Without a ‘Barbenheimer,’ AMC Entertainment Reports $20.7 Million Quarterly Loss

variety.com:

Brent Lang Executive Editor Summer blockbusters like “Deadpool & Wolverine” and “Twisters” weren’t enough to keep AMC Entertainment from posting a $20.7 million loss during its most recent quarter.

It compared unfavorably to the $12.3 million in profit that the world’s largest theater chain posted in the year-ago period.

At the same time, revenue at AMC fell 4.1% to $1.3 billion, down from the $1.4 billion that AMC reported in the year-ago period, which saw the dual releases of “Barbie” and “Oppenheimer,” a double-billing that turbocharged the box office and inspired the portmanteau “Barbenheimer.” The company reported a loss per-share of 7 cents, compared to earnings of 8 cents in the year-ago quarter.

Attendance at the theater chain also declined, dropping from 73.6 million to 65.1 million on the weaker slate of films. Consequently, admissions revenue dropped from $798 million to $744.2 million, but revenue from concessions grew from $482.7 million to $490.4 million.