AMC expects people to return to theaters as vaccine rollout gathers pace
8:39 pm Thursday, May 06th, 2021
(Reuters) -AMC Entertainment Holdings said on Thursday its business was expected to improve in the coming months as the mass rollout of COVID-19 vaccines draws moviegoers back to the cinema chain’s theaters.
A strong slate of big-budget movies, including “Fast & Furious” film “F9” and Marvel’s “Black Widow,” in the summer is expected to fuel a rebound in box-office sales after the pandemic-driven slump in 2020.
“We finally can now say that we are looking at an increasingly favorable environment for movie-going and for AMC as a company over the coming few months, Chief Executive Officer Adam Aron said in a statement.
However, the company’s revenue fell to $148.3 million in the quarter ended March 31, from $941.5 million a year earlier, missing a Refinitiv IBES estimate of $153.43 million.
Its net loss shrunk to $567.2 million, or $1.42 per share in the quarter, from a loss of $2.18 billion, or $20.88 per share, a year earlier.
(Reporting by Chavi Mehta in Bengaluru; Editing by Aditya Soni)
