© STRF / STAR MAX / IPx
AMC has chosen a different location, and today announced the purchase of the former Arclight Theater in The Hub on Causeway, a large-scale mixed-use complex in Boston's North Station. The 13 screen cinema is brand new – opened in December 2019 and closed three months later due to Covid-19.
Purchase price not disclosed. AMC has purchased several theaters in the wake of the pandemic and said today that it is looking at more consolidation opportunities to "diversify away from operating regions and enhance our footprint by acquiring outstanding theaters without incurring significant capital expenditures."
The movie theater giant provided updates on its debt, cash position and other metrics in its financial report to investors, which had to reassure Wall Street amid reports of uncomfortable cash spending and potential problems ahead. Shares of Mem Volatility, which is widely held by retail investors, fell at midday.
CEO Adam Aron noted the network's "increased liquidity" by raising more than $162 million in cash from the sale of APE or AMC preferred stock. This is a new currency that the company launched earlier this year (to raise capital by issuing new AMC common stock after shareholders exit the company). This helped him pay off his huge debt load. It reported total deductions of $107 million for the quarter and $180 million for the year.
According to AMC, as of December 31, liquidity will be between $725 million and $825 million, including $211 million in unused revolving credit facilities — "depending on performance over the remainder of the holiday season." 2022 and the blessing of the owner of the land. the time. "
"This reflects an improvement in cash and cash equivalents and a slight decrease from $110 million to $210 million compared to the third quarter of 2022," AMC said.
AMC shares are volatile and APE shares have fallen in value since the issue, Aron said, but they still provide much-needed liquidity.
“While APE stock and our common stock are economically equivalent, it is unfortunate that APE stock has consistently traded at a significant discount to AMC's common stock since its inception. Although the transaction values of the securities seem to reflect different market and business activities, APAs serve the purpose which it was originally intended to serve.Unlike the previous 90 days, AMC was able to raise an additional $162 million in cash through the sale of shares, significantly improving the liquidity of our position during a period when one or more of our competitors experienced potentially adverse liquidity problems. Aaron D.
APE is currently trading at around 70 cents, down 2.5%. Shares of AMC fell more than 5% to less than $5. Investors are unfazed by the performance of Avatar: The Waterway , which AMC released separately this morning.
"Driving on the strength of the premium format and moviegoers' strong desire to return to Pandora…the company significantly exceeded US and international admissions and F&B revenue for Jumanji: The Next Level that weekend compared to the same weekend prior to the 2019 pandemic."
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