AMC Entertainment Holdings Inc. reported a loss of $2.18 billion for the first quarter, reflecting the company's decision earlier this year to shut down its movie theaters as the coronavirus spread in the U.S. and elsewhere.
The theater chain on Tuesday said on a per-share basis its loss for the quarter totaled $20.88 a share. AMC reported a loss of $130.2 million, or $1.25 a share, for the same period last year.
AMC said it recorded $1.85 billion in non-cash impairment charges related to long-lived and indefinite-lived intangible assets, as well as to goodwill.
In March, the company suspended operations at all of its theaters in the U.S. and abroad in order to comply with social-distancing regulations meant to halt the spread of the virus.
As a result, the company said it generated "virtually no revenue" for the last two weeks of the latest quarter. AMC furloughed employees and moved to conserve cash by eliminating what it considered to be non-essential operating and capital expenditures, securing rent abatements and pursuing other measures.
Overall, AMC reported $941.5 million in revenue for the period, down from $1.2 billion last year.
The movie-theater industry faces a challenge enticing customers back into cinemas following months of closures and heightened competition from streaming services that gained popularity during the pandemic.
Last week, AMC warned that it may not be able to stay in business, saying in a regulatory filing that its liquidity would depend on when operations could fully resume, the timing of movie releases and other factors.
AMC said Tuesday it had reopened 10 of its theaters in four countries in Europe.
"In our two largest territories, we are currently planning to reopen almost all of our U.S. and U.K. theatres in July" to be ready to show the new film "Tenet" that is slated for release on July 17 and "Mulan," the Walt Disney Co. film slated to be released July 24.
Write to Micah Maidenberg at micah.maidenberg@wsj.com
Entertainment - Latest - Google News
June 10, 2020 at 03:48AM
https://ift.tt/2Ymt4G6
AMC reports $2.2 billion Q1 loss - MarketWatch
Entertainment - Latest - Google News
https://ift.tt/2RiDqlG
Shoes Man Tutorial
Pos News Update
Meme Update
Korean Entertainment News
Japan News Update
Bagikan Berita Ini
0 Response to "AMC reports $2.2 billion Q1 loss - MarketWatch"
Post a Comment