AMC Theatres Says Q3 Revenue Plummeted 91%

AMC Theatres’ summer blockbuster was a no-show due to the coronavirus effectively shutting down all screens. On Oct. 20 the exhibitor disclosed the harsh fiscal reality: The nation’s largest movie chain generated just $119.5 million in revenue for the fiscal period ended Sept. 30. That was 91% less than the $1.32 billion generated during the previous-year period. Revenue year-to-date through the quarter topped $1 billion, which was down about 75% from $4 billion a year earlier.

Parent AMC Entertainment disclosed the results in a regulatory filing as it entered into an equity distribution agreement with Citigroup and Goldman Sachs to sell up to 15 million shares of Class A common stock.

Through Oct. 16, AMC had resumed operations at 519 of its 598 U.S. theaters, with limited seating capacities of between 20% and 40%, representing approximately 87% of the U.S. theatres and 80% of 2019 U.S. same-theater revenue. Since the resumption of operations in its U.S. markets, AMC has fielded more than 2.6 million moviegoers, representing a same-theater attendance decline of about 85% compared with the same period a year ago.

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AMC said the remaining 13% of the U.S. theaters left to reopen are primarily located in California, Maryland and New York, and include some of the company’s most productive theaters, representing approximately 20% of 2019 domestic revenue. As previously reported, 12 theaters in New York State are scheduled to open Oct. 23. AMC said it has an “active dialog” with local and state government officials, however there is “limited visibility” around the timing for resumption of the remaining theater operations.

As of Oct. 16, 2020, AMC had resumed operations at 309 leased and partnership international theatres, representing about 86% of the company’s international theatres and approximately 91% of 2019 international same-theater revenue. Seating capacity at the reopened international theatres remains limited to between 25% and 50% of capacity to ensure social distancing. Since the resumption of operations in its International markets June 3, AMC has entertained more than 5.7 million moviegoers, representing a same-theater attendance decline of approximately 74% compared with the same period a year ago.

To lure consumers into theaters, AMC launched “AMC Private Screening,” which allows movie goers to reserve a separate AMC auditorium for a private screening for up to 20 people, starting at $99 plus tax.

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