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AMC Entertainment Holdings, Inc. Previews Second Quarter 2024 Preliminary Results and Announces Second Quarter 2024 Earnings Webcast
July 24 2024 - 9:26AM
Business Wire

AMC Entertainment Holdings, Inc. (NYSE: AMC) (the “Company,” or “AMC”) today released preliminary results for the second quarter ended June 30, 2024. The preliminary results are unaudited, subject to completion of the Company’s financial reporting processes, based on information known by management as of the date of this press release and do not represent a comprehensive statement of our financial results for the quarter ended June 30, 2024. AMC expects:

Total revenues for the quarter ended June 30, 2024, to be approximately $1,030.6 million compared to $1,347.9 million for the quarter ended June 30, 2023.
Net loss for the quarter ended June 30, 2024, to be approximately $32.8 million, compared to net earnings of $8.6 million for the quarter ended June 30, 2023.
Diluted loss per share for the quarter ended June 30, 2024, to be approximately $(0.10) compared to diluted earnings per share of $0.06 for the quarter ended June 30, 20231.
Adjusted EBITDA to be approximately $29.4 million for the quarter ended June 30, 2024, compared to Adjusted EBITDA of $182.5 million for the quarter ended June 30, 2023.
Cash and cash equivalents at June 30, 2024 to be approximately $770.3 million.
1 Based on 321.6 million weighted average shares outstanding as of June 30, 2024 and 151.3 million weighted average shares outstanding as of June 30, 2023.

Adjusted EBITDA is a non-GAAP financial measure and tables reconciling this non-GAAP financial measure to its closest respective GAAP financial measures are included in this press release.

Adam Aron, Chairman and CEO of AMC Entertainment, commented, “As we accurately predicted and previously disclosed, the prolonged actors and writers strikes of 2023 severely reduced the number of movies being released theatrically in the early months of 2024. This explains the weakness in our preliminary Q2 2024 results, as contrasted with the same quarter of a year ago.”

Aron importantly added, “But if looking only at the full quarter, the lay observer might easily miss the incredibly good news that transpired within the second quarter. Finally, moviegoing in theatres appears again to be on an upwards trajectory. AMC enjoyed a significant increase in our daily revenues in June of 2024 as compared to those of April and May of 2024. Indeed, the industry box office for June was only 1.4% less than that of April and May combined. This in turn led to a positive swing in our results for the month of June as compared to April and May. So far, the impressive box office performance has continued into July. And AMC continues to be confident that industry-wide movie revenues for the second half of 2024, and into 2025 and 2026 will continue to show increasing strength. This in turn suggests that AMC should enjoy increasing Adjusted EBITDA, if as and when overall industry revenues are climbing. Such improvements in revenues, earnings and Adjusted EBITDA are our current expectations going forward, all of which shine brightly on AMC’s future.”

AMC will report its full results for the second quarter ended June 30, 2024, after the market closes on Friday August 2, 2024.

The Company will host an earnings webcast accessible through the Investor Relations section of AMC’s website at investor.amctheatres.com/. During the webcast the company will take questions from both AMC Investor Connect members and equity research analysts. AMC investors can visit www.amctheatres.com/stockholders to sign up for membership in AMC Investor Connect and submit their written questions. The link to submit questions will be available from July 25, 2024 until August 1, 2024.

Investors and interested parties should go to the website (investor.amctheatres.com/) at least 15 minutes before the earnings webcast to register, and/or download and install any necessary audio software.

Date: Friday, August 2, 2024
Time: 4:00 PM CDT / 5:00 PM EDT
An archive of the webcast will be available on the Company’s website after the webcast for a limited time.