AMC Entertainment CEO Says Theaters Have One Problem And Its Not Covid, Streamers Or Windows: “We Need More Movies” Update

AMC Entertainment CEO Says Theaters Have One Problem And Its Not Covid, Streamers Or Windows: “We Need More Movies” Update

Update commenting on conference call: Adam Aaron, CEO of AMC Entertainment, now dubbed Covid, streaming and windows real impact issues, the industry’s biggest problem is that “top-notch showings are very good. The need for film. “.

“Right now there is only one topic that should be on everyone’s lips,” he said in a conference call on Tuesday after the quarterly results were announced. Studios are doing their best to “up the pace” and there is “great progress” but the number of films is still 20-30% lower than before the epidemic.

However, “industry-wide box office receipts are recovering and growing, both domestically and internationally.” He expects Black Panther: Wakanda Forever to be the biggest release of the year after this weekend, ahead of Top Gun: Maverick in 2022, with grossing around 75% of pre-pandemic levels. It should grow 15-20% next year and maybe more, he says.

Meanwhile, the show continues to announce new projects to come next year, including an AMC-branded credit card due in the first quarter; AMC Perfect Popcorn on grocery shelves in H1; and the recently announced cross-market Zoom Units for Business in partnership with online conferencing power. The company invests in new laser projectors and larger screens, leaving some cash for new cinema purchases.

AMC is launching its Stubs A*List loyalty program, showing three movies a week in front of 600,000 to 700,000 attendees “from the ground up” with Covid, Aaron said, and the company plans to push the plan “very aggressively.” He had no intention of investing in AMC On Demand. “It hasn’t been used much, and to be honest, while it’s a great little product, I think our money would be better spent elsewhere…when the dollar is tight.”

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We are considering ending AMC On Demand or partnering with another party to offer our customers the same experience.

Previous: Movie giant AMC Entertainment posted revenue growth and a mounting loss in its most recent quarter, but CEO Adam Aaron called for more active development, a shift to deleveraging, capital outflows and new projects.

Revenue for the quarter ended September was $968 million, compared to $763 million in 2021. Net loss was $226 million, compared to $224 million. Earnings per share were unchanged at 22 cents per share.

Operating cash flow declined from $179.2 million in the quarter. Cash on hand at September 30 was $896 million, including $211 million of unused capacity under the Company’s revolving credit facility.

Viewership was approximately 53.2 million across more than 10,000 screens, including 38.3 million in the United States.

Operating expenses increased to $1 billion from more than $900 million in the previous quarter.

As anticipated and anticipated in our most recent quarterly report, our third quarter results were particularly impacted by industry-wide checkout performance over the last two-thirds of third quarter 2022, but our overall performance is on a per-guest basis. Compared to the third quarter of 2019, core revenue and food and beverage spending increased 12 percent and 30 percent from pre-pandemic levels, Aaron said.

“Our recovery continues and we look forward to returning to a stronger film schedule in Q4 2022 that got off to a good start with the release of Black Adam . Upcoming blockbusters include Black Panther: Wakanda Forever, Strange World , and Avatar: Out of the Water .”

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He said recent capital market activity, particularly deleveraging, debt restructuring and capital raising, had helped. “These actions will increase our efficiencies and allow us to take advantage of strategic opportunities such as the recently announced AMC expansion units to transform our business post-pandemic. “We look forward to making additional business development announcements over the coming weeks and months that, along with the improved theatrical business, will allow AMC Entertainment to create value for all stakeholders,” said Aaron.

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