AMC Entertainment Holdings, Inc. (NYSE: AMC) , reported its net loss of $130.2 with 835.6 percent decrease for the first quarter early today, as stock once dropped more than 10 percent.
The net income of AMC was 17.7 million at the same period of 2018.
The stock price dropped about 9 percent this morning at $13.3 apiece, Source: Reuters
The self-defined largest theatrical exhibition company in the United States indicated the net revenue of $1.2 billion, with a decrease of 13.2 percent from $1.4 billion a year earlier in its 10-Q reports for the financial results in the first quarter in 2019.
AMC owns approximately 1,000 theatres and 11,000 screens across the globe, Source: AMC
The company also saw the adjusted EBITDA of $108.2 million in the three months, down 61.1% from the year-ago quarter with $277.9 million.
According to the company, the decline in net earnings is due to the impact of the 12.2% decline in attendance.
The admission accounted for the largest portion of the revenue in AMC Entertainment, about 60.9 percent, which dropped to $731.5 million from $875.o million.
There was a decrease of 12.2 percent in the number of attendance, where the U.S. markets saw a 11.1 percent decrease and international markets suffered a 14.5 percent loss.
However, the industry performance of U.S. box office experienced a loss. In the first quarter of 2019, the revenue from U.S. box office declined 16.2% to $2.4 billion on a 14.8% decline in attendance.
“While we have high expectations for 2019, due to an extraordinary slate of movies coming, the timing of releases within the film slate suggests that it will be a back-end loaded year,” Adam Aron, AMC’s chief executive officer, said in the statement.
Adam Aron joined AMC as an independent director of the Company on May 7, 2019, who served as Nike, Inc.’s first-ever Chief Digital Officer. What’s more, Mao Jun Zeng from Chinese Wanda Cinema Line Co. was also in the Board of Directors.