AMC Entertainment Reports Record Fiscal Third-Quarter and Year-to-Date Revenues and Adjusted EBITDA.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)--Jan. 20, 2000 AMC (Advanced Mezzanine Card) See AdvancedTCA. Entertainment Inc., one of the world's leading theatrical exhibition companies, today reported results for the third quarter of fiscal 2000, ended Dec. 30, 1999. AMC posted total revenues of $285 million, an increase of 10 percent over $260 million in the same quarter a year ago, a new Company record for third-quarter revenues. 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.
In the third quarter, AMC posted a loss of $8.9 million (or 38 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. ), compared to a loss of $1.7 million (or 7 cents per share) in the same period last year. For the first three quarters of fiscal 2000, AMC posted record revenues of $905 million, an increase of 15 percent over $790 million in the first three quarters of fiscal 1999. Adjusted EBITDA for the fiscal year to date totaled $109 million, a 12 percent increase, also a new Company record, over $97 million in the first three quarters last year. Year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. net earnings on a pre-restructuring charge and pre-accounting change basis were a loss of 55 cents per share, compared to earnings of 13 cents per share in the prior year. Net earnings were reduced further by 31 cents for the second-quarter 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 by 25 cents for the first-quarter accounting change related to start-up Start-up The earliest stage of a new business venture. activities. Commenting on the results, Peter Brown, chairman and chief executive officer, said, &uot;The quarter did not meet our expectations in terms of film product. The fact that Christmas Christmas [Christ's Mass], in the Christian calendar, feast of the nativity of Jesus, celebrated in Roman Catholic and Protestant Churches on Dec. 25. In liturgical importance it ranks after Easter, Pentecost, and Epiphany (Jan. 6). Eve fell on a Friday Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant also impacted our results. Despite both negative factors, we are pleased to report increases in both quarterly revenues and cash flow.&uot; He continued, &uot;Our box office market share has continued to grow due to our megaplex portfolio. These modern assets, combined with our three initiatives of pricing, cost reduction and disposition Act of disposing; transferring to the care or possession of another. The parting with, alienation of, or giving up of property. The final settlement of a matter and, with reference to decisions announced by a court, a judge's ruling is commonly referred to as disposition, regardless of of older theatres, have allowed us to report record results in revenue and cash flow on both a fiscal third-quarter and year-to-date basis.&uot; Highlights of the year to date include: - Megaplex screens represent 60 percent of the Company's total theatre circuit. - AMC continued to lead the industry with a 9.8 percent market share of the 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. box office. - AMC had 21 theatres of North America's top 50 grossing theatres, with the next competitor having six. - The Company has closed 230 screens in obsolete OBSOLETE. This term is applied to those laws which have lost their efficacy, without being repealed, 2. A positive statute, unrepealed, can never be repealed by non-user alone. 4 Yeates, Rep. 181; Id. 215; 1 Browne's Rep. Appx. 28; 13 Serg. & Rawle, 447. multiplexes. 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 214 theatres with 2,908 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 website at www.amctheatres.com. Investors will have the opportunity to listen to the quarterly earnings conference call on Friday, Jan. 21, 2000, at 8 a.m. Central Time through the website at www.vcall.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 SUMMARY
(In thousands, except per-share data)
Thirteen Weeks Ended
December 30, December 31,
1999 1998
-------------------------------
Statement of Operations Data:
Admissions $183,800 $165,812
Concessions 78,420 77,436
Other theatre 9,627 7,032
Other 13,126 9,417
-------- ---------
Total revenues 284,973 259,697
Film exhibition costs 98,693 88,839
Concession costs 11,406 13,356
Theatre operating expense 70,787 65,578
Rent 49,594 41,663
Other 11,606 8,999
General and administrative 12,873 12,753
Preopening expense 1,914 1,209
Theatre closure expense 2,251 -
Restructuring charge - -
Depreciation and amortization 24,620 23,100
-------- ---------
Total costs and expenses 283,744 255,497
Operating income 1,229 4,200
Interest expense 16,630 9,349
Investment (income) loss 311 (434)
(Gain) loss on disposition
of assets (635) (901)
-------- ---------
Earnings (loss) before income
taxes and cumulative effect of
an accounting change (15,077) (3,814)
Income tax provision (6,165) (2,100)
-------- ---------
Earnings (loss) before
cumulative effect
of an accounting change $ (8,912) $(1,714)
Cumulative effect of an
accounting change, net of taxes - -
-------- ---------
Net earnings (loss) $ (8,912) $(1,714)
======== =========
Net earnings (loss) per share
before cumulative effect of
an accounting change:
Basic $ (0.38) $ (0.07)
===== =====
Diluted $ (0.38) $ (0.07)
===== =====
Net earnings (loss) per share:
Basic $ (0.38) $ (0.07)
==== ====
Diluted $ (0.38) $ (0.07)
==== ====
Average shares outstanding:
Basic 23,469 23,469
====== ======
Diluted 23,469 23,469
====== ======
Other Financial Data:
Adjusted EBITDA (1) $ 30,014 $ 28,509
Net Indebtedness (2) 717,125 467,179
Stockholders' equity 90,140 136,605
Total assets 1,225,634 904,452
(1) Represents operating income plus depreciation and amortization,
restructuring charge, theatre closure expense, and preopening
expense.
(2) Represents corporate borrowings and capital and financing leases
obligations less cash and equivalents.
AMC ENTERTAINMENT INC.
FINANCIAL SUMMARY
(In thousands, except per-share data)
Thirty-nine Weeks Ended
December 30, 1999
Before Restruct- After
Restruct- uring Restruct-
uring Charge uring Dec. 31,
Charge Impact Charge 1998
-------- -------- -------- --------
Statement of
Operations Data:
Admissions $591,431 $ - $591,431 $509,571
Concessions 257,632 - 257,632 239,998
Other theatre 21,565 - 21,565 16,083
Other 34,590 - 34,590 24,357
-------- -------- -------- --------
Total revenues 905,218 - 905,218 790,009
Film exhibition
costs 329,786 - 329,786 278,243
Concession costs 38,995 - 38,995 38,499
Theatre operating
expense 208,919 - 208,919 194,763
Rent 146,107 - 146,107 119,065
Other 34,095 - 34,095 22,362
General and
administrative 38,368 - 38,368 40,034
Preopening expense 5,211 - 5,211 1,982
Theatre closure
expense 13,943 - 13,943 2,801
Restructuring charge - 12,000 12,000 -
Depreciation and
amortization 68,306 - 68,306 64,472
-------- -------- -------- --------
Total costs
and expenses 883,730 12,000 895,730 762,221
Operating income 21,488 (12,000) 9,488 27,788
Interest expense 44,502 - 44,502 26,217
Investment (income)
loss 211 - 211 (1,085)
(Gain) loss on
disposition
of assets (962) - (962) (2,259)
-------- -------- -------- --------
Earnings (loss)
before income
taxes and cumulative
effect of an
accounting change (22,263) (12,000) (34,263) 4,915
Income tax provision (9,200) (4,800) (14,000) 1,800
-------- -------- -------- --------
Earnings (loss) before
cumulative effect
of an accounting
change $(13,063) $(7,200) $(20,263) $3,115
Cumulative effect of
an accounting
change, net
of taxes (5,840) - (5,840) -
-------- -------- -------- --------
Net earnings
(loss) $ (18,903) $(7,200) $(26,103) $3,115
======= ====== ======= ======
Net earnings (loss)
per share before
cumulative effect of
an accounting change:
Basic $ (0.55) $ (0.31) $ (0.86) $ 0.13
===== ===== ===== ====
Diluted $ (0.55) $ (0.31) $ (0.86) $ 0.13
===== ===== ===== ====
Net earnings (loss)
per share:
Basic $ (0.80) $ (0.31) $ (1.11) $ 0.13
==== ==== ==== ====
Diluted $ (0.80) $ (0.31) $ (1.11) $ 0.13
==== ==== ==== ====
Average shares
outstanding:
Basic 23,469 23,469 23,469 23,348
====== ====== ====== ======
Diluted 23,469 23,469 23,469 23,522
====== ====== ====== ======
Other Financial Data:
Adjusted EBITDA (1) $108,948 $97,043
Net Indebtedness (2)
Stockholders' equity
Total assets
(1) Represents operating income plus depreciation and amortization,
restructuring charge, theatre closure expense, and preopening
expense.
(2) Represents corporate borrowings and capital and financing leases
obligations less cash and equivalents.
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