AMC THEATRES DISCLOSES $32M LOSS AMID SLOWER EARLY SUMMER BOX OFFICE

During a quarter in which the box office started off weaker, the nation's biggest exhibitor AMC Theatres posted a net loss as well as revenue almost $300 million below the comparable frame a year ago.

The movie theater chain, led by CEO Adam Aron, posted total revenue of $1.03 billion and a loss of $32.8 million in the second quarter of 2024. Earnings before interest, taxes, depreciation, and amortization was at $29.4 million compared to $182.5 million for the year ago period.

"As expected, the second quarter started slowly with the box office adversely impacted by the 2023 Hollywood writers and actors strikes," Aron said, referring to studio delays for movies that had been in production during Hollywood's extended work stoppage last year. "However, the quarter finished with incredible strength powered by the success of Disney's Inside Out 2, which is now the highest grossing animated movie of all time."

Last year in the second quarter The Super Mario Bros. Movie (which grossed $1.3 billion globally) and Guardians of the Galaxy Vol. 3 ($845 million) helped power the box office in April and early May. This year, April had A24's Civil War ($122 million) and May was led by Kingdom of the Planet of the Apes ($397 million). It took Bad Boys: Ride or Die ($395 million) and Inside Out 2 ($1.5 billion) to help salvage the quarter for theater owners in June.

More to come.

2024-08-02T21:20:24Z dg43tfdfdgfd