The soft results in an SEC filing this evening are consistent with some of the numbers we’ve seen elsewhere for the quarter — but with a lot of financial noise resulting from Wanda Group’s $2.7B acquisition of the No. 2 U.S. theater chain at the end of August. AMC says that it had $33.2M in net earnings for the quarter that ended in September, up from a $10.2M loss in the period a year ago, on revenues of $650.2M, -3.1%. But the profit figure was inflated by a $39M gain from the sale or closing of its theaters in Canada and the UK. (That covers proceeds from the sales as well as the write-off of long-term lease liabilities.) Admission revenue came in at $460M (-4.2%) as the number of tickets sold at the theaters owned at the end of the quarter fell 5.3% to nearly 49M. AMC had better luck with concessions, which generated revenues of $182.5M, (+1.9%). AMC reports that financial advisers and consultants were paid $32.3M in “success fees” for their work on the deal with Wanda.
Exhibitor AMC Says Admissions And Revenues Fell In Q3
Trending Now on Deadline
More From Lieberman
- Will Redbox's 25% Price Hike For DVD Rentals Hurt Its Bargain Image?
- Exhibitors Agree To “Landmark” ADA Compromise On Closed Captioning
- Court Blocks FCC On Content Deals, Cutting Outsiders' Access To Program Terms
- Turner Networks, Including CNN, Return To Dish Network
- Norman Lear Nixes 'All In The Family' Reboot For Sony--For Now
- Aereo Files For Bankruptcy Protection