AMC Theatres Narrows Q3 Loss, Ups Revenue

AMC Theatres Nov. 8 said it generated a third-quarter (ended Sept. 30) loss of $224 million, down from a loss of $901 million during the previous-year period during the height of the pandemic. Revenue increased more than six-fold to $763.2 million, from revenue of $119.5 million last year.

Through nine months of the fiscal year, revenue increased more than 25% to $1.35 billion, from $1.07 billion last year, underscoring exhibitors’ slow return to normalcy in the pandemic era.

“For the first time since the fourth quarter of 2019, substantially all of our worldwide theatres were open for the entirety of a calendar quarter,” CEO Adam Aron said in a statement.

Indeed, AMC attendance reached nearly 40 million worldwide, up from 6.5 million moviegoers during the previous-year period. Through nine months, nearly 69 million moviegoers have frequented AMC Theatres, up 2.6% from 67 million at this point last year.

In the quarter, U.S. attendance mushroomed to 26.7 million, from 1.9 million during the previous-year period. Through nine months, domestic attendance increased 22% to 50.7 million, from 41.6 million a year ago.

“We are encouraged by the results from the beginning of the fourth quarter (ending Dec. 31),” Aron said. “Indeed, as we announced just a week ago, our October theater admissions revenues were the highest of any month since before the global pandemic. That is just one more good sign among many we have seen in 2021.”

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