I would like to welcome everyone to the Cinemark first quarter earnings conference call. (Operator Instructions) I will now turn the call over to Kate Messmer.

Welcome to Cinemark’s fiscal first quarter 2008 earnings call. Before we begin let me remind you that in accordance with the Safe Harbor Provision of the Private Securities Litigation Reform Act of 1995 the company knows that certain matters to be discussed by members of senior management during this call may constitute forward looking statements. Such statements are subject to risks and uncertainties and other factors that may cause the actual performance of Cinemark to be materially different from the performance indicated or implied by such statements. Such risk factors are set forth in the company’s SEC filings. Today Cinemark CEO, Alan Stock and CFO, Robert Copple will be discussing the first quarter results. I will now turn the call over to Alan.

On today’s call I will comment on the industry and Cinemark’s first quarter 2008 results, the outlook for the upcoming film slate and provide an update on Cinemark’s digital cinema strategy. During the first quarter our geographically diverse theatre base helped contribute to a 7.5% year over year increase in our admission revenues and a 6.2% year over year increase in our concession revenues, driving a 6.1% improvement in total revenues. The company’s overall revenue growth was the result of a 1% increase in attendance and a 6.5% increase in average ticket prices and a 5.1% increase in concession revenues per patron for the quarter. We generated adjusted EBITDA for the quarter of $84.2 million which represented a 5.1% increase over the prior year and a 21% adjusted EBITDA margin. Box officer per screen for the period was up 3.5% over 2007. The first quarter box office started off stronger than expected with the help of carry over films from the fourth quarter of 2007 such as Juno, National Treasure: Book of Secrets, Alvin and the Chipmunks, I Am Legend and The Bucket List. There were several strong grossing films released during the first quarter of 2008 including Dr. Seuss’ Horton Hears a Who!, 10,000 BC, Cloverfield, Jumper and 27 Dresses. Another highlight of the quarter was the release of the 3D Hannah Montana Concert film which generated strong attendance and significant box office revenues on a per screen basis. The success of Hannah continues to reinforce the opportunity that 3D pictures create for enhanced pricing and attendance. During the later part of the quarter box office comparisons versus the prior year were difficult to overcome given the solid performance of Wild Hogs, 300, and Ghost Rider during the first quarter of 2007. According to industry sources the industry’s domestic…

I will review our first quarter 2008 financial performance in more detail and discuss our balance sheet. As a reminder, in reviewing our information we report on a 52-week calendar year basis, for this quarter January 1 through March 31, versus a 52/53 week period that would have run from December 28 through March 27. The difference in periods is meaningful as the last few days in December were a weekend that generated significant year over year growth and on an absolute basis was the highest grossing weekend of the period. While the last few days of March represent a weekend that was one of the lowest grossing weekend of the period and sustained a substantial year over year decline in box office. The substitution of those few days resulted in reduced box office estimates up 2% to 2.5% for the calendar period currently, rather than the box office growth of 4% to 4.8% for the period included the final days in December rather than March growth which was reported in the 2% to 2.5% range for calendar period March 31. During the first quarter we increased our admission revenues 7.5% to $262.4 million and grew our concession revenue 6.2% to $122.2 million. As a result our total revenues increased $23 million to $401 million. This strong performance was driven by a 1% increase in attendance, a 6.5% increase in average ticket price and a 5.1% increase in concession revenues per patron. On a segment basis for the quarter our US operations generated admissions revenues of $202.8 million representing 2.7% growth over 2007. Concession revenues grew to $96.7 million a 1.2% increase over 2007. Average ticket prices for our domestic operations increased approximately 4.6% over 2007 and concession revenues per patron increased approximately 3.3%. Our total domestic revenues improved $2.1…

(Operator Instructions) Your first question comes from Eric Handler – Lehman Brothers. Eric Handler – Lehman Brothers: Can you give a little perspective on the opening rollouts of your new screens, when those openings may occur? Secondly, with regard to DCIP would you expect an announcement to include financing as well? Last, have you guys decided about how with the 3D projectors or the 3D add ons do you think that’s going to be a revenue share model or are you looking to buy the 3D add on all in?

With respect to opening timing of theatres, this year it’s primarily weighted towards the end of the year. Probably about a quarter of it would be in the mid to late Q2 timeframe and then the majority of the remainder will be towards Q4. A little bit unusual weighting it just had to do with the timing when developers are opening the related malls and working on the building phase. DCIP financing, I’m trying to remember the exact question. Timing of it hopefully would be when we start making all of our announcements. There could be a difference in timing between possibly having studio agreement and having the financing in place. We are diligently working on all fronts being equity debt and the studio agreements as well as our agreements. Those all are progressing very well and quickly as I think people said before that we have engaged JP Morgan, they’ve been working on this for some time, are very familiar obviously with all the agreements and are working diligently on the debt agreement.

Your last question, the 3D, we continue to evaluate 3D. There are several models out there that are revenue share base. Of course we can buy projectors on our own. We haven’t fully vetted out what is the best solution for us as we continue to first of all focus on the digital agreement to get done. We’ll continue to evaluate. There are good three or four alternatives or choices in the 3D world. Actually what we’re doing at this moment in time is testing and having those demonstrated to us and trying to work through those agreements about the same or shortly thereafter that we can get these things done all at the same time.

Your next question comes from Hunter DuBose - Morgan Stanley.

My first question is if I’m doing the math right it looks as if your domestic admissions revenue per screen declined about 1% year on year versus Q1 ’07 which seems to be tracking below the overall industry domestically. Can you comment on what factors may have contributed to that and with Regal results they also seemed to track below industry which they had attributed to having over indexed on the 300 film in Q1 ’07 and just having tough comps with that. Was it a similar issue for you guys or where there other factors going on there and to what extent should we expect you to track below industry performance in the next few quarters? In internationally could you give us some indication of what the FX adjusted organic growth rates were for the international performance especially with regard to increased average ticket prices and concessions per cap?

The box officer per screen did decrease I think I mentioned it and as you said it’s about 0.8% for the period. Looking at what the impact is, is that over or under performance I went the side of the difference in periods and what projected growth was. If you look at the industry sources they are showing as we’ve seen it 2% to 2.5% increase in box in the period but then I guess you’ve got to look and say where is that growth coming from. Is that new screen growth, is that really box year over year. At least when we’ve looked at it we feel we’re very in line with the industry and definitely in line with our peer group. There is definitely been some growth in regional, smaller chains that have we think propelled the box office number but is not necessarily a per screen number. Its not overgrowth in the market it just happens to be some smaller chains that have added more theatres when we’ve looked at the detail There is definitely a significant difference between the reporting periods in that when you look at that 2% to 2.5% differential between a 52/53 week basis and our calendar basis that really drops off to the bottom line. It’s out of your film costs and concession costs and some very minor labor. When you’re comparing I’d be sure and account for that differential. Your other question I think had to do with international. We did say, I think its in our press release data as well, we tried to add a fair amount of information to our press release so people can analyze our data better. The attendance was up internationally 8.2%. I can give you a few numbers adjusted for FX one is the box office or actually the ticket price on an FX adjusted basis would have been up about 4.6%. The concessions per cap on an FX adjusted basis would have been up about 8%.

Your next question comes from Barton Crockett – JP Morgan Chase. Barton Crockett – JP Morgan Chase: I wanted to ask a question about the timing of the film releases internationally. Can you give us some sense of how much you think that might have helped the attendance internationally versus what happened in the US. Is there any way to ballpark that? When we look at the second quarter does the timing of movie releases help our hurt internationally?

What we’ve generally found is that taking the whole year it will have no meaningful impact because obviously it’s just the movie flow gets pushed similarly. Q1 can vary; I do think we had some benefit in Q1 from the point of view that a number of the big hits that were released at the very end of December but really drove a lot of the US box office were not released day and date. Internationally they were released actually in the first quarter. National Treasure and some of those actually hit fully in Q1. I don’t know as I see the carry over impact going into Q2 or Q3 that can vary. I think we’re seeing more and more day and date releases especially in Q2. I think the benefit happened to be more weighted towards Q1 than you would normally see.

I think the best way to think about it is as Robert just stated when we get into any major release it has always been this way. They release most of those, the Harry Potter, Iron Man, the big ones they release as close as they can day and date and that happens, its always happened that way. A lot of the other films just flow through based on holiday periods or based on whatever’s going on in these different countries. At the end of the day, as Robert said in the beginning, on a year over year basis the release pattern and how it flows through has not changed.

If there’s a difference I would tend to say it happens in Q1 because the holiday season in Latin America especially is more weighted towards the January, February rather than November, December. The release of product sometime is delayed again for those last few weeks. I wouldn’t necessarily expect increases we saw this quarter would be reflective of continued increases throughout the year in attendance. Obviously we feel international will do extremely well, we feel like it will still outperform the US but there might have been a little extra weight this quarter. Barton Crockett – JP Morgan Chase: I just wanted to be clear, you said something in the script about a screen you had purchased that won’t affect the P&L because you are already running it, can you clarify what that was.

That was a unique situation where we had entered into a management agreement on a theatre a few years ago with a developer. We had the right to convert that to a lease but the basic economics bottom line between either choice is not that substantially different. There are definitely some upside under the lease and that’s why we decided to convert it into a lease agreement. It’s not as meaningful of a screen count growth. That’s the reason I mentioned it when you’re looking at screen count changes and trying to do your multiplication and what the net was. Arguably that won’t change our numbers much. Barton Crockett – JP Morgan Chase: One final question, can you update us on what percentage of your admissions revenue, attendance and screens are the discount theatres and how those performed relative to the rest of your network in this past quarter?

It’s actually as a relative piece of our total box office; it’s not a significant piece. It’s less than 5%. They performed well. We talked about them one quarter some time ago when there was just a little bit unusual and that’s the only reason we mentioned them then. They’ve actually performed well and in line with the rest of the circuit.

Your next question comes from Hunter DuBose - Morgan Stanley.

I just wanted to follow up on your dividend strategy, can you give us some indication of what circumstances you would consider raising the dividend during the next year or so?

That’s a Board decision to make so I don’t know that there’s any way I can really comment on what strategy would cause us to raise the dividend. As we’ve said before it’s a decision the Board makes. They look at obviously our cash flow, our use of proceeds in terms of CapEx needs currently and going forward. Then obviously what the environment would be for other opportunities to enhance value and so I can’t really give you direction on that.

At this time there are no further questions.

Thank you everyone for participating in our call and we look forward to talking with you next time.