Michail, time to re-visit AEN?
Reported today:
AMC Entertainment Inc. Reports Record Revenues and Adjusted EBITDA In First Quarter of Fiscal 2002
KANSAS CITY, Mo.--(BUSINESS WIRE)--July 17, 2001--AMC Entertainment Inc. (AMEX: AEN), one of the world's leading theatrical exhibition companies, today reported revenues of $309 million for the first quarter of fiscal year 2002, ended June 28, 2001.
The revenues, up 6 percent from $291 million in last year's quarter, represent a new Company record for the first quarter.
Adjusted EBITDA (as defined in the attached Financial Data Summary) for the first quarter was $31.8 million, a 15 percent increase over Adjusted EBITDA of $27.7 million for the first quarter last year. The first quarter's Adjusted EBITDA also represents a Company record.
"The summer box office got off to a good start, thanks to a strong June," said Peter Brown, chairman and chief executive officer. "Good film product, combined with our high-quality portfolio of industry-leading theatres, created the ideal conditions for the record-breaking performance we saw in our fiscal 2002 first quarter."
Net loss for the first quarter was $11.9 million, compared to last year's net loss of $26.9 million. Loss per common share was $.61, versus last year's loss per share of $1.15. Last year's loss included a $15.8 million charge (net of income tax benefit), or $.68 per common share, for the cumulative effect of an accounting change.
On April 19, 2001, during the fiscal first quarter, the Company completed a $250 million equity financing with Apollo Management, L.P. The transaction strengthened the Company's balance sheet and increased its flexibility to pursue opportunities in a restructuring and consolidating industry environment.
AMC Entertainment Inc. is a leader in the theatrical exhibition industry. Through its circuit of AMC Theatres, the Company operates 179 theatres with 2,802 screens in the United States, Canada, France, Hong Kong, Japan, Portugal, Spain and Sweden. Its Common Stock trades on the American Stock Exchange under the symbol AEN. The Company, headquartered in Kansas City, Mo., has a website at www.amctheatres.com.
The Company will conduct a conference call that will address quarterly earnings as well as certain forward-looking matters at 8 a.m. CDT on Wednesday, July 18, 2001. Investors may listen to the call and view the supporting slide presentation through the website www.amctheatres.com.
Any forward-looking statements contained in this release, which reflect management's best judgment based on factors currently known, involve risks and uncertainties. Actual results could differ materially from those anticipated in the forward-looking statements included herein as a result of a number of factors, including, but not limited to, the Company's ability to enter into various financing programs, competition from other companies, demographic changes, changes in economic climate, increase in demand for real estate, construction delays, unforeseen changes in operating requirements, the ability to achieve planned openings or closings of theatres and screens, changes in real estate, zoning and tax laws, the performance of films licensed by the Company, potential work stoppage within the film industry and other risks and uncertainties.
AMC ENTERTAINMENT INC.
FINANCIAL SUMMARY
(In thousands, except per-share data)
Thirteen Weeks Ended
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June 28, 2001 June 29, 2000
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Statement of Operations Data:
Admissions $203,184 $193,541
Concessions 84,865 80,715
Other theatre 12,905 9,827
Other 8,531 7,161
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Total revenues 309,485 291,244
Film exhibition costs 110,181 104,109
Concession costs 10,725 12,217
Theatre operating expense 79,396 75,809
Rent 58,846 55,979
Other 10,737 8,825
General and administrative 7,795 6,635
Preopening expense 1,269 1,608
Theatre and other closure expense 76 727
Depreciation and amortization 23,298 26,378
(Gain) loss on disposition of assets 159 (1,640)
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Total costs and expenses 302,482 290,647
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Operating income 7,003 597
Other expense 3,754 -
Interest expense 15,413 19,430
Investment income 282 1,100
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Loss before income taxes and cumulative effect
of an accounting change (11,882) (17,733)
Income tax provision - (6,600)
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Loss before cumulative effect of an
accounting change (11,882) (11,133)
Cumulative effect of an accounting change,
net of taxes - (15,760)
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Net loss $(11,882) $(26,893)
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Preferred dividends 2,398 -
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Net loss for common shares $(14,280) $(26,893)
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Net loss per share before cumulative effect of
an accounting change:
Basic $ (0.61) $ (0.47)
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Diluted $ (0.61) $ (0.47)
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Net loss per share:
Basic $ (0.61) $ (1.15)
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Diluted $ (0.61) $ (1.15)
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Average shares outstanding:
Basic 23,469 23,469
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Diluted 23,469 23,469
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Other Financial Data:
Adjusted EBITDA(a) $31,805 $27,670
Capital expenditures, net(b) 4,804 29,417
Other Data:
Screen additions 60 25
Screen dispositions 18 12
Average screens 2,785 2,872
Attendance (in thousands) 36,826 36,665
Number of screens operated 2,810 2,916
Number of theatres operated 180 210
Screens per theatre circuit wide 15.6 13.9
Balance Sheet Data: June 28, 2001 March 29, 2001
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Cash and equivalents $25,647 $34,075
Corporate borrowings 457,190 694,172
Capital and financing lease obligations 65,831 56,684
Net debt(c) 497,374 716,781
(a)Represents net loss before cumulative effect of an accounting
change plus interest, other expense, income taxes, depreciation and
amortization and adjusted for preopening expense, theatre and other
closure expense, (gain) loss on disposition of assets and equity in
earnings of unconsolidated affiliates.
(b)Represents capital expenditures less proceeds from sale and
leaseback transactions.
(c)Represents corporate borrowings and capital and financing lease
obligations less cash and equivalents. |
