AMC Entertainment Holdings, Inc (AMC) has reported a 20.12 percent fall in profit for the quarter ended Dec. 31, 2016. The company has earned $33.24 million, or $0.33 a share in the quarter, compared with $41.62 million, or $0.42 a share for the same period last year.
Revenue during the quarter grew 18.15 percent to $926.10 million from $783.86 million in the previous year period. Gross margin for the quarter expanded 134 basis points over the previous year period to 62.72 percent. Total expenses were 95.74 percent of quarterly revenues, up from 90.39 percent for the same period last year. That has resulted in a contraction of 534 basis points in operating margin to 4.26 percent.
Operating income for the quarter was $39.48 million, compared with $75.29 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $188.60 million compared with $154.05 million in the prior year period. At the same time, adjusted EBITDA margin improved 71 basis points in the quarter to 20.36 percent from 19.65 percent in the last year period.
"AMC’s laser-like focus on the priorities that drive considerable growth is what differentiates us, and what has established AMC as the clear and undisputed leader among movie-theatre operators," said Adam Aron, AMC chief executive officer and president. "Our innovations with powered recliner seats, enhanced food and beverage initiatives and the expansion of premium large format offerings, combined with AMC’s world class marketing efforts, has created industry defining guest experiences and engagement. In concert with a prudent and opportunistic acquisition strategy, 2016 resulted in the successful acquisition of Odeon, Europe’s largest movie exhibitor, and Carmike Cinemas, the nation’s then fourth largest domestic exhibitor, and presented AMC with the opportunity to acquire Nordic Cinema Group, announced in January of 2017. AMC has never been better positioned to leverage our proven strategic initiatives across a growing platform both here in the U.S. and across the globe."
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