Cinema giant AMC Theatres expects to report a first-quarter loss of up to $2.4 billion, driven by a big impairment charge amid the novel coronavirus pandemic. Details:
Cinema giant AMC Theatres disclosed Wednesday that it expects its first-quarter financials, which were during the second half of March hit by the shutdown of its circuit, to include a loss of up to $2.4 billion, driven by a big impairment charge amid the novel coronavirus pandemic.
AMC Theatres said in a regulatory filing that it would post a loss of $2.1 billion-$2.4 billion due to the charge of $1.8 billion-$2.1 billion "related to estimated long lived assets, indefinite-lived intangible assets and goodwill." The firm's adjusted net loss for the first quarter will come in around $224.5 million, compared to $101.8 million in the same period a year ago, the filing showed. "Adjusted net loss normalizes results for the impact of fair-value re-measurement of the derivative liability and derivative asset related to the company’s convertible notes due 2024 and the impact related to the impairment of long lived assets, indefinite-lived intangible assets and goodwill.
AMC said its revenue for the first quarter fell about 22 percent to approximately $941.5 million from $1.2 billion. AMC also said in its filing: "We have begun to ramp up our cash spend with the intention of reopening theaters this summer. We believe we have the cash resources to reopen our theaters and resume our operations this summer or later. Our liquidity needs thereafter will depend, among other things, on the timing of a full resumption of operations, the timing of movie releases and our ability to generate revenues.
France Dernières Nouvelles, France Actualités
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