Surprise, surprise — the Chinese got left holding the bag again.
Look who blew up at the Box office.
Why aren’t you mentally addled drunkards visiting the theatre anymore? They’ve got those new leather seats from which you could gobble down all of that buttery popped corn from. There are shows like Dunkirk and The Emoji movie, even Cars 3 (extra Chick Hicks) for you to enjoy.
Apparently, America is too transfixed on the only real show that counts — the Blahnald Drunpfkin minstrel series, starring Steve Bannon.
Shares of AMC are getting hammered — taking it with the entire movie business — straight down the drain.
Sees Q2 EPS ($1.34-1.36) vs $0.01 Capital IQ Consensus Estimate; revs $1200-1204 mln vs $1.25 bln Capital IQ Consensus. The Company expects to report a net loss for the second quarter of 2017 of between $178.5 million and $174.5 million compared to net earnings of $24.0 million for the second quarter of 2016. Included in the net loss for the second quarter of 2017 is a $202.6 million pre-tax impairment charge related to AMC’s National CineMedia (NCMI) investment. As previously disclosed on SEC Form 10-Q for the three-month period ended March 31, 2017, because the market value of our investment in NCM further declined significantly below our carrying value, the decline in value is considered other than temporary. Due to the significant decline in value of the publicly quoted price per share of NCM, Inc., this impairment charge was recorded for all the units and shares owned in NCM.
AMC’s results also reflect industry box office trends. The North American industry box office for second quarter ended June 30, 2017, which includes Canada, decreased approximately 3.3%, and the U.S. industry box office declined approximately 4.4%, compared to the same period in 2016. European box office trends improved in the countries served by AMC, growing by a double-digit percentage year-over-year. That growth did not produce as big a benefit as it might have otherwise, because the second quarter is seasonally often the smallest quarter of the year.
Restructuring: Against the U.S. industry backdrop of a weaker than anticipated second quarter and estimates for a very challenging third quarter, the Company has embarked on a domestic cost reduction and revenue enhancement plan to better align operating expenses with theatre attendance in its markets and reduce general and administrative costs for the balance of 2017 and into 2018. The company expects to achieve at least a $30 million adjusted EBITDA contribution from cost savings and revenue enhancements through the end of 2017 which will include strategic pricing, promotional incentives, adjusting scheduling practices, reductions in operating hours, staffing levels, and additional general operating expense line items. The cost reduction initiatives affect both the Theatre Support Center based in Leawood, Kansas and AMC’s domestic theatre locations.
AMC is at its lowest point since coming public in 2014 and IMAX is at 2012 levels.
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Highly recommend Dunkirk
Must be Amazon’s fault.
Another Netflix casualty.
I’ll tell you why I don’t go to the movies anymore. The fucking phones! Ruins the experience. If it’s that fucking important, step out into the hallway. Movies are expensive. Fuck you for using your goddamn faggot Samsung while I’m watching 69 shades of trannies.
some vagrant piece of shit in front of me had his phone on the entire movie. He was on facebook/texting. Should be punishable by firing squad.
Find an Alamo Draft House if you have one in your city. No texting or talking aloud, no exceptions; you get one warning, second complaint, they throw you out without a refund.
Reminds one of Japan’s mistakes during the 1980’s.
AMC recently picked up the little movie house down the street from us.
Ha ha. Nowthen are we clear who the enemy is? Do you understand who the fucking enemy is? I’m not sure by a long shot.