Holiday Ticket Sales Give AMC Boost Amid Third-Quarter Loss
AMC Entertainment Inc., one of the biggest U.S. operators of movie theaters, said its fiscal third-quarter loss narrowed as ticket sales rose.
The loss for the fiscal third quarter ended Dec. 28 narrowed to $8.19 million, or 35 cents a share, from $8.91 million, or 38 cents, a year earlier, AMC said in a statement. Revenue rose 7.2% to $305.4 million from $285 million.
The movie theater industry has faced tough times in recent years as eight movie chains have filed for bankruptcy. The companies have been hurt by stiff competition after building too many expensive megaplex theaters, heavy debt loads and lagging ticket sales for much of last year. Sales picked up, though, in the year-end holiday season.
“This quarter’s performance demonstrates that when good film product is combined with great assets--AMC’s industry-leading portfolio of high-performance theaters--solid results will follow,” Chairman and Chief Executive Peter Brown said in a statement.
AMC, based in Kansas City, Mo., operates 181 theaters with 2,774 screens in the U.S., Canada, Hong Kong, Japan, Portugal, Spain and France.
AMC shares rose 6 cents Wednesday to close at $4.31 on the American Stock Exchange. They have fallen 59% over the last year.
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