AMC Entertainment reports another quarterly loss despite higher revenue

by | Nov 8, 2022 | Business

AMC Entertainment on Tuesday reported another quarterly loss despite higher revenue from a year ago, as it spent more on operational costs.The world’s largest movie theater chain is contending with a massive debt load, dilution of its stock and a film release schedule short on blockbusters. While the summer box office was strong, August and September were more tepid, as studios released fewer films on the big screen.For the period ended Sept. 30, the company’s net loss increased slightly from a year ago to $226.9, or 22 cents per share, which was wasn’t as steep as Wall Street expected. Revenue rose and also beat expectations. AMC said its overall per-patron metrics were up when it came to admissions revenue and increased consumer spending on food and beverages at its theaters.Here’s what the company reported, versus what Wall Street expected, according to a Refinitiv survey of analysts:Loss per share:  loss of 22 cents adjusted vs. a loss of 26 cents expectedRevenue: $968 million vs. $961.1 million expectedThe company’s stock was down nearly 4% in after-hours trading.AMC has been working to lighten its debt load. In October it refinanced and paid down some of its debt, extending its maturities out to 2027, after completing a $400 million private offering.The company came back from the brink of bankruptcy in 2021 thanks to millions of retail investors who turned its shares into a meme stock. Since then, AMC has devised several plans to raise more capital to pay down its debts and invest in acquisitions, theater upgrades, a popcorn business and even a gold mine.”We’re not out of the woods yet,” said CEO Adam Aron on Tuesday’s call with investors. “While the box office is u …

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