AMC Networks Latest To Withdraw Quarterly Financial Guidance On Coronavirus-Related Uncertainty

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AMC Networks said Friday it’s withdrawing first quarter and full year financial guidance provided earlier this year and not offering an updated fiscal outlook given the uncertainties surrouding the coronavirus pandemic.

There’s been an accelerating drumbeat of corporate announcements this week – from ViacomCBS to Walt Disney, Comcast, Sony, Discovery, Twitter and Facebook – publicly acknowledging the unusual and unusually harsh financial situation they may be facing.

AMC said in an SEC filing that it’s taken a hit from lower advertising sales and from suspended content production that has led to delays in the creation and availability of some television programming. The ultimate impact of the pandemic will depend on its duration and spread, actions to contain it and global economic conditions – which at this time are impossible to predict.

“This makes it challenging for management to estimate the future performance of our businesses, particularly over the near to medium term. However, the COVID-19 pandemic could have an adverse impact on our business, results of operations and financial condition, including during the near to medium term.”

In terms of liquidity, which is a major issue in times of uncertainty, AMC Networks said that at year end it had $816 million of cash and cash equivalents on its balance sheet and access to a $500 million revolving credit facility with no outstanding borrowing.  Corporate debt maturities – money it has to pay back – are $56 million in 2020 and $75 million in 2021.

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