The cinema giant posted a loss of $134.4 million for the three months to Dec. 31, 2021, compared to a year-earlier $946.1 million during the height of the pandemic.
Shares in AMC, a retail trading darling, were up 28 cents, or around 1.5 percent to $18.60 in after-market trading as investors digested the fourth quarter earnings as an indication of just how much the exhibition giant is gaining from the current Hollywood box office rebound and consumers returning to the multiplex as the pandemic wanes.
Aron took aim at “conventional wisdom” that has argued cinema chains could not adjust to the streaming era as the pandemic accelerated their declining appeal to consumers. “It’s a simple matter of fact. They were wrong. They were wrong. They were wrong,” Aron said as he recalled recent box office foras those tentpoles performed at the multiplex amid the omicron variant wave.
The fourth quarter earnings had already been previewed by AMC. On Feb. 1, the company disclosed a preliminary loss of between $194.8 million and $114.8 million, which includes an estimated non-cash assets impairment charge of $50 million-$125 million.
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