Earnings at AMC Theatres jump 40 percent as CEO Gerry Lopez departs

The AMC Theatres chain posted a 40 percent jump in second-quarter earnings thanks to record revenues.

Leawood-based AMC Entertainment Holdings said profits climbed to $43.9 million, or 45 cents a share, in April, May and June, compared with $31.4 million, or 32 cents a share, a year ago.

Cinema generally suffered a poor box office last season, offering room for improvment this year.

AMC said its revenues hit a record $821.1 million for the quarter. A year ago, revenues reached $726.6 million. The 13 percent increase was fueled in part by a record $9.91 average ticket price and an average of $4.65 in food and beverage revenue per patron.

“The second quarter of 2015 continued AMC’s record-setting pace, proving once again that our innovative approach to delivering superior guest experiences is creating significant value for both moviegoers and shareholders alike,” chief executive Gerry Lopez said in the company’s report.

Under Lopez, AMC has installed leather recliners, bars, on-site restaurants and other amenities in many of its theaters. The efforts reduced sharply the number of seats in individual theaters, but more were filled at showtime and patrons’ other spending increased.

Lopez announced last week that he is leaving AMC to lead the hotel chain Extended Stay America, based in Charlotte, N.C.

AMC is largely owned by China-based Dalian Wanda Group, though AMC shares trade publicly. The shares rose 50 cents and closed Wednesday at $30.43. The earnings were announced after the market closed.

This story was originally published July 29, 2015 at 3:26 PM with the headline "Earnings at AMC Theatres jump 40 percent as CEO Gerry Lopez departs."