AMC Entertainment Holdings reported a net loss of $135.6 million in the fourth quarter, an improvement from the year-ago net loss of $182 million. However, overall revenues rose 18.3% to $1.3 billion, matching analyst estimates.
The cinema chain’s admissions revenue increased by $106.9 million to $721.4 million, while food and beverage sales rose by $76 million to $446.2 million. AMC saw its average food and beverage sales per patron reach a fourth-quarter record of $7.15.
Global attendance at 62.4 million film-goers and 42.95 million in the US market contributed to the strong performance, while internationally, AMC’s Odeon chain in Europe and Middle East operations reported 19.46 million patrons.
CEO Adam Aron attributed the company’s success to its ability to stay strong during the pandemic and take decisive actions to strengthen its balance sheet. However, shares in AMC Entertainment continued to lag industry peers, closing down 9 cents on Tuesday but jumping 5% after market.
Aron also addressed concerns about the company’s debt load and discussed potential changes to the traditional theatrical window, arguing that longer windows could benefit both theaters and studios.
Source: https://www.hollywoodreporter.com/business/business-news/amc-theatres-quarterly-loss-1236146843