Russian Imax screens yielded $1M from the Andy Serkis-directed sequel with pandemic era opening weekend records set in Russia, Kazakhstan & Kyrgyzstan.Īdam Aron, Chairman and CEO of AMC Entertainment, said in a statement early this AM, “Yet again, AMC is celebrating an important milestone as we continue striving to generate a full recovery for our movie theatre business both at home and abroad. Venom 2 reaped $9.6M WW, with $8.6M of that coming from their stateside 402 screen count, repping the best domestic opening Imax weekend during the Covid era as well as the third best domestic October opening ever. Incredible per screens averages, with standout PSAs in UK ($47K from 50 screens!), Denmark ($119K), Norway ($106K), Sweden ($100K) and Hong Kong ($54K). Africa, Ecuador, and Best Pandemic Era Opening Weekend in 21 countries, including UK, Hong Kong, Austria, Germany, Switzerland, Denmark, Norway, Sweden and Argentina. The pic scored several Imax records including Best Opening Weekend results for a Bond feature in 24 countries, including Japan, Hong Kong, Germany, Switzerland, Sweden, Italy, Denmark, Spain, S. Imax grossed $6.8M from 284 screens in 50 markets off No Time To Die, which was filmed with the large format exhibitor’s cameras. S&P Global has downgraded its credit rating for AMC from B to CCC-, taking the company from “highly speculative” to “default imminent, with little prospect for recovery.”Įarlier this month AMC Theatres raised $500 million in a private debt offering exempt from the registration requirements of the Securities Act of 1933.Īs of the end of March, AMC said it had a cash balance of $299.8 million, including borrowings in March 2020 of $215.0 million (the full availability net of letters of credit) under its $225.0 million senior secured revolving credit facility due April 22, 2024.Meanwhile, Imax saw its biggest global box office weekend since December 2019 and shattered its best October weekend record of $30M from No to Time to Die, Venom 2 and a trio of local Chinese titles. That was all before the pandemic shutdown choked its revenue stream altogether.Īlso Read: AMC Theatres Bankruptcy Is 'Likely,' Analysts Say - But Don't (Just) Blame the Pandemic And during the company’s most recent fourth quarter conference call, AMC CEO Adam Aron said that he and other top executives had agreed to cut their salaries and bonuses for three years. The nation’s largest cinema chain tallied roughly $5 billion in debt at the end of 2019 and losses of $149 million - that was after recording a $110 million profit in 2018. The meeting had previously been postponed in response to the pandemic due to concerns for the health and safety of the company’s stockholders, officers and employees and to comply with continuing governmental orders limiting the size of gatherings.ĪMC has been hit hard by the pandemic, as industry experts question the chain’s financial viability amid the shutdown that has force it to shutter all its movie theaters. AMC also announced plans to hold its 2020 annual shareholders meeting on July 29. In addition to delaying its first-quarter earnings report, AMC said it will also delay the filing of an amendment to its 2019 annual report. Wall Street wan no doubt looking forward to AMC opening its books to get a better glimpse at just how the company’s been impacted by the ongoing novel coronavirus pandemic. Furthermore, to the extent corporate-level employees continue to work, they are required to do so from their homes due to local governmental orders which has decreased efficiency in fulfilling the tasks necessary to complete the Delayed Filings.”Īlso Read: AMC Theatres Won't Book Universal Movies Anymore After 'Trolls World Tour' VOD Release “As a result, all corporate-level employees have been either fully or partially furloughed, significantly limiting the resources available to prepare the Delayed Filings. “COVID-19 has created substantial disruption in the Company’s operations including the suspension of all theatre operations worldwide resulting in the cessation of essentially all revenues,” the company said in a filing with the Securities and Exchange Commission. The company was initially scheduled to report earning on May 11. Movie theater chain AMC Entertainment announced Wednesday that it will push the release of its 2020 first quarter financial results until June 24.
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