantor Subsidiaries and Non-Guarantor Subsidiaries, which are also separately reflected in the stand-alone Guarantor Subsidiaries and Non-Guarantor Subsidiaries column. Additionally, the Guarantor Subsidiaries column reflects the equity income (loss) of its Non-Guarantor Subsidiaries, which are also separately reflected in the stand-alone Non-Guarantor Subsidiaries column. | | | | | | | | | | | | | | | | | | |
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| c. | Elimination entries necessary to consolidate the Parent and all of its Subsidiaries | | | | | | | | | | | | | | | | | | |
CONDENSED CONSOLIDATING BALANCE SHEET INFORMATION |
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31-Dec-12 |
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| | Parent | | | Subsidiary | | | Subsidiary | | | | | | | |
| | Company | | | Guarantors | | | Non-Guarantors | | | Eliminations | | | Consolidated | |
| | (In thousands) | |
Assets | | | | | | | | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 305,627 | | | $ | 193,863 | | | $ | 242,605 | | | $ | — | | | $ | 742,095 | |
Other current assets | | | 52,358 | | | | 14,599 | | | | 76,834 | | | | (41,294 | ) | | | 102,497 | |
Accounts receivable from parent and/or subsidiaries | | | 338,278 | | | | — | | | | — | | | | (338,278 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Total current assets | | | 696,263 | | | | 208,462 | | | | 319,439 | | | | (379,572 | ) | | | 844,592 | |
Theatre properties and equipment – net | | | 341,091 | | | | 580,595 | | | | 383,272 | | | | — | | | | 1,304,958 | |
Investment in subsidiaries | | | 1,087,263 | | | | 423,812 | | | | — | | | | (1,511,075 | ) | | | — | |
Other assets | | | 1,185,478 | | | | 140,192 | | | | 393,670 | | | | (6,478 | ) | | | 1,712,862 | |
| | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 3,310,095 | | | $ | 1,353,061 | | | $ | 1,096,381 | | | $ | (1,897,125 | ) | | $ | 3,862,412 | |
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Liabilities and equity | | | | | | | | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | | | | | | | |
Current portion of long-term debt | | $ | 7,000 | | | $ | — | | | $ | 2,546 | | | $ | — | | | $ | 9,546 | |
Current portion of capital lease obligations | | | 2,070 | | | | 6,682 | | | | 2,312 | | | | — | | | | 11,064 | |
Accounts payable and accrued expenses | | | 119,057 | | | | 84,235 | | | | 150,044 | | | | (36,755 | ) | | | 316,581 | |
Accounts payable to parent or subsidiaries | | | — | | | | 273,776 | | | | 64,502 | | | | (338,278 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Total current liabilities | | | 128,127 | | | | 364,693 | | | | 219,404 | | | | (375,033 | ) | | | 337,191 | |
Long-term liabilities | | | | | | | | | | | | | | | | | | | | |
Long-term debt, less current portion | | | 1,754,464 | | | | — | | | | — | | | | | | | | 1,754,464 | |
Capital lease obligations, less current portion | | | 28,182 | | | | 85,765 | | | | 25,160 | | | | — | | | | 139,107 | |
Other long-term liabilities and deferrals | | | 314,029 | | | | 83,590 | | | | 148,836 | | | | (11,017 | ) | | | 535,438 | |
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Total long-term liabilities | | | 2,096,675 | | | | 169,355 | | | | 173,996 | | | | (11,017 | ) | | | 2,429,009 | |
Commitments and contingencies | | | | | | | | | | | | | | | | | | | | |
Equity | | | | | | | | | | | | | | | | | | | | |
Cinemark USA, Inc.’s stockholder’s equity: | | | | | | | | | | | | | | | | | | | | |
Common stock | | | 49,543 | | | | 457,368 | | | | 10,218 | | | | (467,586 | ) | | | 49,543 | |
Other stockholder’s equity | | | 1,035,750 | | | | 361,645 | | | | 681,844 | | | | (1,043,489 | ) | | | 1,035,750 | |
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Total Cinemark USA, Inc. stockholder’s equity | | | 1,085,293 | | | | 819,013 | | | | 692,062 | | | | (1,511,075 | ) | | | 1,085,293 | |
Noncontrolling interests | | | — | | | | — | | | | 10,919 | | | | — | | | | 10,919 | |
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Total equity | | | 1,085,293 | | | | 819,013 | | | | 702,981 | | | | (1,511,075 | ) | | | 1,096,212 | |
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Total liabilities and equity | | $ | 3,310,095 | | | $ | 1,353,061 | | | $ | 1,096,381 | | | $ | (1,897,125 | ) | | $ | 3,862,412 | |
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CONDENSED CONSOLIDATING BALANCE SHEET INFORMATION |
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30-Sep-13 |
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| | Parent | | | Subsidiary | | | Subsidiary | | | | | | | |
| | Company | | | Guarantors | | | Non-Guarantors | | | Eliminations | | | Consolidated | |
| | (In thousands) | |
Assets | | | | | | | | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 43,304 | | | $ | 177,695 | | | $ | 258,602 | | | $ | — | | | $ | 479,601 | |
Other current assets | | | 98,679 | | | | 14,755 | | | | 77,364 | | | | (70,117 | ) | | | 120,681 | |
Accounts receivable from parent and/or subsidiaries | | | 427,246 | | | | — | | | | — | | | | (422,447 | ) | | | 4,799 | |
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Total current assets | | | 569,229 | | | | 192,450 | | | | 335,966 | | | | (492,564 | ) | | | 605,081 | |
Theatre properties and equipment – net | | | 431,367 | | | | 593,153 | | | | 392,503 | | | | — | | | | 1,417,023 | |
Investment in subsidiaries | | | 1,185,336 | | | | 420,502 | | | | — | | | | (1,605,838 | ) | | | — | |
Other assets | | | 1,413,240 | | | | 141,210 | | | | 517,418 | | | | (6,453 | ) | | | 2,065,415 | |
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Total assets | | $ | 3,599,172 | | | $ | 1,347,315 | | | $ | 1,245,887 | | | $ | (2,104,855 | ) | | $ | 4,087,519 | |
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Liabilities and equity | | | | | | | | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | | | | | | | |
Current portion of long-term debt | | $ | 7,000 | | | $ | — | | | $ | 2,014 | | | $ | — | | | $ | 9,014 | |
Current portion of capital lease obligations | | | 3,858 | | | | 7,754 | | | | 2,561 | | | | — | | | | 14,173 | |
Accounts payable and accrued expenses | | | 177,284 | | | | 65,199 | | | | 121,815 | | | | (63,417 | ) | | | 300,881 | |
Accounts payable to parent or subsidiaries | | | — | | | | 218,950 | | | | 203,497 | | | | (422,447 | ) | | | — | |
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Total current liabilities | | | 188,142 | | | | 291,903 | | | | 329,887 | | | | (485,864 | ) | | | 324,068 | |
Long-term liabilities | | | | | | | | | | | | | | | | | | | | |
Long-term debt, less current portion | | | 1,817,750 | | | | — | | | | — | | | | | | | | 1,817,750 | |
Capital lease obligations, less current portion | | | 91,373 | | | | 86,643 | | | | 29,898 | | | | — | | | | 207,914 | |
Other long-term liabilities and deferrals | | | 396,433 | | | | 90,948 | | | | 147,288 | | | | (13,153 | ) | | | 621,516 | |
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Total long-term liabilities | | | 2,305,556 | | | | 177,591 | | | | 177,186 | | | | (13,153 | ) | | | 2,647,180 | |
Commitments and contingencies | | | | | | | | | | | | | | | | | | | | |
Equity | | | | | | | | | | | | | | | | | | | | |
Cinemark USA, Inc.’s stockholder’s equity: | | | | | | | | | | | | | | | | | | | | |
Common stock | | | 49,543 | | | | 457,368 | | | | 10,219 | | | | (467,587 | ) | | | 49,543 | |
Other stockholder’s equity | | | 1,055,931 | | | | 420,453 | | | | 717,798 | | | | (1,138,251 | ) | | | 1,055,931 | |
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Total Cinemark USA, Inc. stockholder’s equity | | | 1,105,474 | | | | 877,821 | | | | 728,017 | | | | (1,605,838 | ) | | | 1,105,474 | |
Noncontrolling interests | | | — | | | | — | | | | 10,797 | | | | — | | | | 10,797 | |
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Total equity | | | 1,105,474 | | | | 877,821 | | | | 738,814 | | | | (1,605,838 | ) | | | 1,116,271 | |
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Total liabilities and equity | | $ | 3,599,172 | | | $ | 1,347,315 | | | $ | 1,245,887 | | | $ | (2,104,855 | ) | | $ | 4,087,519 | |
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CONDENSED CONSOLIDATING STATEMENT OF INCOME INFORMATION |
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THREE MONTHS ENDED SEPTEMBER 30, 2012 |
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| | Parent | | | Subsidiary | | | Subsidiary | | | Eliminations | | | Consolidated | |
Company | Guarantors | Non-Guarantors |
| | (In thousands) | |
Revenues | | $ | 161,616 | | | $ | 253,469 | | | $ | 227,249 | | | $ | (8,761 | ) | | $ | 633,573 | |
Cost of operations | | | | | | | | | | | | | | | | | | | | |
Theatre operating expenses | | | 129,699 | | | | 175,362 | | | | 161,552 | | | | (8,761 | ) | | | 457,852 | |
General and administrative expenses | | | 5,156 | | | | 17,382 | | | | 14,001 | | | | — | | | | 36,539 | |
Depreciation and amortization | | | 8,518 | | | | 15,348 | | | | 13,031 | | | | — | | | | 36,897 | |
Impairment of long-lived assets | | | 692 | | | | 192 | | | | 92 | | | | — | | | | 976 | |
Loss on sale of assets and other | | | 151 | | | | 6,458 | | | | 90 | | | | — | | | | 6,699 | |
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Total cost of operations | | | 144,216 | | | | 214,742 | | | | 188,766 | | | | (8,761 | ) | | | 538,963 | |
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Operating income | | | 17,400 | | | | 38,727 | | | | 38,483 | | | | — | | | | 94,610 | |
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Other income (expense) | | | | | | | | | | | | | | | | | | | | |
Interest expense | | | (27,605 | ) | | | (2,527 | ) | | | (734 | ) | | | 5 | | | | (30,861 | ) |
Distributions from NCM | | | — | | | | — | | | | 4,673 | | | | — | | | | 4,673 | |
Equity in income of affiliates | | | 57,705 | | | | 23,494 | | | | 6,844 | | | | (81,199 | ) | | | 6,844 | |
Other income | | | 9 | | | | 1 | | | | 2,606 | | | | (5 | ) | | | 2,611 | |
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Total other income | | | 30,109 | | | | 20,968 | | | | 13,389 | | | | (81,199 | ) | | | (16,733 | ) |
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Income before income taxes | | | 47,509 | | | | 59,695 | | | | 51,872 | | | | (81,199 | ) | | | 77,877 | |
Income taxes | | | (161 | ) | | | 13,896 | | | | 15,890 | | | | — | | | | 29,625 | |
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Net income | | | 47,670 | | | | 45,799 | | | | 35,982 | | | | (81,199 | ) | | | 48,252 | |
Less: Net income attributable to noncontrolling interests | | | — | | | | — | | | | 582 | | | | — | | | | 582 | |
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Net income attributable to Cinemark USA, Inc. | | $ | 47,670 | | | $ | 45,799 | | | $ | 35,400 | | | $ | (81,199 | ) | | $ | 47,670 | |
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CONDENSED CONSOLIDATING STATEMENT OF INCOME INFORMATION |
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THREE MONTHS ENDED SEPTEMBER 30, 2013 |
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| | Parent | | | Subsidiary | | | Subsidiary | | | Eliminations | | | Consolidated | |
Company | Guarantors | Non-Guarantors |
| | (In thousands) | |
Revenues | | $ | 232,878 | | | $ | 295,742 | | | $ | 238,986 | | | $ | (10,040 | ) | | $ | 757,566 | |
Cost of operations | | | | | | | | | | | | | | | | | | | | |
Theatre operating expenses | | | 182,367 | | | | 196,579 | | | | 167,932 | | | | (10,040 | ) | | | 536,838 | |
General and administrative expenses | | | 5,554 | | | | 20,292 | | | | 16,072 | | | | — | | | | 41,918 | |
Depreciation and amortization | | | 11,927 | | | | 15,742 | | | | 14,730 | | | | — | | | | 42,399 | |
Impairment of long-lived assets | | | 40 | | | | 91 | | | | — | | | | — | | | | 131 | |
(Gain) loss on sale of assets and other | | | (114 | ) | | | 516 | | | | 209 | | | | — | | | | 611 | |
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Total cost of operations | | | 199,774 | | | | 233,220 | | | | 198,943 | | | | (10,040 | ) | | | 621,897 | |
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Operating income | | | 33,104 | | | | 62,522 | | | | 40,043 | | | | — | | | | 135,669 | |
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Other income (expense) | | | | | | | | | | | | | | | | | | | | |
Interest expense | | | (25,838 | ) | | | (2,461 | ) | | | (1,179 | ) | | | — | | | | (29,478 | ) |
Distributions from NCM | | | — | | | | — | | | | 5,622 | | | | — | | | | 5,622 | |
Equity in income of affiliates | | | 74,472 | | | | 22,212 | | | | 11,734 | | | | (96,685 | ) | | | 11,733 | |
Other income (expense) | | | 52 | | | | (15 | ) | | | 1,025 | | | | — | | | | 1,062 | |
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Total other income | | | 48,686 | | | | 19,736 | | | | 17,202 | | | | (96,685 | ) | | | (11,061 | ) |
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Income before income taxes | | | 81,790 | | | | 82,258 | | | | 57,245 | | | | (96,685 | ) | | | 124,608 | |
Income taxes | | | 1,480 | | | | 22,819 | | | | 19,273 | | | | — | | | | 43,572 | |
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Net income | | | 80,310 | | | | 59,439 | | | | 37,972 | | | | (96,685 | ) | | | 81,036 | |
Less: Net income attributable to noncontrolling interests | | | — | | | | — | | | | 726 | | | | — | | | | 726 | |
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Net income attributable to Cinemark USA, Inc. | | $ | 80,310 | | | $ | 59,439 | | | $ | 37,246 | | | $ | (96,685 | ) | | $ | 80,310 | |
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CONDENSED CONSOLIDATING STATEMENT OF INCOME INFORMATION |
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NINE MONTHS ENDED SEPTEMBER 30, 2012 |
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| | Parent | | | Subsidiary | | | Subsidiary | | | Eliminations | | | Consolidated | |
Company | Guarantors | Non-Guarantors |
| | (In thousands) | |
Revenues | | $ | 494,461 | | | $ | 775,139 | | | $ | 618,430 | | | $ | (26,033 | ) | | $ | 1,861,997 | |
Cost of operations | | | | | | | | | | | | | | | | | | | | |
Theatre operating expenses | | | 394,290 | | | | 528,505 | | | | 441,144 | | | | (26,033 | ) | | | 1,337,906 | |
General and administrative expenses | | | 13,980 | | | | 52,887 | | | | 38,616 | | | | — | | | | 105,483 | |
Depreciation and amortization | | | 24,856 | | | | 45,119 | | | | 40,079 | | | | — | | | | 110,054 | |
Impairment of long-lived assets | | | 828 | | | | 434 | | | | 210 | | | | — | | | | 1,472 | |
(Gain) loss on sale of assets and other | | | 819 | | | | 7,374 | | | | (189 | ) | | | — | | | | 8,004 | |
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Total cost of operations | | | 434,773 | | | | 634,319 | | | | 519,860 | | | | (26,033 | ) | | | 1,562,919 | |
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Operating income | | | 59,688 | | | | 140,820 | | | | 98,570 | | | | — | | | | 299,078 | |
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Other income (expense) | | | | | | | | | | | | | | | | | | | | |
Interest expense | | | (84,553 | ) | | | (7,700 | ) | | | (2,192 | ) | | | 76 | | | | (94,369 | ) |
Distributions from NCM | | | 1,383 | | | | — | | | | 11,707 | | | | — | | | | 13,090 | |
Equity in income of affiliates | | | 164,390 | | | | 65,508 | | | | 9,622 | | | | (229,898 | ) | | | 9,622 | |
Other income | | | 95 | | | | 17 | | | | 5,282 | | | | (76 | ) | | | 5,318 | |
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Total other income | | | 81,315 | | | | 57,825 | | | | 24,419 | | | | (229,898 | ) | | | (66,339 | ) |
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Income before income taxes | | | 141,003 | | | | 198,645 | | | | 122,989 | | | | (229,898 | ) | | | 232,739 | |
Income taxes | | | (1,079 | ) | | | 52,720 | | | | 37,161 | | | | — | | | | 88,802 | |
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Net income | | | 142,082 | | | | 145,925 | | | | 85,828 | | | | (229,898 | ) | | | 143,937 | |
Less: Net income attributable to noncontrolling interests | | | — | | | | — | | | | 1,855 | | | | — | | | | 1,855 | |
| | | | | | | | | | | | | | | | | | | | |
Net income attributable to Cinemark USA, Inc. | | $ | 142,082 | | | $ | 145,925 | | | $ | 83,973 | | | $ | (229,898 | ) | | $ | 142,082 | |
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CONDENSED CONSOLIDATING STATEMENT OF INCOME INFORMATION |
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NINE MONTHS ENDED SEPTEMBER 30, 2013 |
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| | Parent | | | Subsidiary | | | Subsidiary | | | Eliminations | | | Consolidated | |
Company | Guarantors | Non-Guarantors |
| | (In thousands) | |
Revenues | | $ | 587,621 | | | $ | 824,399 | | | $ | 647,885 | | | $ | (28,944 | ) | | $ | 2,030,961 | |
Cost of operations | | | | | | | | | | | | | | | | | | | | |
Theatre operating expenses | | | 465,004 | | | | 553,536 | | | | 466,098 | | | | (28,944 | ) | | | 1,455,694 | |
General and administrative expenses | | | 17,495 | | | | 56,224 | | | | 45,319 | | | | — | | | | 119,038 | |
Depreciation and amortization | | | 31,471 | | | | 46,995 | | | | 41,699 | | | | — | | | | 120,165 | |
Impairment of long-lived assets | | | 648 | | | | 253 | | | | 1,175 | | | | — | | | | 2,076 | |
(Gain) loss on sale of assets and other | | | (3,505 | ) | | | 1,178 | | | | (205 | ) | | | — | | | | (2,532 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total cost of operations | | | 511,113 | | | | 658,186 | | | | 554,086 | | | | (28,944 | ) | | | 1,694,441 | |
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Operating income | | | 76,508 | | | | 166,213 | | | | 93,799 | | | | — | | | | 336,520 | |
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Other income (expense) | | | | | | | | | | | | | | | | | | | | |
Interest expense | | | (85,308 | ) | | | (7,443 | ) | | | (3,791 | ) | | | — | | | | (96,542 | ) |
Loss on early retirement of debt | | | (72,302 | ) | | | — | | | | — | | | | — | | | | (72,302 | ) |
Distributions from NCM | | | 125 | | | | — | | | | 13,293 | | | | — | | | | 13,418 | |
Equity in income of affiliates | | | 186,157 | | | | 54,861 | | | | 15,840 | | | | (241,019 | ) | | | 15,839 | |
Other income (expense) | | | 94 | | | | (10 | ) | | | 2,035 | | | | — | | | | 2,119 | |
| | | | | | | | | | | | | | | | | | | | |
Total other income | | | 28,766 | | | | 47,408 | | | | 27,377 | | | | (241,019 | ) | | | (137,468 | ) |
| | | | | | | | | | | | | | | | | | | | |
Income before income taxes | | | 105,274 | | | | 213,621 | | | | 121,176 | | | | (241,019 | ) | | | 199,052 | |
Income taxes | | | (28,647 | ) | | | 60,444 | | | | 31,568 | | | | — | | | | 63,365 | |
| | | | | | | | | | | | | | | | | | | | |
Net income | | | 133,921 | | | | 153,177 | | | | 89,608 | | | | (241,019 | ) | | | 135,687 | |
Less: Net income attributable to noncontrolling interests | | | — | | | | — | | | | 1,766 | | | | — | | | | 1,766 | |
| | | | | | | | | | | | | | | | | | | | |
Net income attributable to Cinemark USA, Inc. | | $ | 133,921 | | | $ | 153,177 | | | $ | 87,842 | | | $ | (241,019 | ) | | $ | 133,921 | |
| | | | | | | | | | | | | | | | | | | | |
|
|
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME INFORMATION |
|
THREE MONTHS ENDED SEPTEMBER 30, 2012 |
|
|
|
| | | | | | | | | | | | | | | | | | | | |
| | Parent | | | Subsidiary | | | Subsidiary | | | Eliminations | | | Consolidated | |
Company | Guarantors | Non-Guarantors |
| | (In thousands) | |
Net income | | $ | 47,670 | | | $ | 45,799 | | | $ | 35,982 | | | $ | (81,199 | ) | | $ | 48,252 | |
Other comprehensive income (loss), net of tax | | | | | | | | | | | | | | | | | | | | |
Unrealized loss due to fair value adjustments on interest rate swap agreements, net of taxes of $48 | | | (79 | ) | | | — | | | | — | | | | — | | | | (79 | ) |
Unrealized loss due to fair value adjustments on available-for-sale securities, net of taxes of $2,760 | | | (4,601 | ) | | | — | | | | — | | | | — | | | | (4,601 | ) |
Amortization of accumulated other comprehensive loss on terminated interest rate swap agreement | | | 494 | | | | — | | | | — | | | | — | | | | 494 | |
Foreign currency translation adjustments | | | 7,343 | | | | — | | | | 7,354 | | | | (7,343 | ) | | | 7,354 | |
| | | | | | | | | | | | | | | | | | | | |
Total other comprehensive income, net of tax | | | 3,157 | | | | — | | | | 7,354 | | | | (7,343 | ) | | | 3,168 | |
| | | | | | | | | | | | | | | | | | | | |
Total comprehensive income, net of tax | | | 50,827 | | | | 45,799 | | | | 43,336 | | | | (88,542 | ) | | | 51,420 | |
Comprehensive income attributable to noncontrolling interests | | | — | | | | — | | | | (593 | ) | | | — | | | | (593 | ) |
| | | | | | | | | | | | | | | | | | | | |
Comprehensive income attributable to Cinemark USA, Inc. | | $ | 50,827 | | | $ | 45,799 | | | $ | 42,743 | | | $ | (88,542 | ) | | $ | 50,827 | |
| | | | | | | | | | | | | | | | | | | | |
|
|
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME INFORMATION |
|
THREE MONTHS ENDED SEPTEMBER 30, 2013 |
|
|
|
| | | | | | | | | | | | | | | | | | | | |
| | Parent | | | Subsidiary | | | Subsidiary | | | Eliminations | | | Consolidated | |
Company | Guarantors | Non-Guarantors |
| | (In thousands) | |
Net income | | $ | 80,310 | | | $ | 59,439 | | | $ | 37,972 | | | $ | (96,685 | ) | | $ | 81,036 | |
Other comprehensive income (loss), net of tax | | | | | | | | | | | | | | | | | | | | |
Unrealized gain due to fair value adjustments on interest rate swap agreements, net of taxes of $70 | | | 115 | | | | — | | | | — | | | | — | | | | 115 | |
Unrealized loss due to fair value adjustments on available-for-sale securities, net of taxes of $3,181 | | | (5,256 | ) | | | — | | | | — | | | | — | | | | (5,256 | ) |
Other comprehensive income in equity method investments | | | 1,776 | | | | — | | | | 1,776 | | | | (1,776 | ) | | | 1,776 | |
Foreign currency translation adjustments | | | (9,413 | ) | | | — | | | | (9,518 | ) | | | 9,413 | | | | (9,518 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total other comprehensive loss, net of tax | | | (12,778 | ) | | | — | | | | (7,742 | ) | | | 7,637 | | | | (12,883 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total comprehensive income, net of tax | | $ | 67,532 | | | $ | 59,439 | | | $ | 30,230 | | | $ | (89,048 | ) | | $ | 68,153 | |
Comprehensive income attributable to noncontrolling interests | | | — | | | | — | | | | (621 | ) | | | — | | | | (621 | ) |
| | | | | | | | | | | | | | | | | | | | |
Comprehensive income attributable to Cinemark USA, Inc. | | $ | 67,532 | | | $ | 59,439 | | | $ | 29,609 | | | $ | (89,048 | ) | | $ | 67,532 | |
| | | | | | | | | | | | | | | | | | | | |
|
|
|
|
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME INFORMATION |
|
NINE MONTHS ENDED SEPTEMBER 30, 2012 |
|
|
|
| | | | | | | | | | | | | | | | | | | | |
| | Parent | | | Subsidiary | | | Subsidiary | | | Eliminations | | | Consolidated | |
Company | Guarantors | Non-Guarantors |
| | (In thousands) | |
Net income | | $ | 142,082 | | | $ | 145,925 | | | $ | 85,828 | | | $ | (229,898 | ) | | $ | 143,937 | |
Other comprehensive income (loss), net of tax | | | | | | | | | | | | | | | | | | | | |
Unrealized loss due to fair value adjustments on interest rate swap agreements, net of taxes of $72 | | | (35 | ) | | | — | | | | — | | | | — | | | | (35 | ) |
Unrealized gain due to fair value adjustments on available-for-sale securities, net of taxes of $459 | | | 764 | | | | — | | | | — | | | | — | | | | 764 | |
Amortization of accumulated other comprehensive loss on terminated interest rate swap agreement | | | 2,470 | | | | — | | | | — | | | | — | | | | 2,470 | |
Foreign currency translation adjustments | | | (15,904 | ) | | | — | | | | (16,086 | ) | | | 15,904 | | | | (16,086 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total other comprehensive loss, net of tax | | | (12,705 | ) | | | — | | | | (16,086 | ) | | | 15,904 | | | | (12,887 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total comprehensive income, net of tax | | | 129,377 | | | | 145,925 | | | | 69,742 | | | | (213,994 | ) | | | 131,050 | |
Comprehensive income attributable to noncontrolling interests | | | — | | | | — | | | | (1,673 | ) | | | — | | | | (1,673 | ) |
| | | | | | | | | | | | | | | | | | | | |
Comprehensive income attributable to Cinemark USA, Inc. | | $ | 129,377 | | | $ | 145,925 | | | $ | 68,069 | | | $ | (213,994 | ) | | $ | 129,377 | |
| | | | | | | | | | | | | | | | | | | | |
|
|
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME INFORMATION |
|
NINE MONTHS ENDED SEPTEMBER 30, 2013 |
|
|
|
| | | | | | | | | | | | | | | | | | | | |
| | Parent | | | Subsidiary | | | Subsidiary | | | Eliminations | | | Consolidated | |
Company | Guarantors | Non-Guarantors |
| | (In thousands) | |
Net income | | $ | 133,921 | | | $ | 153,177 | | | $ | 89,608 | | | $ | (241,019 | ) | | $ | 135,687 | |
Other comprehensive income (loss), net of tax | | | | | | | | | | | | | | | | | | | | |
Unrealized gain due to fair value adjustments on interest rate swap agreements, net of taxes of $1,461 | | | 2,481 | | | | — | | | | — | | | | — | | | | 2,481 | |
Unrealized loss due to fair value adjustments on available-for-sale securities, net of taxes of $1,933 | | | (3,215 | ) | | | — | | | | — | | | | — | | | | (3,215 | ) |
Other comprehensive income in equity method investments | | | 3,454 | | | | — | | | | 3,454 | | | | (3,454 | ) | | | 3,454 | |
Foreign currency translation adjustments | | | (48,539 | ) | | | — | | | | (48,759 | ) | | | 48,539 | | | | (48,759 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total other comprehensive loss, net of tax | | | (45,819 | ) | | | — | | | | (45,305 | ) | | | 45,085 | | | | (46,039 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total comprehensive income, net of tax | | $ | 88,102 | | | $ | 153,177 | | | $ | 44,303 | | | $ | (195,934 | ) | | $ | 89,648 | |
Comprehensive income attributable to noncontrolling interests | | | — | | | | — | | | | (1,546 | ) | | | — | | | | (1,546 | ) |
| | | | | | | | | | | | | | | | | | | | |
Comprehensive income attributable to Cinemark USA, Inc. | | $ | 88,102 | | | $ | 153,177 | | | $ | 42,757 | | | $ | (195,934 | ) | | $ | 88,102 | |
| | | | | | | | | | | | | | | | | | | | |
|
|
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION |
|
NINE MONTHS ENDED SEPTEMBER 30, 2012 |
|
|
|
| | | | | | | | | | | | | | | | | | | | |
| | Parent | | | Subsidiary | | | Subsidiary | | | Eliminations | | | Consolidated | |
Company | Guarantors | Non-Guarantors |
| | (In thousands) | |
Operating activities | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 142,082 | | | $ | 145,925 | | | $ | 85,828 | | | $ | (229,898 | ) | | $ | 143,937 | |
Adjustments to reconcile net income to cash provided by operating activities | | | (124,486 | ) | | | (3,159 | ) | | | 33,169 | | | | 229,898 | | | | 135,422 | |
Changes in assets and liabilities | | | 64,461 | | | | (86,586 | ) | | | 16,533 | | | | — | | | | (5,592 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net cash provided by operating activities | | | 82,057 | | | | 56,180 | | | | 135,530 | | | | — | | | | 273,767 | |
Investing activities | | | | | | | | | | | | | | | | | | | | |
Additions to theatre properties and equipment | | | (35,122 | ) | | | (38,516 | ) | | | (72,889 | ) | | | — | | | | (146,527 | ) |
Proceeds from sale of theatre properties and equipment | | | 13 | | | | 77 | | | | 647 | | | | — | | | | 737 | |
Acquisition of theatre in U.S. | | | — | | | | (14,080 | ) | | | — | | | | — | | | | (14,080 | ) |
Net transactions with affiliates | | | 9,024 | | | | 15,022 | | | | — | | | | (24,046 | ) | | | — | |
Investment in DCIP and other | | | — | | | | — | | | | (1,375 | ) | | | — | | | | (1,375 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net cash used for investing activities | | | (26,085 | ) | | | (37,497 | ) | | | (73,617 | ) | | | (24,046 | ) | | | (161,245 | ) |
Financing activities | | | | | | | | | | | | | | | | | | | | |
Dividends paid to parent | | | (71,750 | ) | | | (10,826 | ) | | | (5,881 | ) | | | 16,707 | | | | (71,750 | ) |
Payroll taxes paid as a result of restricted stock withholdings | | | — | | | | (3,263 | ) | | | — | | | | — | | | | (3,263 | ) |
Repayments of long-term debt | | | (6,933 | ) | | | — | | | | (2,118 | ) | | | — | | | | (9,051 | ) |
Net changes in intercompany notes | | | — | | | | — | | | | (7,339 | ) | | | 7,339 | | | | — | |
Payments on capital leases | | | (1,361 | ) | | | (4,340 | ) | | | (1,257 | ) | | | — | | | | (6,958 | ) |
Other | | | 469 | | | | — | | | | (430 | ) | | | — | | | | 39 | |
| | | | | | | | | | | | | | | | | | | | |
Net cash used for financing activities | | | (79,575 | ) | | | (18,429 | ) | | | (17,025 | ) | | | 24,046 | | | | (90,983 | ) |
Effect of exchange rate changes on cash and cash equivalents | | | — | | | | — | | | | (2,114 | ) | | | — | | | | (2,114 | ) |
| | | | | | | | | | | | | | | | | | | | |
Increase (decrease) in cash and cash equivalents | | | (23,603 | ) | | | 254 | | | | 42,774 | | | | — | | | | 19,425 | |
Cash and cash equivalents: | | | | | | | | | | | | | | | | | | | | |
Beginning of year | | | 101,175 | | | | 202,621 | | | | 217,457 | | | | — | | | | 521,253 | |
| | | | | | | | | | | | | | | | | | | | |
End of year | | $ | 77,572 | | | $ | 202,875 | | | $ | 260,231 | | | $ | — | | | $ | 540,678 | |
| | | | | | | | | | | | | | | | | | | | |
|
|
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION |
|
NINE MONTHS ENDED SEPTEMBER 30, 2013 |
|
|
|
| | | | | | | | | | | | | | | | | | | | |
| | Parent | | | Subsidiary | | | Subsidiary | | | Eliminations | | | Consolidated | |
Company | Guarantors | Non-Guarantors |
| | (In thousands) | |
Operating activities | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 133,921 | | | $ | 153,177 | | | $ | 89,608 | | | $ | (241,019 | ) | | $ | 135,687 | |
Adjustments to reconcile net income to cash provided by (used for) operating activities and other | | | (180,891 | ) | | | 2,420 | | | | 34,568 | | | | 241,019 | | | | 97,116 | |
Changes in assets and liabilities and other | | | 40,026 | | | | (92,332 | ) | | | (2,132 | ) | | | — | | | | (54,438 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net cash provided by (used for) operating activities | | | (6,944 | ) | | | 63,265 | | | | 122,044 | | | | — | | | | 178,365 | |
Investing activities | | | | | | | | | | | | | | | | | | | | |
Additions to theatre properties and equipment | | | (15,490 | ) | | | (55,649 | ) | | | (88,349 | ) | | | — | | | | (159,488 | ) |
Proceeds from sale of theatre properties and equipment and other | | | 21,073 | | | | 8,325 | | | | 482 | | | | — | | | | 29,880 | |
Acquisitions of theatres in U.S., net of cash acquired | | | (241,253 | ) | | | (17,994 | ) | | | — | | | | — | | | | (259,247 | ) |
Net transactions with affiliates | | | 1,881 | | | | 6 | | | | — | | | | (1,887 | ) | | | — | |
Other | | | — | | | | — | | | | (5,080 | ) | | | — | | | | (5,080 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net cash used for investing activities | | | (233,789 | ) | | | (65,312 | ) | | | (92,947 | ) | | | (1,887 | ) | | | (393,935 | ) |
Financing activities | | | | | | | | | | | | | | | | | | | | |
Dividends paid to parent | | | (76,575 | ) | | | — | | | | (1,887 | ) | | | 1,887 | | | | (76,575 | ) |
Issuance of senior notes | | | 530,000 | | | | — | | | | — | | | | — | | | | 530,000 | |
Redemption of senior notes | | | (461,946 | ) | | | — | | | | — | | | | — | | | | (461,946 | ) |
Net repayments of long-term debt | | | (5,250 | ) | | | — | | | | (337 | ) | | | — | | | | (5,587 | ) |
Payment of debt issue costs | | | (9,328 | ) | | | — | | | | — | | | | — | | | | (9,328 | ) |
Payments on capital leases | | | (1,979 | ) | | | (5,036 | ) | | | (1,465 | ) | | | — | | | | (8,480 | ) |
Purchase of noncontrolling interest share of Adamark S.A., a Brazilian subsidiary | | | — | | | | (5,621 | ) | | | — | | | | — | | | | (5,621 | ) |
Other | | | 3,488 | | | | (3,464 | ) | | | (666 | ) | | | — | | | | (642 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net cash used for financing activities | | | (21,590 | ) | | | (14,121 | ) | | | (4,355 | ) | | | 1,887 | | | | (38,179 | ) |
Effect of exchange rate changes on cash and cash equivalents | | | — | | | | — | | | | (8,745 | ) | | | — | | | | (8,745 | ) |
| | | | | | | | | | | | | | | | | | | | |
Increase (decrease) in cash and cash equivalents | | | (262,323 | ) | | | (16,168 | ) | | | 15,997 | | | | — | | | | (262,494 | ) |
Cash and cash equivalents: | | | | | | | | | | | | | | | | | | | | |
Beginning of year | | | 305,627 | | | | 193,863 | | | | 242,605 | | | | — | | | | 742,095 | |
| | | | | | | | | | | | | | | | | | | | |
End of year | | $ | 43,304 | | | $ | 177,695 | | | $ | 258,602 | | | $ | — | | | $ | 479,601 | |
| | | | | | | | | | | | | | | | | | | | |
|
|