AMC Entertainment Posts Revenue Decline Due to Fewer Big Releases

TH-Reuters11-07

Nov 6 (Reuters) - AMC Entertainment on Wednesday reported a fall in third-quarter revenue and saw a decline in attendance at its theater chain, hurt by fewer blockbuster releases from Hollywood studios.

Shares of the Leawood, Kansas-based company fell over 5% in premarket trading.

Strikes by actors and writers last year forced filming and post-production work to shut down for months, leaving gaps in this year's movie schedule.

Customers are also cutting back on discretionary spending due to macroeconomic uncertainty.

CEO Adam Aron was optimistic about the future, saying that AMC expects the industry-wide box office to markedly rise at year-end and in the next two years.

Revenue for the third quarter stood at $1.35 billion, down 4.1% from $1.41 billion, a year ago. Analysts expected revenue of $1.33 billion, according to data compiled by LSEG.

Attendance in theaters fell 11.5% to 65,087, from 73,576 in the same quarter of last year.

AMC reported a net loss of $20.7 million for the quarter ended Sept. 30, compared to net earnings of $12.3 million, a year ago.

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