AMC Entertainment, the world's largest theatrical exhibition company, reported a challenging financial performance for the quarter ending June 30, 2024. Total revenues decreased by 23.5% to $1,030.6 million compared to the same period last year, primarily due to a 24.1% drop in admissions revenue and a 24.8% decline in food and beverage revenue. The decrease in attendance was attributed to the impact of the Writers Guild of America and Screen Actors Guild – American Federation of Television and Radio Artists strikes during 2023. Operating costs and expenses saw a 14.7% reduction, mainly due to lower film exhibition costs and food and beverage costs. Net loss for the quarter was $32.8 million, a significant shift from the $8.6 million net earnings reported in the previous year. The company's liquidity concerns...Show More

AMC Entertainment, the world's largest theatrical exhibition company, reported a challenging financial performance for the quarter ending June 30, 2024. Total revenues decreased by 23.5% to $1,030.6 million compared to the same period last year, primarily due to a 24.1% drop in admissions revenue and a 24.8% decline in food and beverage revenue. The decrease in attendance was attributed to the impact of the Writers Guild of America and Screen Actors Guild – American Federation of Television and Radio Artists strikes during 2023. Operating costs and expenses saw a 14.7% reduction, mainly due to lower film exhibition costs and food and beverage costs. Net loss for the quarter was $32.8 million, a significant shift from the $8.6 million net earnings reported in the previous year. The company's liquidity concerns were addressed through equity issuances, raising $250.0 million in gross proceeds. AMC also completed a series of refinancing transactions to extend the maturities of approximately $1.6 billion of debt. Looking forward, AMC aims to achieve sustainable net positive operating cash flows and long-term profitability, with a focus on increasing revenues to pre-COVID-19 levels. The company's capital expenditure forecast for the year is estimated to be between $175 million to $225 million.