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AMC Entertainment Holdings, Inc. (NYSE: AMC) is the largest movie exhibition company in the United States, Europe, and globally, with around 900 theatres and 10,000 screens in operation. Known for its innovative amenities, AMC offers plush, power recliners, MacGuffins full bars, AMC Dine-In Theatres, and premium presentations, positioning itself as a leading destination for moviegoers.
Founded in 1968 as American Multi-Cinema, Inc., the company pioneered the multiplex theater concept, transforming single-screen theaters into multi-auditorium setups. AMC's dedication to enhancing the movie-going experience includes initiatives like the AMC Stubs rewards program launched in 2011 and its Subscription A-List program, offering members the chance to see multiple movies per week.
In recent years, AMC has shown resilience and adaptability in facing industry challenges. Despite the impacts of the COVID-19 pandemic and Hollywood strikes, the company has consistently exceeded revenue and earnings expectations. In the first quarter of 2024, AMC reported total revenues of approximately $951.4 million. AMC continues to innovate with its new AMC Theatres Distribution, which successfully released TAYLOR SWIFT | THE ERAS TOUR and RENAISSANCE: A FILM BY BEYONCÉ in 2023.
Furthermore, AMC’s Summer Movie Camp program offers affordable family entertainment, and its loyalty programs provide significant savings and benefits to movie lovers. Beyond traditional cinema, AMC is also a major stakeholder in Fathom Events, bringing unique content like documentaries and concert films to a broad audience.
AMC Entertainment Holdings (NYSE: AMC) has released preliminary results for Q2 2024, showing a decline in performance compared to Q2 2023. Total revenues are expected to be approximately $1,030.6 million, down from $1,347.9 million in Q2 2023. The company anticipates a net loss of $32.8 million, compared to net earnings of $8.6 million in the same quarter last year. Adjusted EBITDA is projected at $29.4 million, significantly lower than the $182.5 million in Q2 2023.
Despite the overall weak quarter, AMC reported a significant increase in daily revenues in June 2024 compared to April and May. CEO Adam Aron expressed confidence in the industry's upward trajectory, expecting increasing strength in movie revenues for the second half of 2024 and into 2025 and 2026. This positive outlook suggests potential improvements in AMC's future revenues, earnings, and Adjusted EBITDA.
AMC Entertainment Holdings, Inc. (NYSE: AMC) has announced a series of refinancing transactions to extend the maturity of approximately $1.6 billion of debt due in 2026 to 2029 and 2030. The company has issued $1.2 billion of new secured term loans due 2029 in exchange for existing loans and notes. Additionally, AMC has issued $414 million of new exchangeable notes due 2030 to repurchase second lien notes.
The refinancing provides AMC with significant financial flexibility and the potential to reduce debt by $464 million through the conversion of exchangeable notes into equity. The company also has arrangements to potentially repurchase up to $800 million of additional existing term loans and issue up to $50 million more in exchangeable notes to refinance other outstanding debt.
AMC CEO Adam Aron stated that this agreement represents a strong vote of confidence from lenders and positions the company to capitalize on an expected strong industry recovery trajectory.
AMC Theatres announced that over 4 million U.S. moviegoers attended its theaters during the extended July 4 holiday weekend, marking the busiest Wednesday through Sunday period in 2024. From July 3 to July 7, AMC welcomed 4.2 million guests domestically. This surge was driven by a diverse film slate, with 'DESPICABLE ME 4' leading the box office, grossing over $120 million. The DESPICABLE ME 4 merchandise program became AMC’s highest revenue generator of the year. On July 3, AMC achieved its highest food and beverage revenue for a Wednesday since 2020, and the third highest in company history.
AMC Theatres (NYSE:AMC) reported its highest attendance and admissions revenue for the weekend of June 13-16, 2024. Over one million people attended AMC locations in the U.S. each day from Friday to Sunday, making it the busiest weekend of the year. Additionally, this weekend saw AMC's highest single-day attendance records of 2024 on both Friday and Saturday. International attendance also increased by double-digit percentages compared to the same weekend in the previous year. The success is attributed to the strong opening of 'INSIDE OUT 2', which grossed over $150 million domestically, and the continued popularity of 'BAD BOYS: RIDE OR DIE', which earned $33 million in its second weekend.
LAIKA is celebrating the 15th anniversary of its acclaimed 2009 stop-motion animated film Coraline by re-releasing it in newly remastered 3D. The film will be in theaters globally for a engagement starting August 15, with Fathom handling the US distribution and Trafalgar Releasing managing international distribution. Tickets go on sale June 21 at 6am PT. The re-release will also include an early glimpse of LAIKA's upcoming film, Wildwood. Coraline, directed by Henry Selick and based on Neil Gaiman's book, was nominated for an Oscar and a Golden Globe and has won multiple awards including the Cristal Award at Annecy.
The re-release aims to attract a new generation of fans and provide an enhanced viewing experience for long-time enthusiasts.
AMC Theatres is offering eight ways to save on movie tickets this summer, making cinema experiences more accessible. Discount Tuesday gives AMC Stubs members significant savings on tickets and concessions. Matinee Pricing offers 25% off tickets before 4 p.m. nationwide. AMC Summer Movie Camp runs from June 24 to August 14, with $3 tickets for family-friendly classics on Mondays and Wednesdays. AMC Stubs A-List subscription allows members to watch up to three movies weekly in various formats, starting at $19.95 per month. AMC Stubs Premiere membership offers discounted perks for $15 per year. AMC Screen Unseen offers mystery films for $5. AMC Fan Faves provides $5 tickets for select popular films. Additional deals include gift cards and special offers via the AMC app.
Amcor has inaugurated its European Innovation Center (AICE) in Ghent, Belgium, enhancing its global network of packaging innovation hubs.
This new center aims to pioneer sustainable and high-performance packaging solutions, integrating advanced material science and innovative designs.
The AICE offers end-to-end services from concept to commercialization, utilizing the Catalyst™ approach, a flexible and collaborative methodology.
Key facilities include the Material Science Center, Customer Engagement Center, E-Commerce Lab, and the forthcoming Packaging and Recycling Test Center.
The center will focus on developing recyclable, compostable, and reusable packaging, aligned with Amcor's sustainability goals for 2025.
The press release announces the nationwide theater release of 'SOMETHING TO STAND FOR' with Mike Rowe, premiering on June 27, 2024. Tickets go on sale starting May 24. The film, produced by Trinity Broadcasting Network, Fathom, Impact Productions, and mikeroweWORKS, explores untold stories from American history, focusing on the American Revolution, World War II, the Civil Rights movement, and more. Mike Rowe describes the project as a tribute to the American spirit and the country's heroes. The content is derived from Rowe's podcast 'The Way I Heard It' and TV show 'The Story Behind the Story.'
The film's aim is to highlight the extraordinary sacrifices made by individuals who shaped America. For more information, visit the provided link.
AMC Theatres has announced the return of its Summer Movie Camp program for 2024, starting June 24 and running through mid-August.
The program will be available at more than 250 AMC locations across the U.S., offering budget-friendly family entertainment with tickets priced at just $3 plus tax.
Sponsored by DESPICABLE ME 4, the camp will feature eight popular animated movies from Illumination, including titles like MINIONS: THE RISE OF GRU and DESPICABLE ME 2.
A new movie will be showcased each week on Mondays and Wednesdays, and Spanish-dubbed versions will be available on Wednesdays at 30 select locations.
DC Studios, HBO Documentary Films, and CNN Films are releasing the documentary “Super/Man: The Christopher Reeve Story” in U.S. theaters on September 21, 2024, with an encore on September 25, Reeve’s birthday. The film, directed by Ian Bonhôte and Peter Ettedgui, will roll out internationally afterward. This documentary, which features personal archive material and interviews with Reeve’s children, explores Reeve’s life from his rise to fame as Superman to his activism following a paralyzing accident. Fathom Events is partnering in the U.S. screening.
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