AMC Entertainment’s second quarter losses shrink, issue special dividend to reward APE investors

AMC Entertainment reported rising revenue and a reduction in net loss last quarter thanks to a series of blockbusters led by Top Gun: Maverick. Comparisons with 2021 aren’t difficult, but exhibitors are seeing ticket sales approaching 2019 levels.

The nation’s largest movie chain had sales of $ 1.16 billion on revenues of $ 444.7 million in the second quarter of 2021. A net loss of $ 121.6 million compared to an ink loss of 344 million dollars in the second quarter of 2021.

The loss was fueled by a drop in Hycroft Mining’s share price, with Nevada gold miner AMC sinking $ 28 million to the surprise of Wall Street and industry at large. In the second quarter, “we have written off a large gain recorded in the first quarter. While our reported losses will continue to be impacted by market price fluctuations, we continue to firmly believe in the potential value of our $ 28 million investment in Hycroft Mining, ”said Aron.

AMC also announced plans to issue a dividend in the form of preferred stock, units of stock traded on the New York Stock Exchange under the symbol APE, referring to its vocal individual investors who have largely replaced institutions as shareholders. .

Each stake in AMC’s preferred share capital is designed to have the same economic and voting rights as an ordinary share. The ex-dividend date will be 22 August.

Adjusted EBITDA improved by $ 257.5 million to a positive $ 106.7 million from a loss of $ 150.8 million in the second quarter of 2021.

“AMC has just completed an extraordinarily encouraging second quarter, which strengthens our sentiment and improves our outlook as we look to the future,” said Aron.

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