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
What's Hot on Deadline
Bernie Sanders: Obama Administration "Should Kill" The AT&T-Time Warner Deal: "Higher Prices & Fewer Choices"
John Oliver Offers Donald Trump His Emmy Award If Candidate Will Accept Election Results On November 8
'Madea' To Push Well Past $27M As 'Jack Reacher' Takes $22M to $23M; 'Joneses' Can't Keep Up - Sun. AM Update
'Saturday Night Live' Hits Season High Ratings With Tom Hanks, Lady Gaga & More Donald Trump & Hillary Clinton
Latest Business News
- Obamageddon The Final Ride: POTUS In L.A. Monday For ‘Kimmel’ & Last Fundraiser
- Rachel Weisz Leads A Chilly ‘Plenty’ Revival At The Public Theater – Review
- Bernie Sanders: Obama Administration “Should Kill” The AT&T-Time Warner Deal: “Higher Prices & Fewer Choices”…
- AT&T And Time Warner Unveil Merger Terms Calling It A “Perfect Match”
- Report: AT&T Reaches $80B+ Deal To Acquire Time Warner; Announcement Could Come As Early As Tonight
- Donald Trump Would Nix AT&T’s Acquisition Of Time Warner; Says Such Deals “Destroy Democracy”