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Share Name | Share Symbol | Market | Type |
---|---|---|---|
AMC Entertainment Holdings Inc | NYSE:AMC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.1899 | 6.07% | 3.3199 | 3.39 | 3.12 | 3.15 | 35,866,931 | 01:00:00 |
Strategic Initiatives Success Contributes to 26.6% Increase in Adjusted EBITDA
Diluted Earnings Per Share Grows 383% to First Quarter Record $0.29
AMC Entertainment Holdings, Inc. (“AMC” or “the Company”), one of the world’s leading theatrical exhibition companies and an industry leader in innovation and operational excellence, today reported results for the first quarter ended March 31, 2016.
Highlights for the first quarter 2016 include the following:
“AMC is off to a great start in 2016. Our relentless pursuit of innovation and delivering the best possible movie-going experience for our guests, together with the December 2015 acquisition of Starplex Cinemas, generated record first-quarter results at AMC. We are pleased to report record attendance, record revenue, record adjusted EBITDA, record diluted EPS and record free cash flow,” said Adam Aron, AMC Chief Executive Officer and President. “We fundamentally believe that we will continue to succeed by serving our guests with the very best amenities that theatrical exhibition can offer. We also plan on continuing to leverage our marketing and technology prowess to further enhance loyalty to AMC, from both our current and potential guests. The recently completed Starplex acquisition and the anticipated consummation of the announced purchase of Carmike Cinemas should further serve to significantly accelerate the pace of our growth. AMC is well down a path to drive higher attendance and revenues, all the while managing our costs intelligently. As a result, we see tremendous opportunity ahead for AMC to continue in delivering value to our shareholders, both today and well into the future."
(1) (Reconciliations and definitions of non-GAAP financial measures are provided in the financial schedules accompanying this press release.)
CFO Commentary
Commentary on the quarter by Craig Ramsey, AMC's executive vice president and chief financial officer, is available at http://investor.amctheatres.com
Dividend
On February 25, 2016, the Company declared a regular quarterly dividend of $0.20 per share for the quarter ended December 31, 2015, which was paid on March 21, 2016, to shareholders of record as of March 7, 2016. The total dividends paid in the first quarter of 2016 were approximately $19.8 million.
On April 27, 2016, the Company declared a regular quarterly dividend of $0.20 per share for the quarter ended March 31, 2016, which is payable on June 20, 2016, to shareholders of record on June 6, 2016.
Conference Call / Webcast Information
The Company will host a conference call via webcast for investors and other interested parties beginning at 7:30 a.m. CT/8:30 a.m. ET on Friday, April 29, 2016. To listen to the conference call via the internet, please visit the investor relations section of the AMC website at www.investor.amctheatres.com for a link to the webcast. Investors and interested parties should go to the website at least 15 minutes prior to the call to register, and/or download and install any necessary audio software.
Participants may also listen to the call by dialing (877) 407-3982, or (201) 493-6780 for international participants.
A podcast and archive of the webcast will be available on the Company’s website after the call for a limited time.
About AMC Entertainment Holdings, Inc.
AMC (NYSE:AMC) is the guest experience leader with 385 locations and 5,380 screens located primarily in the United States. AMC has propelled innovation in the theatrical exhibition industry and continues today by delivering more comfort and convenience, enhanced food & beverage, greater engagement and loyalty, premium sight & sound, and targeted programming. AMC operates the most productive theatres in the country’s top markets, including No. 1 market share in the top three markets (NY, LA, Chicago). www.amctheatres.com.
Website Information
This press release, along with other news about AMC, is available at www.amctheatres.com. We routinely post information that may be important to investors in the Investor Relations section of our website, www.investor.amctheatres.com. We use this website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD, and we encourage investors to consult that section of our website regularly for important information about AMC. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document. Investors interested in automatically receiving news and information when posted to our website can also visit www.investor.amctheatres.com to sign up for E-mail Alerts.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “forecast,” “plan,” “estimate,” “will,” “project,” “intend,” “expect,” “should,” “believe,” “continue,” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements are based on information available at the time those statements are made and/or management’s good faith belief as of that time with respect to future events, and are subject to risks, trends, uncertainties and other facts that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. These risks, trends, uncertainties and other facts include, but are not limited to, with respect to our pending Carmike acquisition, our ability to satisfy closing conditions in the anticipated time frame or at all, obtaining regulatory approval, including the risk that any approval may be on terms or subject to conditions that are not anticipated; obtaining Carmike stockholders approval; the possibility that the Carmike acquisition does not close, including in circumstances in which we would be obligated to pay Carmike a termination fee or other damage or expenses; our ability to finance the proposed Carmike acquisition on acceptable terms; responses of activist stockholders to the proposed Carmike transaction; our ability to realize expected benefits and synergies from the proposed Carmike acquisition; execution risks related to the proposed Carmike acquisition; litigation and/or regulatory actions related to the proposed Carmike transaction; our significant indebtedness, including the indebtedness incurred to acquire Carmike; execution risks related to the integration of Starplex Cinemas into our business; our ability to achieve expected synergies and performance from our acquisition of Starplex Cinemas; decreased supply, quality and performance of, and delays in our access to, motion pictures; risks relating to our significant indebtedness; our ability to utilize net operating loss carry forwards to reduce future tax liability; increased competition in the geographic areas in which we operate and from alternative film delivery methods and other forms of entertainment; continued effectiveness of our strategic initiatives; the impact of shorter theatrical exclusive release windows; our ability to attract and retain senior executives and other key personnel; the impact of governmental regulation, including anti-trust review of our acquisition opportunities and investigations concerning potentially anticompetitive conduct, including film clearances and participation in certain joint ventures; unexpected delays and costs related to our optimization of our theatre circuit; failures, unavailability or security breaches of our information systems; and other business effects, including the effects of industry, market, economic, political or regulatory conditions, future exchange or interest rates, changes in tax laws, regulations, rates and policies.
Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. For a detailed discussion of these risks and uncertainties, see the section entitled “Risk Factors” in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission on March 8, 2016, and our other public filings. The Company does not intend, and undertakes no duty, to update this information to reflect future events or circumstances, except as required by applicable law.
AMC Entertainment Holdings, Inc. Consolidated Statements of Operations For the Fiscal Periods Ended 3/31/16 and 3/31/15 (dollars in thousands, except per share data) (unaudited) 3 Months Ended March 31, 2016 2015 Revenues Admissions $ 482,574 $ 418,694 Food and beverage 244,152 200,524 Other theatre 39,291 33,906 Total revenues 766,017 653,124 Operating costs and expenses Film exhibition costs 262,354 223,088 Food and beverage costs 33,965 28,508 Operating expense 202,313 187,258 Rent 124,584 117,921 General and administrative: Merger, acquisition and transaction costs 4,604 1,578 Other 18,516 4,941 Depreciation and amortization 60,430 57,777 Operating costs and expenses 706,766 621,071 Operating income 59,251 32,053 Other expense (income): Other expense 26 - Interest expense: Corporate borrowings 24,867 26,079 Capital and financing lease obligations 2,195 2,373 Equity in earnings of non-consolidated entities (4,264 ) (1,324 ) Investment income (9,954 ) (5,143 ) Total other expense 12,870 21,985 Earnings before income taxes 46,381 10,068 Income tax provision 18,090 3,930 Net Earnings $ 28,291 $ 6,138 Diluted earnings per share $ 0.29 $ 0.06 Adjusted diluted earnings (loss) per share (1) $ 0.27 $ (0.05 ) Average shares outstanding diluted 98,207 97,919 Balance Sheet Data (at period end): (dollars in thousands) (unaudited) As of As of March 31, December 31, 2016 2015 Cash and equivalents $ 107,927 $ 211,250 Corporate borrowings 1,861,355 1,912,793 Other long-term liabilities 484,668 462,626 Capital and financing lease obligations 99,788 101,864 Stockholders' equity 1,546,254 1,538,703 Total assets 4,931,071 5,088,317 Other Data: (in thousands, except operating data) (unaudited) 3 Months Ended March 31, 2016 2015 Net cash provided by operating activities 22,871 21,563 Capital expenditures (57,657 ) (69,590 ) Screen additions 12 - Screen acquisitions - 8 Screen dispositions 38 - Construction openings (closures), net (20 ) 4 Average screens-continuing operations 5,313 4,884 Number of screens operated 5,380 4,959 Number of theatres operated 385 345 Screens per theatre 14.0 14.4 Attendance (in thousands) 51,245 44,758 Reconciliation of Diluted Earnings Per Share to Adjusted Diluted Earnings (Loss) Per Share: (dollars in thousands, except per share data) (unaudited) 3 Months Ended March 31, 2016 2015 Net Earnings: $ 28,291 $ 6,138 Net periodic benefit credit related to the termination of post-retirement plan, net of related tax effects - (11,052 ) Gain on sale Real D, net of related tax effects (1,835 ) - Net Earnings (Loss), excluding benefit related to termination of post-retirement plan and gain on sale of RealD, net of related tax effects $ 26,456 $ (4,914 ) Average shares outstanding, diluted 98,207 97,919 Adjusted diluted earnings (loss) per share (1) $ 0.27 $ (0.05 ) Diluted Earnings per share $ 0.29 $ 0.06 Reconciliation of Adjusted EBITDA: (dollars in thousands) (unaudited) 3 Months Ended March 31, 2016 2015 Net Earnings $ 28,291 $ 6,138 Plus: Income tax provision 18,090 3,930 Interest expense 27,062 28,452 Depreciation and amortization 60,430 57,777 Certain operating expenses (3) 3,402 4,064 Equity in earnings of non-consolidated entities (4,264 ) (1,324 ) Cash distributions from non-consolidated entities 17,681 14,486 Investment income (9,954 ) (5,143 ) Other expense 26 - General and administrative expense-unallocated: Merger, acquisition and transaction costs 4,604 1,578 Stock-based compensation expense (4) 1,087 5,739 Adjusted EBITDA (2) $ 146,455 $ 115,697 Adjusted EBITDA Margin (5) 19.1 % 17.7 % Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow: (dollars in thousands) (unaudited) 3 Months Ended March 31, 2016 2015 Net cash provided by operating activities $ 22,871 $ 21,563 Plus: Equity in earnings from equity method investees (10,463 ) (9,134 ) Deferred rent (excluding digital equipment rent) 7,011 5,442 Net periodic benefit (cost) credit (199 ) 17,917 Change in working capital, accruals and other 108,593 50,150 General and administrative expense: merger, acquisition and transaction costs 4,604 1,578 Investment Income (9,954 ) (5,143 ) Capital expenditures (excluding change in construction payables) (46,111 ) (59,384 ) Principal payments under Term Loan (2,202 ) (1,938 ) Principal payments under capital and financing lease obligations (2,076 ) (1,886 ) Free Cash Flow (6) $ 72,074 $ 19,165 Reconciliation of Adjusted EBITDA to Free Cash Flow: (dollars in thousands) (unaudited) 3 Months Ended March 31, 2016 2015 Adjusted EBITDA (2) $ 146,455 $ 115,697 Minus: Cash distributions from non-consolidated entities 17,681 14,486 Income taxes, net 806 505 Cash interest expense 25,814 29,324 Capital expenditures (excluding change in construction payables) 46,111 59,384 Landlord contributions (20,309 ) (10,991 ) Principal payments under Term Loan 2,202 1,938 Principal payments under capital and financing lease obligations 2,076 1,886 Free Cash Flow (6) $ 72,074 $ 19,165(1)
We have included adjusted diluted earnings (loss) per share, which is diluted earnings per share excluding the gain on sale of our investments in Real D net of related tax effects in the current quarter, and a non-recurring postretirement net periodic benefit credit, net of related tax effects in the prior quarter because we believe it provides investors with a useful industry comparative and they are financial measures used by management to assess our performance.
(2)
We present Adjusted EBITDA as a supplemental measure of our performance that is commonly used in our industry. We define Adjusted EBITDA as net earnings plus (i) income tax provision, (ii) interest expense and (iii) depreciation and amortization, as further adjusted to eliminate the impact of certain items that we do not consider indicative of our ongoing operating performance and to include any cash distributions of earnings from our equity method investees. These further adjustments are itemized above. You are encouraged to evaluate these adjustments and the reasons we consider them appropriate for supplemental analysis. In evaluating Adjusted EBITDA, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. Adjusted EBITDA is a non-GAAP financial measure commonly used in our industry and should not be construed as an alternative to net earnings as an indicator of operating performance or as an alternative to cash flow provided by operating activities as a measure of liquidity (as determined in accordance with U.S. GAAP). Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. We have included Adjusted EBITDA because we believe it provides management and investors with additional information to measure our performance and liquidity, estimate our value and evaluate our ability to service debt.
Adjusted EBITDA has important limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for analysis of our results as reported under U.S. GAAP. For example,
Adjusted EBITDA:
View source version on businesswire.com: http://www.businesswire.com/news/home/20160429005144/en/
AMC Entertainment Holdings, Inc.INVESTOR RELATIONS:John Merriwether, 866-248-3872InvestorRelations@amctheatres.comorMEDIA CONTACTS:Ryan Noonan, 913-213-2183rnoonan@amctheatres.com
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