Giant theater chain AMC Entertainment noticed income rise and losses widen barely final quarter however CEO Adam Aron cited a stronger slate forward and strikes on debt discount, capital elevating and new tasks.
Sales of $968 million for the quarter resulted in September in contrast with $763 million for the 2021 interval. Net losses have been $226 million versus $224 million. EPS was flat at 22 cents a share.
Operating money burn for the quarter was unfavorable $179.2 million. And obtainable liquidity at September 30 was $896 million, together with $211 million of undrawn capability beneath the company’s revolving credit score facility.
“Exactly as anticipated and foreshadowed on our last quarterly earnings call, our third quarter results were impacted by a particularly soft industry-wide box office in the latter two-thirds of the 2022 third quarter, but encouragingly our overall per-patron metrics for both admissions revenue and food and beverage spending remain well above pre-pandemic levels, growing a sizable 12% and 30%, respectively, compared to the third quarter of 2019,” stated CEO Adam Aron.
“Our recovery continues, and we look forward with enthusiasm to a return to a more robust film slate in the fourth quarter of 2022, which has already started strong with the release of Black Adam.” Successive blockbusters embrace this coming weekend’s Black Panther: Wakanda Forever, Strange World and Avatar: The Way Of Water.
The exhibitor stated it’s been strengthened by latest capital markets actions, notably debt discount, debt refinancing, and fairness capital elevating. “These actions bolster our agility and allow us to pursue strategic opportunities, like our recently announced Zoom Rooms at AMC, to transform our company in a post-pandemic environment. We expect to make more business development announcements in the coming weeks and months, which along with an improving movie theatre sector positions AMC Entertainment to create value for all our stakeholders,” Aron stated.