AMC Entertainment Inc. Reports Record Revenues for Fourth Quarter and FY 2000; Record Adjusted EBITDA for Full Fiscal Year.Business Editors KANSAS CITY Kansas City, two adjacent cities of the same name, one (1990 pop. 149,767), seat of Wyandotte co., NE Kansas (inc. 1859), the other (1990 pop. 435,146), Clay, Jackson, and Platte counties, NW Mo. (inc. 1850). , Mo.--(BUSINESS WIRE)--May 30, 2000 AMC (Advanced Mezzanine Card) See AdvancedTCA. Entertainment Inc., one of the world's leading theatrical exhibition companies, today reported record revenues for the fourth quarter and for fiscal year 2000, ended March 30, 2000. AMC posted total revenues of $262 million for the fourth quarter, an increase of 12 percent over $233 million in the same quarter a year ago, and revenues for FY 2000 of $1.17 billion, a 14 percent increase from the previous year's revenues of $1.02 billion. Both figures are Company records for revenues in the respective periods. Earnings before interest, taxes, depreciation and amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. of long-lived long-lived adj. 1. Having a long life: a long-lived aunt. 2. Lasting a long time; persistent: a long-lived rumor. 3. assets, adjusted for preopening and theatre closure expense, (Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become ) for the fourth quarter were at $8.7 million, down 18 percent from $10.6 million in the year-ago quarter. Adjusted EBITDA for FY 2000 set another Company record at $118 million, a 9 percent increase over $108 million the prior year. For the fourth quarter, AMC posted a net loss of $29.1 million (or $1.24 per share), compared to a loss of $19.1 million (or 82 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. ) in the same period last year. For FY 2000, the Company recorded a net loss of $55.2 million after a restructuring charge restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. and the cumulative effect of an accounting change (or $2.35 per share), compared to a net loss of $16 million (or 69 cents per share) in the previous year. "Fiscal 2000 was a challenging year for the industry and a transition year for AMC. By the end of the year, we had implemented our strategic plan focused on improving fundamental performance through pricing initiatives, G&A expense reduction and capital expenditure rationalization rationalization, in psychology: see defense mechanism. . Successful implementation in these three areas, along with the underlying quality of our assets, positions the Company well for continued industry leadership and for value creation through ancillary revenue Ancillary Revenue Revenue generated from goods or services that differ from or enhance the main services or product lines of a company. By introducing new products and services or using existing products to branch into new markets, companies create additional opportunities for growth and consolidation," said Peter Brown, chairman and chief executive officer. Highlights of fiscal year 2000 and the fourth quarter include: -- Megaplex screens represent 61 percent of the Company's total theatre circuit. -- AMC continues to lead the industry with a 10% share of the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. box office market in the quarter ended March 30, 2000. -- AMC has 22, or 44 percent, of the top 50 grossing theatres in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. with the next competitor having 7 theatres. -- As a result of the restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). in September September: see month. 1999, AMC is on track to reach $20 million in annual general and administrative expense savings. -- The Company disposed dis·pose v. dis·posed, dis·pos·ing, dis·pos·es v.tr. 1. To place or set in a particular order; arrange. 2. of 279 multiplex See multiplexing. screens during the year, for a total of 563 disposed screens over the last four fiscal years. AMC Entertainment Inc. is a leader in the theatrical exhibition industry. Through its circuit of AMC Theatres This article or section has multiple issues: * Its tone or style may not be appropriate for Wikipedia. * It reads like an advertisement and needs to be rewritten in a neutral point of view. , the Company operates 210 theatres with 2,916 screens in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of , Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. , Japan, Portugal Portugal (pôr`chəgəl), officially Portuguese Republic, republic (2005 est. pop. 10,566,000), 35,553 sq mi (92,082 sq km), SW Europe, on the western side of the Iberian Peninsula and including the Madeira Islands and the Azores in the , Spain Spain, Span. España (āspä`nyä), officially Kingdom of Spain, constitutional monarchy (2005 est. pop. 40,341,000), 194,884 sq mi (504,750 sq km), including the Balearic and Canary islands, SW Europe. and France. Its Common Stock trades on the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. under the symbol AEN AEN Address Enable AEN America's Emergency Network AEN Australian Energy News (magazine) AEN Agenzia per l'Energia Nucleare (Italian: Nuclear Energy Agency; OCSE) AEN Administrative Exception Note . The Company, headquartered in Kansas City, Mo., has a web site at www.amctheatres.com. Investors will have the opportunity to listen to the quarterly earnings conference call on Wednesday Wednesday: see week. , May 31, 2000, at 8 a.m. Central Time through the web site at www.amctheatres.com. Any forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. contained in this release, which reflect management's best judgment based on factors currently known, involve risks and uncertainties. Actual results could differ materially from those anticipated in the forward-looking statements included herein as a result of a number of factors, including but not limited to the Company's ability to enter into various financing programs, competition from other companies, demographic See demographics. changes, changes in economic climate, increase in demand for real estate, construction delays, unforeseen changes in operating requirements, the ability to achieve planned openings or closings of theatres and screens, changes in real estate, zoning and tax laws, the performance of films licensed by the Company and other risks and uncertainties.
AMC ENTERTAINMENT INC.
FINANCIAL DATA SUMMARY
(In thousands, except per-share data)
Thirteen Weeks Ended
March 30, 2000
------------------------------------------
Before Restructuring After April 1,
Restructuring Impact(1) Restructuring 1999
------------- --------- ------------- ----
Statement of
Operations Data:
Admissions $171,652 $ - $ 171,652 $ 152,590
Concessions 72,223 - 72,223 67,349
Other theatre 8,448 - 8,448 5,683
Other 9,401 - 9,401 7,825
-------- ------ --------- ---------
Total revenues 261,724 - 261,724 233,447
Film exhibition
costs 87,950 - 87,950 80,194
Concession costs 11,731 - 11,731 10,188
Theatre operating
expense 81,153 - 81,153 65,382
Rent 52,655 - 52,655 46,305
Other 10,524 - 10,524 8,537
General and
administrative 7,824 1,215 9,039 12,287
Preopening expense 1,584 - 1,584 283
Theatre closure
expense 2,718 - 2,718 -
Restructuring charge - - - -
Depreciation and
amortization 27,668 - 27,668 24,749
Impairment of
long-lived assets 5,897 - 5,897 4,935
(Gain) loss on
disposition of assets 18 - 18 (110)
-------- ------ --------- ---------
Total costs
and expenses 289,722 1,215 290,937 252,750
-------- ------ --------- ---------
Operating income
(loss) (27,998) (1,215) (29,213) (19,303)
Interest expense 18,201 - 18,201 12,411
Investment income (430) - (430) (283)
-------- ------ --------- ---------
Loss before income
taxes and cumulative
effect of an
accounting change (45,769) (1,215) (46,984) (31,431)
Income tax provision (17,400) (500) (17,900) (12,300)
-------- ------ --------- ---------
Loss before cumulative
effect of an
accounting change $(28,369) $(715) $(29,084) $(19,131)
Cumulative effect
of an accounting
change, net of taxes - - - -
-------- ------ --------- ---------
Net loss $(28,369) $(715) $(29,084) $(19,131)
======== ====== ========= =========
Net loss per share
before cumulative
effect of an
accounting change:
Basic $(1.21) $(0.03) $(1.24) $(0.82)
======== ====== ========= =========
Diluted $(1.21) $(0.03) $(1.24) $(0.82)
======== ====== ========= =========
Net loss per share:
Basic $(1.21) $ (0.03) $(1.24) $(0.82)
======== ====== ========= =========
Diluted $(1.21) $ (0.03) $(1.24) $(0.82)
======== ====== ========= =========
Average shares
outstanding:
Basic 23,469 23,469 23,469 23,469
======== ====== ========= =========
Diluted 23,469 23,469 23,469 23,469
======== ====== ========= =========
Other Financial Data:
Adjusted EBITDA(2) $9,887 $(1,215) $8,672 $10,554
Cash and equivalents
Corporate borrowings
Capital and financing
lease obligations
Stockholders' equity
Total assets
Fifty-two Weeks Ended
March 30, 2000
------------------------------------------
Before Restructuring After April 1,
Restructuring Impact(1) Restructuring 1999
------------- --------- ------------- ----
Statement of
Operations Data:
Admissions $763,083 $ - $763,083 $662,161
Concessions 329,855 - 329,855 307,347
Other theatre 30,013 - 30,013 21,766
Other 43,991 - 43,991 32,182
-------- ------ --------- ---------
Total revenues 1,166,942 - 1,166,942 1,023,456
Film exhibition
costs 417,736 - 417,736 358,437
Concession costs 50,726 - 50,726 48,687
Theatre operating
expense 290,072 - 290,072 260,145
Rent 198,762 - 198,762 165,370
Other 44,619 - 44,619 30,899
General and
administrative 44,877 2,530 47,407 52,321
Preopening expense 6,795 - 6,795 2,265
Theatre closure
expense 16,661 - 16,661 2,801
Restructuring charge - 12,000 12,000 -
Depreciation and
amortization 95,974 - 95,974 89,221
Impairment of
long-lived assets 5,897 - 5,897 4,935
(Gain) loss on
disposition of assets (944) - (944) (2,369)
-------- ------ --------- ---------
Total costs
and expenses 1,171,175 14,530 1,185,705 1,012,712
--------- ------ --------- ---------
Operating income
(loss) (4,233) (14,530) (18,763) 10,744
Interest expense 62,703 - 62,703 38,628
Investment income (219) - (219) (1,368)
-------- ------ --------- ---------
Loss before income
taxes and cumulative
effect of an
accounting change (66,717) (14,530) (81,247) (26,516)
Income tax provision (26,100) (5,800) (31,900) (10,500)
-------- ------ --------- ---------
Loss before cumulative
effect of an
accounting change $(40,617) $(8,730) $(49,347) $(16,016)
Cumulative effect
of an accounting
change, net of taxes (5,840) - (5,840) -
-------- ------ --------- ---------
Net loss $(46,457) $(8,730) $(55,187) $(16,016)
======== ====== ========= =========
Net loss per share
before cumulative
effect of an
accounting change:
Basic $ (1.73) $ (0.37) $ (2.10) $ (0.69)
======== ====== ========= =========
Diluted $ (1.73) $ (0.37) $ (2.10) $ (0.69)
======== ====== ========= =========
Net loss per share:
Basic $ (1.98) $ (0.37) $ (2.35) $ (0.69)
======== ====== ========= =========
Diluted $ (1.98) $ (0.37) $ (2.35) $ (0.69)
======== ====== ========= =========
Average shares
outstanding:
Basic 23,469 23,469 23,469 23,378
======== ====== ========= =========
Diluted 23,469 23,469 23,469 23,378
======== ====== ========= =========
Other Financial Data:
Adjusted EBITDA(2) $120,150 $(2,530) $117,620 $107,597
Cash and equivalents 119,305 13,239
Corporate borrowings 754,105 561,045
Capital and financing
lease obligations 68,506 48,575
Stockholders' equity 58,669 115,465
Total assets 1,188,805 975,730
(1) Includes the Company's September 30, 1999 restructuring charge and
additional non-recurring costs related primarily to relocation.
(2) Represents operating income plus (gain) loss on disposition of
assets, impairment of long-lived assets, depreciation and
amortization, restructuring charge, theatre closure expense and
preopening expense.
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