AMC Entertainment Holdings Inc said its third-quarter loss widened, with the theater chain operator burning through more cash to keep its 950 theaters running as fewer blockbuster releases reduced footfall in cinemas.
An AMC theatre is pictured amid the coronavirus disease pandemic in the Manhattan borough of New York City, New York, U.S., January 27, 2021. REUTERS/Carlo Allegri/File Photosaid its third-quarter loss widened, with the theater chain operator burning through more cash to keep its 950 theaters running as fewer blockbuster releases reduced footfall in cinemas.
"I think their announcement that they began selling some of their announced 425 million APE shares at such a low per-share price speaks to their cash needs ," said Wedbush Securities analyst Alicia Reese.Finance chief Sean Goodman said operating cash burn for the quarter was a negative $179.2 million and was hurt by a "relatively quiet box office in August and September."
"At this point, there is only one topic that should be on the top of all minds and the tip of all tongues. It's not the coronavirus, it's not streaming, it's not windows. It is this: movie theater operators need more movies," he said.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
AMC to create giant 'Zoom Rooms' in US movie theatersYour company’s next “all-hands” meeting could be at an AMC movie theater.
Read more »
AMC Theatres Posts $227M Loss Amid Slow Box Office QuarterParent AMC Entertainment Holdings saw its shares rise on Tuesday as investors weigh current Hollywood box office trends amid streaming competition and the cinema giant’s high debt load.
Read more »
AMC teams with Zoom to turn movie theaters into ‘Zoom Rooms’Zoom Rooms at AMC theaters will be launched in up to 17 major U.S. markets in 2023.
Read more »
AMC to Create Zoom Rooms in Its TheatersThe movie theater chain hopes to hold corporate events across several theaters at a time.
Read more »
AMC is working with Zoom to turn some theaters into giant meeting roomsFirst the all-hands, then a screening of The Way of Water.
Read more »
AMC stock tumbles after reporting 12th consecutive quarterly lossAMC reported a third-quarter net loss of $226.9 million, or a net loss of 22 cents a share, compared with a net loss of $224.2 million, or a net loss of 22 cents a share, in the year-ago quarter. $AMC tumbled after the 12th consecutive quarterly loss:
Read more »