AMC Entertainment reports 4.58-bln-USD loss in 2020

LOS ANGELES, Mar 11 (XINHUA/APP): AMC Entertainment Holdings, Inc., the largest U.S. movie theater chain, reported a net loss of 4.58 billion U.S. dollars in 2020 due to the COVID-19 pandemic.

According to an AMC press release on , the company’s total revenue in the most recent financial quarter ended December 31, 2020 fell 88.8 percent to 162.5 million dollars from 1.44 billion dollars a year ago.

For full-year 2020, the company said its total revenue fell 77.3 percent to 1.24 billion dollars. Most indoor theaters in the United States were forced to close since mid-March last year, including in New York City and Los Angeles, the two biggest movie markets in the country.

While some of them resumed operations with limited capacity after a months-long closure, theaters in New York City were just allowed to reopen last week and theaters in Los Angeles could be reopened at a limited capacity as early as this weekend.

AMC said it was operating at 394 domestic theaters with limited seating capacity of between 20 percent and 40 percent by the end of last year, representing approximately 67 percent of domestic theaters and 61 percent of 2019 domestic same-theater revenue.

The company was also operating at 109 international leased and partnership theaters with limited seating capacities as of December 31, 2020, representing approximately 30 percent of international theaters and 17 percent of 2019 international same-theaters revenue.

According to AMC, the company closed many of its previously reopened theaters in the United States and international markets during the fourth quarter of 2020 in compliance with the lock-down requirements as a result of re-surging virus cases.

As of March 5, 2021, the company was operating approximately 527 of its 589 domestic locations, and approximately 78 of its 356 international locations. “This past year has presented AMC with the most challenging market conditions in the 100-year history of the company. As unprecedented as these times have been, so too is the unprecedented drive and commitment of the AMC team to take swift and decisive actions to ensure our survival and our success,” said Adam Aron, CEO and president of AMC, in the press release.

“As we sit here today, we see that vaccinations are occurring in the United States at a brisk clip, our theaters in New York City have finally opened with theaters in Los Angeles likely opening shortly as well, blockbuster movie titles are currently scheduled to be released in significant quantity in the coming few months, and we have more than 1 billion dollars of cash on hand. Taking these facts together, we have reason to be optimistic about AMC’s ability to get to the other side of this pandemic,” he added.

Founded in 1920, AMC is now the largest movie theater company in the United States, the largest in Europe and the largest throughout the world with approximately 1,000 theaters and 11,000 screens across the globe.

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