AMC Entertainment (AMC) Posts Wider Q3 Loss

AMC Entertainment (NYSE: AMC) reported Q3 EPS of ($5.70), $0.75 worse than the analyst estimate of ($4.95). Revenue for the quarter came in at $119.5 million versus the consensus estimate of $160.89 million.

Adam Aron, CEO and President of AMC commented, “The magnitude of the impact of the global pandemic on the theatrical exhibition industry was again evident in our third quarter results, as theatre operations in the U.S. were suspended for nearly two-thirds of the quarter. And yet, despite unrelenting obstacles, the AMC team continued to make significant progress in pursuit of our three key priorities: to strengthen our liquidity position; to dramatically reduce operating and capital expenditures, and to continue to safely and successfully restore our operations.”

Aron continued, “We continue to see state and local governments in the United States recognize the strong steps we have taken through our AMC Safe & Clean protocols, designed in consultation with Clorox and current and former faculty of Harvard University’s acclaimed School of Public Health, to ensure that we are reopening responsibly and with a focus on the health and safety of our guests and associates. The feedback we have received from our U.S. guests indicate that our AMC Safe & Clean policies and protocols are working exactly as intended. We are seeing record-high guest scores for the cleanliness of our theatres, far exceeding the marks we have previously received in the decades that AMC has been tracking guest feedback. The safety precautions we have put in place at our international theatres are similarly robust.”

Aron added, “Of paramount importance, as well, are our efforts to strengthen our liquidity profile. Starting in March, we raised approximately $900 million of gross proceeds from new debt and equity capital, secured more than $1 billion of concessions from creditors and landlords and raised more than $80 million from asset sales. The duration and impact of this pandemic are still affecting us to this day and are certain to continue to affect our results going forward. And yet, as has been the case at AMC for 100 years, we have remained resilient and resourceful. The liquidity enhancing and leverage reducing actions that we already have taken and will further need to take, combined with our relentless focus on efficiency and cash management, are all crucial to navigating through this storm.”

For earnings history and earnings-related data on AMC Entertainment (AMC) click here.

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