AMC Entertainment Pares Losses, Sales Surge In Preliminary 4Q Results, Stock Pops

deadline.com:

Giant theater chain AMC Entertainment said it expects revenue for the three months that ended in December jumped to $1.17 billion from $162.5 million the year before in preliminary numbers released Tuesday morning.The numbers aren’t the company’s comprehensive, official fourth-quarter report that is still to be released, AMC said.

The shares are up nearly 10% in premarket trading ahead of the opening bell.Net losses narrowed to between $194 million to $114.8 million, including an estimated one-time cash impairment charge of $50-$125 million.

That compares with a loss of $941 million in the year earlier period, which included write-downs of $466 million.“AMC’s 2021 results improved significantly as the year progressed, and we finished the year with the strongest quarter in two years,” said CEO Adam Aron” calling the period a “meaningful milestone.”Adjusted EBITDA between $146.8 million to $151.8 million for the three months compares to an EBITDA loss of $327.5Operating cash (burn) generated during the three months was about $216.5 million.Available liquidity $1.8 billion, cash and cash equivalents at $1.59 billion.AMC is the largest movie exhibition company in the world’s largest chain with 950 theatres and 10,500 screens across the globe.

It’s numbers show a revival as box office numbers pick up, albeit unevenly, following the worst of the Covid-19 pandemic. The company also had a massive turnover in its shareholders base with individual investors calling the shots of the new meme stock.New and returning series on broadcast, cable and streamingSeries that made it or didn’t make it in 2020-21Broadcast networks’ fall lineups and schedules