Giant theater chain AMC Entertainment said it expects revenue for the three months that ended in December jumped to $1.17 billion from $162.5 million the year before in preliminary numbers released Tuesday morning.
The numbers aren’t the company’s comprehensive, official fourth-quarter report that is still to be released, AMC said. The shares are up nearly 10% in premarket trading ahead of the opening bell.
Net losses narrowed to between $194 million to $114.8 million, including an estimated one-time cash impairment charge of $50-$125 million. That compares with a loss of $941 million in the year earlier period, which included write-downs of $466 million.
“AMC’s 2021 results improved significantly as the year progressed, and we finished the year with the strongest quarter in two years,” said CEO Adam Aron” calling the period a “meaningful milestone.”
Adjusted EBITDA between $146.8 million to $151.8 million for the three months compares to an EBITDA loss of $327.5
Operating cash (burn) generated during the three months was about $216.5 million.
Available liquidity $1.8 billion, cash and cash equivalents at $1.59 billion.
AMC is the largest movie exhibition company in the world’s largest chain with 950 theatres and 10,500 screens across the globe. It’s numbers show a revival as box office numbers pick up, albeit unevenly, following the worst of the Covid-19 pandemic. The company also had a massive turnover in its shareholders base with individual investors calling the shots of the new meme stock.