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AMC Entertainment Holdings, Inc. Reports
Fourth Quarter and Full Year 2020 Results
LEAWOOD, KANSAS - (March 10, 2021) -- AMC Entertainment Holdings, Inc. (NYSE: AMC) (“AMC” or “the Company”), today reported results for the fourth quarter and year ended December 31, 2020.
Fourth Quarter Summary Results
As of October 1, 2020, AMC had resumed operations at 467 of its domestic theatres, or approximately 78% of its domestic circuit, after having suspended operations for approximately five months beginning on March 17, 2020. During the fourth quarter ended December 31, 2020, in response to state and local government mandates related to a domestic resurgence of COVID-19, many of AMC’s 467 reopened U.S. theatres suspended operations. As of December 31, 2020, AMC was operating at 394 domestic theatres with limited seating capacities of between 20% and 40%, representing approximately 67% of domestic theatres and 61% percent of 2019 domestic same-theatre revenue.
Similarly, as of October 1, 2020, AMC had resumed operations at 321 leased and partnership international theatres, or approximately 90% of its international circuit, after having suspended operations at all international theatres for approximately four months beginning in late February 2020. During the fourth quarter ended December 31, 2020, in response to federal and local government mandates related to a global resurgence of COVID-19, nearly all of AMC’s international theatres suspended operations. As of December 31, 2020, AMC was operating at 109 international leased and partnership theatres, with limited seating capacities, representing approximately 30% of international theatres and 17% of 2019 international same-theatre revenue.
Adam Aron, CEO and President of AMC commented, “This past year has presented AMC with the most challenging market conditions in the 100-year history of the company. As unprecedented as these times have been, so too is the unprecedented drive and commitment of the AMC team to take swift and decisive actions to ensure our
survival and our success. As we sit here today, we see that vaccinations are occurring in the United States at a brisk clip, our theatres in New York City have finally opened with theatres in Los Angeles likely opening shortly as well,
blockbuster movie titles are currently scheduled to be released in significant quantity in the coming few months, and we have more than $1 billion of cash on hand. Taking these facts together, we have reason to be optimistic about AMC’s ability to get to the other side of this pandemic.”
Aron continued, “During the fourth quarter, more than 8 million U.S. and international patrons confidently returned to an AMC theatre, assured of their safety due, in large part, to the robust steps we have taken through our AMC Safe & Clean protocols, designed in consultation with Clorox and current and former faculty of Harvard University’s acclaimed School of Public Health, to ensure that we are reopening responsibly and with a focus on the health and safety of our guests and associates. The guest feedback we continue to receive is the highest we have seen for the cleanliness of our theatres, and I am grateful to our theatre crews for their focus and diligent efforts to successfully implement our safety protocols.”
The following information was filed by Amc Entertainment Holdings, Inc. (AMC) on Wednesday, March 10, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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