AMC Entertainment Holdings Inc. (AMC) shares surged 5.33% in after-hours on Monday, August 09, 2021, and closed the daily trading at $35.60 per share. In the regular trading session on Monday, AMC’s stock gained 3.36%. AMC shares have risen 611.58% over the last 12 months, and they have moved down 3.98% in the past week. Over the past three months, the stock has gained 247.02%, while over the past six months, it surged 446.93%.
Let’s have a look at its recent news and developments.
AMC recent financial results announcement
On August 09, 2021, AMC Entertainment Holdings, Inc reported results for the second quarter ended June 30, 2021.
Q2 2021 financial highlights
- AMC earned GAAP revenue of $444.7 million in Q2 2021 compared to $18.9 million in Q2 2020.
- Total operating expenses were $741.3 million in Q2 2021 compared to $490.5 million in Q2 2020.
- It suffered a GAAP-net loss of $344 million in Q2 2021 compared to $561.2 million in Q2 2020.
- Net loss for basic and diluted loss per share was $0.71 in Q2 2021 compared to $5.38 in Q2 2020.
- Adjusted EBITDA was $150.8 million in Q2 2021 compared to $340.3 in Q2 2020.
- The company had $1,811.2 million cash, excluding restricted cash of $28.4 million on June 30, 2021.
AMC deal with Warner Bros
AMC Entertainment chairman and CEO Adam Aron, announced on Monday, August 09, 2021, that the company has signed a deal with Warner Bros ensuring a 45-day theatrical window for the studio’s releases in 2022.
Warners previously hammered out a 45-day theatrical window with No. 2 circuit Cineworld, and its U.S. counterpart Regal, earlier this year as the Burbank, CA studio was slammed by the industry and talent reps for its day-and-date theatrical-HBO Max streaming model.
AMC Announced to accept Bitcoin, Apple Pay, and Google Pay
On Monday, AMC CEO also announced to accept Bitcoin payments for U.S. movie tickets and concessions ordered online by the end of the year.
The company will also start accepting Apple Pay and Google Pay.
New appointments
On July 21, 2021, AMC Entertainment Holdings, Inc named Adam Aron, CEO and President of AMC since 2016, as its Chairman of the Board. As Aron will serve both as Chairman and CEO of AMC, the Board has selected Ambassador Philip Lader to serve as its Lead Director.
AMC reopening theatres in Los Angeles
On July 19, 2021, AMC Entertainment Holdings, Inc reached an agreement with Caruso, to add under long-term lease two Los Angeles area locations: The Grove Theatre, a 14-screen theatre located in Los Angeles, and The Americana at Brand Theatre, an 18-screen theatre located in Glendale. The company is expected to reopen the theatres in August.
Conclusion
Yesterday, the company announced exceptional results for Q2 2021, due to that it commenced the new week with positivity and we hope that it will continue its streak in the coming days.
