AMC Entertainment has reported results for its strongest second quarter in four years, though the exhibition giant still has “serious liquidity issues to solve,” according to chairman and CEO Adam Aron.
Announcing the results, Aron said the company - which owns the biggest cinema circuit in the US and the Odeon group in Europe but was hit hard by the pandemic - “blew it out of the water in the second quarter” thanks in part to a “notable increase in both the number and the quality of movie titles from our studio partners.”
The company said that in North America attendance at its cinemas was up 15% compared to the second quarter of 2022. International attendance growth was a more modest 4.6%.
An overall worldwide attendance increase of 12%, to 66m, gave the company its biggest quarterly attendance total since the last three months of pre-pandemic year 2019.
Aron added that the ‘Barbenheimer’ month of July (which fell outside the company’s second quarter) was AMC’s highest-grossing month in 12 years.
He suggested that the rest of this year will be strong for the company “barring complications to the timing of film releases due to the uncertainties arising from the writers and actors strikes.”
For the second quarter of this year, AMC’s revenue was up 15.6% on the second quarter of 2022, to $1.35bn. Net income was $8.6m, compared to a net loss of $121.6m in the previous year’s quarter. Adjusted EBITDA was $182.5m, up from $106.7m.
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