Giant exhib AMC Entertainment said it expects to report ballooning losses of between $2.1 and $2.4 billion for the first quarter ended in March on one-time charges compared with losses of $130 mill…
said it expects to report ballooning losses of between $2.1 and $2.4 billion for the first quarter ended in March on one-time charges compared with losses of $130 million the year before. Announcing preliminary results Wednesday, it anticipated revenue of $941 million last quarter versus $1.
2 billion the year earlier. The numbers are unaudited and subject to completion of the company’s delayed quarterly financial reporting process. The nation’s largest theater chain has been under extreme pressure with locations shuttered and zero revenue since March. “We believe, but cannot guarantee, that the exhibition industry will ultimately rebound and benefit from pent-up social demand for out-of-home entertainment, as government restrictions are lifted and home sheltering subsides. However, the ultimate significance of the pandemic, including the extent of the adverse impact on our financial and operational results, will be dictated by the currently unknowable duration and the effect on the overall economy and of responsive governmental regulations, including shelter-in-place orders of the pandemic and mandated suspension of operations,” the company said in an SEC filing announcing its preliminary earnings and complicated outlook.As San Francisco Targets Mid-August Reopening For Theaters, Wall Streeter Sees Second-Half Release Schedule "In Flux" The quarterly loss includes an impairment charge related to estimated long lived assets, indefinite-lived intangible assets and goodwill of $1,800.0 million to $2,100.0 million. Adjusted net loss — excluding one-time impairment and other charges — was $224.5 million compared to $101.8 million in the same period a year ago. Net cash provided by operating activities, investing activities and financing activities to be $ million, $ and $312.4, respectively, compared with $1.4 million, $ million and $ million for the three months ended March 31, 2019, respective First quarter adjusted free cash flow was negative $220 million. Free cash flow was negative $275.7 million — compared with negative $49.8 million and $113.4)million last year, respectively.As of April 30, AMC said it had a cash balance of $718.3 million, including borrowings in March 2020 of $215 million under its $225. million senior secured revolving credit facility and £89.2 million , the full availability net of letters of credit) under a £100 million revolving credit facility. AMC expects to report its complete financial results for the first quarter on June 9, 2020 followed by a conference call.
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