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Losses up at Cinemark, AMC, but revenue rises

AMC opens megaplexes, closes multis

AMC Entertainment Inc. said Wednesday startup costs for new megaplexes widened its quarterly loss to $11 million from $3 million.

Revenue for the first quarter rose 20% to $288 million.

The company opened three new megaplexes with a total of 84 screens and closed 20 smaller multiplexes with 135 screens.

Chairman and CEO Peter Brown said AMC has also been seeing positive results from its first strategic initiative to selectively increase prices. AMC operates 217 theaters with 2,735 screens in 23 states and overseas.

Meanwhile, fellow exhibitor Cinemark USA swung to a net loss of $300,000 from a profit of $2.3 million the year before. Revenue rose 33% to $174 million.

The Plano, Texas company said its cash flow increased 31% to $27 million for the quarter ended June 30.

Cinemark CEO Lee Roy Mitchell said the exhibitor’s results benefited from a strong film lineup late in the quarter but “were held back as our successful Latin American circuit, currently in excess of 550 screens, did not begin to receive the blockbuster film product until the last two weeks of the quarter.”

Cinemark operates 2,551 screens in the U.S., Mexico, Canada, Argentina, Brazil, Central America, Chile, Ecuador and Peru.

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