AMC Entertainment Winds Up With A Net Loss For Q1
The year started off badly for the theater chain owned by China’s Wanda Group. AMC Entertainment reports that it had a Q1 net loss of $7.46M, down from a $727,000 profit in the period last year, on revenues of $577.8M, -9.2%. Admissions revenues fell 10.1% to $382.9M, as attendance fell 11.3% to 42.7M, offsetting a 1.2% increase in the average ticket price. AMC says that it raised prices for 2D films, but fewer people ended up paying premiums to see 3D or large-screen films. Concessions fell 2.1% to $167.9M, largely due to the attendance drop. While the company’s film exhibition costs fell 13.5% to about $191M, concession costs rose 2.6% to $23.2M. At the end of April, AMC borrowed $925M mostly to refinance existing debt.
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