The year started off badly for the theater chain owned by China’s Wanda Group. AMC Entertainment reports that it had a Q1 net loss of $7.46M, down from a $727,000 profit in the period last year, on revenues of $577.8M, -9.2%. Admissions revenues fell 10.1% to $382.9M, as attendance fell 11.3% to 42.7M, offsetting a 1.2% increase in the average ticket price. AMC says that it raised prices for 2D films, but fewer people ended up paying premiums to see 3D or large-screen films. Concessions fell 2.1% to $167.9M, largely due to the attendance drop. While the company’s film exhibition costs fell 13.5% to about $191M, concession costs rose 2.6% to $23.2M. At the end of April, AMC borrowed $925M mostly to refinance existing debt.
AMC Entertainment Winds Up With A Net Loss For Q1
For all of Deadline’s headlines, follow us @Deadline on Twitter
Sign up for Newsletters
Trending Now on Deadline
More From Lieberman
- It's No Blip, Online Video Is Taking Ad Dollars From Traditional TV: Analyst
- Now That He's At Carmike, Can Bud Mayo Lead Theaters' Alternative Content Revolution?
- Cable Milestone: Operators Have More Broadband Subs Than TV Ones
- Look Out Gannett: Carl Icahn Buys 6.6% Stake
- Warren Buffett Sends A Mixed Message To John Malone As He Buys Into Charter But Unloads Starz
- Citing “Insulting” Criticism, Comcast And Time Warner Cable Withdraw Funding For Dinner Honoring FCC Commissioner