AMC to Close 249 Movie Screens
AMC Entertainment Inc., one of the largest publicly traded U.S. movie theater operators, said it plans to close 249 more screens after cutting 66 so far this year.
AMC is based in Kansas City, Mo., and runs 2,766 screens in about 180 theaters.
AMC on Wednesday reported a $63.6-million net loss, or $2.71 per share, for its fiscal fourth quarter ended March 29. The loss included one-time charges for write-downs on older theaters and accounting changes. Revenue totaled about $290 million.
Excluding the charges, AMC lost $24.6 million, or $1.06 per share, compared with $29.1 million, or $1.24 per share, in the equivalent quarter a year ago. For the year ended March 29, AMC said it lost $105.9 million, or $4.51 per share, on revenue of $1.21 billion.
AMC shares closed up $1.35 at $10.60 on the American Stock Exchange.
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