AMC Entertainment, the world's largest theatrical exhibition company, reported mixed financial results for the quarter ended March 31, 2024. Total revenues slightly decreased by 0.3% to $951.4 million compared to $954.4 million in the same period last year. Admissions revenue saw a minor decline of 0.7%, while food and beverage revenue dropped by 2.3%. However, other theatre revenues increased by 8.8%. The company experienced a net loss of $163.5 million, an improvement from a net loss of $235.5 million in the previous year, marking a 30.6% reduction in losses. The decrease in net loss was attributed to reductions in general and administrative expenses, depreciation, and amortization expenses, and an increase in other income. AMC highlighted the impact of labor stoppages, including the Writers Guild of America and the Screen Actors...Show More

AMC Entertainment, the world's largest theatrical exhibition company, reported mixed financial results for the quarter ended March 31, 2024. Total revenues slightly decreased by 0.3% to $951.4 million compared to $954.4 million in the same period last year. Admissions revenue saw a minor decline of 0.7%, while food and beverage revenue dropped by 2.3%. However, other theatre revenues increased by 8.8%. The company experienced a net loss of $163.5 million, an improvement from a net loss of $235.5 million in the previous year, marking a 30.6% reduction in losses. The decrease in net loss was attributed to reductions in general and administrative expenses, depreciation, and amortization expenses, and an increase in other income. AMC highlighted the impact of labor stoppages, including the Writers Guild of America and the Screen Actors Guild-American Federation of Television and Radio Artists strikes, which are expected to continue affecting box office performance in the first half of 2024. The company also mentioned its efforts to enhance liquidity, including a recent at-the-market offering that raised approximately $103.5 million. Looking forward, AMC plans to focus on increasing operating revenues to pre-COVID-19 levels to achieve sustainable net positive operating cash flows and long-term profitability. The company's capital expenditure forecast for the year is estimated to be between $175 million and $225 million.