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AMC ENTERTAINMENT ANNOUNCES RECORD SECOND QUARTER RESULTS; STRONG BOX OFFICE, COST REDUCTION PROGRAM, SUCCESSFUL ACQUISITION BENEFIT COMPANY

 KANSAS CITY, Mo., Oct. 26 /PRNewswire/ -- AMC Entertainment Inc. (AMEX: AEN), the largest U.S. public company exclusively in motion picture exhibition, today announced record-breaking revenues, operating cash flow and earnings for both the second quarter and the 26 weeks ending Sept. 30, 1993.
 The strong second quarter showing can be attributed to three key factors, explained Philip M. Singleton, senior vice president and chief operating officer. "First, strong films such as `Jurassic Park' and `The Fugitive' attracted a large number of patrons to AMC theatres all summer long. Second, increased attendance combined with AMC's successful cost reduction program resulted in improved margins and third, AMC's re-acquisition of the remaining 50 percent interest in Exhibition Enterprises Partnership (EEP) from TPI Entertainment Inc., added substantial cash flow with little incremental debt," said Singleton.
 For the 13 weeks ending Sept. 30, total revenues increased 73 percent from $100.8 million last year to $174.8 million for the current year. Earnings for the 13 weeks ending Sept. 30 were $8.7 million compared to a loss of $9.9 million for the same quarter last year. Operating cash flow, or EBITDA (earnings before interest, taxes, depreciation and amortization), the key measure of the company's financial performance, rose 159 percent to $32.9 million in this year's second quarter from $12.7 million for the same quarter last year. (If the EEP theatres had been included in last year's second quarter, the increase in EBITDA would have been 81.7 percent and the increase in total revenue would have been 29.0 percent.)
 For the 26 weeks ending Sept. 30, total revenues increased 57 percent from $200.6 million last year to $315.4 million for the current year. Earnings for the 26 weeks were $11.7 million, compared to a loss of $467,000 for the same period last year. The 26-week period last year included a $9.7 million gain on disposition of assets. EBITDA rose 113 percent to $55 million year-to-date from $25.8 million for the period last year. (If the EEP theatres had been included for the same amount of time in the first 26 weeks last year, the increase in EBITDA would have been 50.9 percent and the increase in total revenue would have been 17.3 percent.)
 "This quarter continues the trend of improved financial performance," said Peter C. Brown, senior vice president and chief financial officer. In addition, Brown stated that the company proposes to make a public offering of $100 million of convertible preferred stock. The company anticipates that a registration statement with respect to the offering, which will be made only by means of a prospectus, will be filed within the next 30 days.
 AMC Entertainment Inc., headquartered in Kansas City, is the second-largest motion picture exhibitor in the United States, measured by number of theatre screens operated. AMC has 1,624 screens in 242 theatres in 23 states.
 AMC Entertainment Inc. common stock trades on the American and Pacific Stock Exchanges under the symbol AEN.
 AMC ENTERTAINMENT INC.
 Financial Summary
 (In thousands, except per share)
 13 Weeks Ended 26 Weeks Ended
 9/30/93 10/1/92 9/30/93 10/1/92
 Total Revenues $174,750 $100,750 $315,369 $200,638
 EBITDA 32,867 12,656 55,029 25,847
 Depreciation & Amortization 9,598 6,981 19,422 14,172
 Loss (Gain) on Disposition of
 Assets 21 141 78 (9,710)
 Earning (Loss) Before Taxes
 and Extraordinary Items 14,657 (178) 19,647 10,616
 Income Tax Provision 6,000 3,250 7,900 4,600
 Net Earnings (Loss) 8,657 (9,911) 11,747 (467)
 Earnings (Loss) per Common
 Share .52 (.62) .72 (.04)
 Average Shares Outstanding 16,499 16,200 16,364 16,144
 Cash Equivalents &
 Investments 37,045 31,278
 Corporate Borrowings 200,701 237,469
 Capital Lease Obligations 68,804 64,429
 Stockholders' Equity 31,166 16,441
 Total Assets 393,240 358,433
 -0- 10/26/93
 /CONTACT: Peter C. Brown, chief financial officer of AMC Entertainment Inc., 816-221-4000/
 (AEN)


CO: AMC Entertainment Inc. ST: Missouri IN: ENT SU: ERN

SH-PS -- NY012 -- 6710 10/26/93 08:28 EDT
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Publication:PR Newswire
Date:Oct 26, 1993
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