AMC Leisure Swings To Loss On One-Time Expenses
Large theater chain AMC Leisure’s income reached $1.Four billion, up 2.4%, because it swung to a internet lack of $13.5 million within the fourth quarter.
The loss was because of one-time objects of near $100 million to write down “lease proper of use” belongings and different prices. Adjusted internet earnings, which components these out, was $38.9 million, up 105% from the 12 months earlier quarter.
CEO Adam Aron stated he was happy on the quarterly outcomes, the place gross sales grew regardless of a 1.6% decline within the U.S, field field workplace. He stated the corporate generated $303 million of free money move for the quarter and the chain outpaced the trade in admissions income per display.
The upper income was pushed by greater ticket costs and concession gross sales.
“One factor of notice: on one other coronavirus-crazed down day out there, AMC Entertinment was one of many few shares — leisure or in any other case — that rose, closing up a wholesome 2.7% to $6.09.
COPYRIGHT_BP: Published on https://bingepost.com/amc-entertainment-swings-to-loss-on-one-time-charges/46011/ by Cecilia Jones on 2020-02-27T21:44:37.000Z
The circuit has 1,006 theaters and 11,,091 screens within the high 5 largest markets within the nation, together with New York, Phildalelphia, San Francisco Atlanta and Dallas. It operates 22 of the 50 highest-grossing theaters within the U.S., together with 4 of the highest 5.
The numbers had been introduced after market shut. Executives will talk about them on name at 5 pm ET.