AMC reports a big quarterly drop in revenue and earnings
07/30/2014 3:57 PM
07/30/2014 5:17 PM
AMC Entertainment Holdings, an operator of 4,968 movie screens, reported Wednesday that total revenue for the three months that ended June 30 was $726.6 million, compared with $762.7 million for the same quarter a year earlier.
The Leawood-based company said ticket revenue accounted for $478.7 million in the second quarter, compared with $515.3 million for the second quarter of 2013.
Food and beverage revenue was $211.6 million for the quarter, compared with $219.5 million in the same period a year earlier. But AMC noted that per-patron concession revenue grew 4.5 percent to $4.22, the highest figure in the company’s history.
Gerry Lopez, AMC’s president and chief executive, attributed that revenue increase to “enhanced food and beverage initiatives” at the theaters.
Net earnings were $31.4 million for the quarter, compared with $61.6 million a year earlier.
Adjusted earnings before interest, taxes, dividends and amortization were $131.8 million, compared with $134.7 million for the quarter a year ago.
Lopez said the company is “building momentum behind our continuing transformation of the AMC guest experience,” a reference to upgrading theater seating, sound, projection and food experiences.
He also cited the company’s new open source Internet ticketing program as an asset that has produced a 45 percent increase in online ticket revenue this year. He said about 13 million tickets have been sold online this year.
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