American movie theater chain AMC Entertainment Holdings Inc. narrowed its losses in the second quarter as locations reopened, the company announced in a statement.
- AMC trimmed its net loss to $344 million from $561.2 million and adjusted diluted loss per share to $0.71 from $5.44. Revenues climbed to $444.7 million from $18.9 million.
- AMC raised $1.25 billion of new equity capital in the quarter, bringing its liquidity over $2 billion. The company reported over 22 million guests back to theaters during the quarter, with substantially all locations opened as of June 30.
- Chairman and Chief Executive Adam Aron said the company is not out of the woods yet, as the future remains uncertain. Deeper cash reserves will allow the company to stay the course and innovate and capitalize on opportunities.
AMC ended the second quarter with 593 domestic theaters and 335 international theaters. The majority of international operations did not reopen until early June.
AMC is up 10.89% premarket.