Cinemark USA, Inc.
Reconciliation of Adjusted EBITDA to Net Income
For the Three and Nine Months Ended September 30, 2005 and 2004
(in thousands, unaudited)
		Three months ended September 30,			Nine months ended September 30,
		2005	2004		2005	2004
Net income		$               10,643	$         20,489		$           37,163	$            31,783
	Income taxes	7,538	6,524		20,016	13,825
	Interest expense (1)	11,711	10,749		34,610	34,398
	Other (income) expense	(2,062)	766		(2,808)	8,521
	Income from discontinued operations, net of taxes	-	(868)		-	(667)
Operating income		27,830	37,660		88,981	87,860
	Add:  Depreciation, amortization and impairment of long-lived assets	21,283	16,002		59,430	50,707
	Add:  Loss on sale of assets and other	1,070	3,189		1,908	2,636
	Add:  Deferred lease expenses (2)	790	596		2,171	1,599
	Add:  Amortized compensation - stock options (3)	-	-		-	145
	Add:  Stock option compensation and change of control expenses related to the Recapitalization	-	-		-	31,995
	Adjusted EBITDA (4)	$               50,973	$         57,447		$         152,490	$          174,942
	(1)     Includes amortization of debt issue costs and excludes capitalized interest.
	(2)     Non-cash expense included in facility lease expense.
	(3)     Non-cash expense included in general and administrative expenses.
	(4)   Adjusted EBITDA as calculated in the chart above represents net income before income taxes, interest expense, other
	(income) expense, loss from discontinued operations,  depreciation, amortization and impairment of long-lived assets,
	(gain) loss on sale of assets and other, changes in deferred lease expense,  and accrued and unpaid compensation expense
	relating to any stock option plans. Adjusted EBITDA is a non-GAAP financial measure commonly used in our industry
	and should not be construed as an alternative to net income or operating income as an indicator of operating performance or
	as an alternative to cash flow provided by operating activities as a measure of liquidity (as determined in accordance with GAAP).
	Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. The calculation of Adjusted
	EBITDA is consistent with the definition of EBITDA in our senior subordinated notes indentures. We have
	included Adjusted EBITDA because we believe it provides management and investors with additional information to measure our
	performance and liquidity, estimate our value and evaluate our ability to service debt. In addition, we use Adjusted EBITDA for
	incentive compensation purposes.