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Bookings are very strong for 'The Batman' which opens this weekend, and we have movies like 'Top Gun: Maverick,' 'Jurassic World Dominion,' 'Black Panther: Wakanda Forever,' 'Avatar 2' and many others that will excite us all this year.
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We are quite bullish that for the full calendar year of 2022 the industry box office could be nearly double that of 2021, with COVID impacts easing, with more and more major films on the docket for release, and with most major studios coalescing around an exclusive theatrical window of 45 days or more. "The fourth quarter of 2021 proved once again that moviegoers want to see movies in theaters. You can read Adam Aron's prepared statement below. Tracking remains favorable for the upcoming superhero movie, but /Film's Ryan Scott recently wrote about how that might be reason to be concerned moving forward.
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After "No Way Home" more than did its part in keeping theaters full, the DC movie essentially has the entire month of March to itself, sans competition. We're not quite out of the danger zone just yet, which is why the release of a movie like "The Batman" looms so large. Even with their recent gains, the company still recorded a loss of $134.4 million in Q4 of 2021, but that's the magic of corporate accounting. According to Variety, Aron responded to concerns that theaters wouldn't be able to recover from the pandemic with, "What a load of cow dung." For context, at this time a year ago AMC recorded a loss of a whopping $946.1 million. And by all accounts, the CEO was feeling a little feisty, too.
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S&P Global has downgraded its credit rating for AMC from B to CCC-, taking the company from “highly speculative” to “default imminent, with little prospect for recovery.”Įarlier this month AMC Theatres raised $500 million in a private debt offering exempt from the registration requirements of the Securities Act of 1933.Īs of the end of March, AMC said it had a cash balance of $299.8 million, including borrowings in March 2020 of $215.0 million (the full availability net of letters of credit) under its $225.0 million senior secured revolving credit facility due April 22, 2024.On the bright side, however, Aron was able to bask in the glow of extremely positive revenue reports during AMC's recent earnings call. That was all before the pandemic shutdown choked its revenue stream altogether.Īlso Read: AMC Theatres Bankruptcy Is 'Likely,' Analysts Say - But Don't (Just) Blame the Pandemic And during the company’s most recent fourth quarter conference call, AMC CEO Adam Aron said that he and other top executives had agreed to cut their salaries and bonuses for three years. The nation’s largest cinema chain tallied roughly $5 billion in debt at the end of 2019 and losses of $149 million - that was after recording a $110 million profit in 2018.
The meeting had previously been postponed in response to the pandemic due to concerns for the health and safety of the company’s stockholders, officers and employees and to comply with continuing governmental orders limiting the size of gatherings.ĪMC has been hit hard by the pandemic, as industry experts question the chain’s financial viability amid the shutdown that has force it to shutter all its movie theaters.
AMC also announced plans to hold its 2020 annual shareholders meeting on July 29. In addition to delaying its first-quarter earnings report, AMC said it will also delay the filing of an amendment to its 2019 annual report. Wall Street wan no doubt looking forward to AMC opening its books to get a better glimpse at just how the company’s been impacted by the ongoing novel coronavirus pandemic. Furthermore, to the extent corporate-level employees continue to work, they are required to do so from their homes due to local governmental orders which has decreased efficiency in fulfilling the tasks necessary to complete the Delayed Filings.”Īlso Read: AMC Theatres Won't Book Universal Movies Anymore After 'Trolls World Tour' VOD Release “As a result, all corporate-level employees have been either fully or partially furloughed, significantly limiting the resources available to prepare the Delayed Filings. “COVID-19 has created substantial disruption in the Company’s operations including the suspension of all theatre operations worldwide resulting in the cessation of essentially all revenues,” the company said in a filing with the Securities and Exchange Commission. The company was initially scheduled to report earning on May 11. Movie theater chain AMC Entertainment announced Wednesday that it will push the release of its 2020 first quarter financial results until June 24.
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