AMC suffered a brutal 90.9% drop in revenues during the most recent earnings period. We have entered the time when prestige movies are usually flooding theaters. I would be using my Stubs account now to see three films a week and making my yearly top ten list. Instead, I'm streaming movies and TV shows at home and hoping 2021 leads us to greener pastures. And so is AMC. They just released some bleak numbers for the end of 2020. Losses hit $905.8 million, or $8.41 cents a share. Last year in the same quarter, AMC logged revenues of $1.3 billion on a net loss of $54.8 million, or 53 cents a share. We know COVID-19 is destroying theaters, but these numbers are still staggering. The theater chain has raised almost $50 million to just keep the doors open, but this kind of situation cannot continue for much longer. “The simple question becomes will we raise that needed capital or not?” Adam Aron, CEO and president of AMC, said during a call on Monday. Later, he added, “All we have to do is raise a little money and we’ll be just fine.” Read More...
Published By: NoFilmSchool - Tuesday, 3 November, 2020