May 6, 2021
AMC Entertainment, parent of the world’s largest theatrical chain, AMC Theatres, May 6 reported that 6.8 million moviegoers worldwide frequented its screens in the first quarter (ended March 31). While that’s a 89% drop from 60+ million moviegoers in the same quarter a year ago, it’s a positive re-start for a company that has had scant new movie releases, and many observers left for dead during the height of the pandemic.
Operating at 15% to 60% seating capacity across 585 domestic theaters, AMC operated an additional 97 international leased and partnership theaters, with limited seating capacities, representing approximately 27% of international theaters.
Revenue plummeted 84% to $148.3 million, from $941 million in the previous-year period. Net loss narrowed to $567.2 million from more than $2.1 billion a year ago.
“We finally can now say that we are looking at an increasingly favorable environment for moviegoing and for AMC as a company over the coming few months,” CEO Adam Aron said in a statement. “This is the result of a successful and steadily growing vaccination program in the U.S., Europe and the Middle East — especially so across the United States.”
Over the past five months, AMC has raised around $2 billion in fresh equity and debt capital, including the conversion of $600 million of convertible notes into equity at a price of $13.51 per share. Over the past 13 months, AMC raised approximately $2.9 billion of cash proceeds from new debt and
equity capital, secured $1.2 billion of concessions from lenders and landlords, obtained more than $150 million of assistance from European governments, and generated more than $80 million from asset sales.
“Taken together, we have made well more than $4 billion of progress from our implementing a myriad of capital actions to help us make it through this global storm,” Aron said.