Leading exhibitor AMC Entertainment completed a 1-for-10 reverse stock split this morning, a planned move preceding Friday’s conversion of its preferred “APE” shares into common stock.
08.08.2023 - 11:07 / deadline.com
Top exhibitor AMC Entertainment rode the box office revival in the second quarter, beating Wall Street forecasts and returning to profitability.
The company posted total revenue of $1.348 billion, up almost 16% from a year ago, and swung to a profit of 1 cent a share from a loss of 12 cents in the 2022 quarter. Analysts had expected revenue of $1.29 billion and a loss of 4 cents a share. Shares in the theater owner gained 4% in pre-market trading, hitting $5.35.
While the second quarter, ending June 30, did not include the sizzling month of July and the Barbenheimer phenomenon, it did see improving fortunes for theater owners as their post-Covid comeback attempt continues. AMC said attendance in the quarter gained 12% year-on-year to hit 66.4 million. Total domestic box office rose 22% over 2022 levels through the end of July, topping $6 billion.
AMC Entertainment executives will discuss the quarterly results after the close of trading Tuesday on a conference call with Wall Street analysts.
In the company’s earnings release, CEO Adam Aron said the company raised $34 million of cash during the quarter via the sale of preferred equity “APE” units, paying down $42 million of debt.
Citing the impact of the writers and actors strikes, which have thrown yet another wrench into theaters’ comeback story, Aron said last month the circuit could run out of cash if it isn’t able to raise equity capital. “The risk of financial collapse is not whimsical,” he wrote in an open letter to investors in the wake of a court ruling placing limits on AMC’s maneuverability.
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Leading exhibitor AMC Entertainment completed a 1-for-10 reverse stock split this morning, a planned move preceding Friday’s conversion of its preferred “APE” shares into common stock.
Naman Ramachandran “Barbie” is now the all-time box office champion in Ireland with an €8.85 million ($9.57 million) gross. Greta Gerwig’s film has swept past previous champions “Avatar” (€8.75 million) and “Titanic” (€8.39 million) in the country’s all-time top 10 chart. “Spider-Man: No Way Home” occupies fourth place with €7.57 million; “Star Wars: The Force Awakens” fifth with €6.76 million; “The Lion King” sixth with €6.55 million; “Avengers: Endgame” seventh with €6.42 million; “Joker” eighth with €6.4 million; “Mamma Mia!” ninth with €6.39 million; and “The Dark Knight” 10th with €6.31 million.
This Wednesday, Warner Bros.’ Barbie will become the highest-grossing movie at the domestic box office year to date with north of $574.2M, overtaking Universal/Illumination Entertainment’s Super Mario Bros Movie which finaled its stateside run at that amount.
The DC superhero film “Blue Beetle” led weekend ticket sales with a modest $25.4 million opening, according to studio estimates Sunday, dethroning “Barbie” from the top spot after a record-setting run that left movie theatres coloured pink for a month.
Barbie has become the highest-grossing film in Warner Bros. history in the US, overtaking Christopher Nolan’s 2008 film The Dark Knight.As reported by Variety, Barbie has crossed $537.5million at the domestic box office to take the record.
Rebecca Rubin Film and Media Reporter Will “Blue Beetle,” the latest DC superhero adaptation, knock down “Barbie” at the domestic box office? It may be a closer-than-expected race between the two Warner Bros. releases for the top spot, despite “Barbie” entering its fifth weekend in theaters. “Blue Beetle,” starring Xolo Maridueña as the alien symbiote, is targeting $25 million to $32 million in its debut.
Barbie‘s dream house full of box office keeps getting stuffed with cash with the Greta Gerwig-directed Mattel doll adaptation becoming the highest grossing Warner Bros. movie ever in the studio’s 100 year history at the domestic box office with $537.4M, unseating previous champ, Christopher Nolan’s The Dark Knight which made $534.9M back in 2008.
Naman Ramachandran Warner Bros.’ “Barbie” and Universal’s “Oppenheimer” continued ruling the U.K. and Ireland box office for a fourth consecutive weekend. Greta Gerwig’s “Barbie” topped the charts yet again with £4.4 million ($5.6 million) for a total of £78.2 million, per numbers from Comscore.
Despite having new fundraising options in the wake of a judge’s ruling on Friday, AMC Entertainment started the week on a jarring note as its stock price skidded to its lowest level since January 2021.
according to IMDB’s Box Office Mojo.This week, it surpassed the $500 million mark, making its director Greta Gerwig the highest earning female director ever at the domestic box office, beating the record held by “Frozen II‘s” Jennifer Lee.The movie is so popular that searches for the baby name “Barbie” have increased by a staggering 603% since April, when its trailer was released.“Oppenheimer,” which was in fourth place last week, moved back up to the No. 2 spot with $5.1 million in sales.This week, the Christopher Nolan filmbecame the highest grossing ever at Hollywood’s TCL Chinese Theatre in the location’s 97-year history, according to Deadline.
CEO Adam Aron has expounded on Twitter and most recently on AMC Entertainment’s latest earnings call about the risk of a cash crunch and even bankruptcy if it wasn’t able to secure financing in a still uncertain box office climate.
Giant theater chain AMC Entertainment has promoted Ellen Copaken to SVP Marketing, effective immediately. She was also appointed to sit on the company’s management executive committee.
Rebecca Rubin Film and Media Reporter AMC Theatres has promoted Ellen Copaken to lead its marketing department. As senior VP of marketing, effective immediately, she will report to AMC’s chairman and CEO Adam Aron and will join the company’s executive committee. She’s taking over for Eliot Hamlisch, who recently departed the company.
AMC Entertainment’s CEO Adam Aron warned that the chain risks financial peril if it can’t raise fresh cash as needed while exhibition continues its post-Covid recovery amid Hollywood strikes.
Barbie at the global box office. That's a whole lotta dream houses. , starring and , previously became the biggest blockbuster of the summer on Wednesday, when it surpassed 's Guardians of the Galaxy Vol.
Barbie has hit the $1billion dollar mark at the global box office, just two weeks after its release.Greta Gerwig‘s film is the 53rd movie of all time to hit the milestone, and the first ever to be solely directed by a woman.The dual release of Barbie and Oppenheimer on July 21 led to a sizeable uptick in UK box office numbers last month.On the films’ first weekend, Gerwig’s comedy brought in $110million (£86.6million) at the US box office, over twice the expected takings of Christopher Nolan’s biopic about the creator of the atomic bomb.Barbie is currently the third-highest grossing film of 2023, behind The Super Mario Bros. Movie and Guardians Of The Galaxy Vol.
Rebecca Rubin Film and Media Reporter “Barbie” towered over the box office for the third consecutive weekend, taking down newcomers “Teenage Mutant Ninja Turtles: Mutant Mayhem” and “Meg 2: The Trench.” Grega Gerwig’s fantasy comedy added a remarkable $52 million in its third weekend of release, a decline of just 43% from its prior frame. “Barbie” has generated $459 million in North America and will imminently cross the $1 billion mark globally. Christopher Nolan’s “Oppenheimer,” too, stayed strong in its third outing with $28.7 million, dropping only 39% from last weekend and bringing domestic ticket sales to $228 million.
Naman Ramachandran Warner Bros.’ “Barbie” and Universal’s “Oppenheimer” continued their domination of the U.K. and Ireland box office with a combined £21.4 million ($27.3 million) after their second weekend, per numbers from Comscore. Greta Gerwig’s “Barbie” topped the charts for the second week in a row with £13.2 million, and now has a total of £47.9 million.
according to IMDB’s Box Office Mojo.The Greta Gerwig-directed flick, which opened on July 21, made more than $200 million at the domestic box office in its first five days in theaters, according to Forbes. The film The Post called “lousy” beat out “Oppenheimer,” which debuted on the same day, for the second week in a row.
The ‘Barbenheimer’ reign has no end in sight!