Giant exhibitor AMC Entertainment said net losses swelled to $2.18 billion, including a giant $1.8 billion in non-cash impairment charges, for the first quarter of the year from a negative $130 million the year before in what CEO Adam Aron called “unprecedented times.” Revenue dropped 22% to $941 million from $1.2 billion for the three months ended in March. The nation’s largest chain had presaged the numbers last week when it announced preliminary, unaudited results within a range that it filed with the SEC. The loss was at the lower end of the range it had predicted — of between $2.1 to $2.4 billion. The adjusted net loss, without the charges, was $231 million. Free cash flow was a negative $275 million versus negative $113 million in the year-earlier quarter. As the company celebrates an historic 100-year birthday this year, Aron during a conference call to discuss the earnings, gave an unusual callout to a pair of strategic and financial alllies in hedge fund Silver Lake and Citibank for standing by the company in a difficullt period. At certain points over the past few months, Wall Street feared AMC wouldn’t have enough cash to continue operating without filing for Chapter… Read full this story
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AMC Entertainment Expects To Be “Fully Opened Globally” In July, Posts Expected, Massive Q1 Loss have 317 words, post on deadline.com at June 9, 2020. This is cached page on wBird. If you want remove this page, please contact us.