AMC Entertainment Earnings Fall on Weak Summer Box Office

The summer box office downturn depressed profits at AMC Entertainment Holdings in what is shaping up to be a difficult third quarter for the exhibition industry.

The country’s second-largest theater chain saw net income fall 78% to $7.4 million for the three months ending in September, compared to $33.5 million in the year ago period. Earnings per share also fell sharply, dropping from 44 cents to 8 cents.

Revenues for the theater chain were more stable, topping out at $633.9 million, an 8.9% drop from the $696 million in revenues the company reported during the same quarter in 2013. The company’s sales were bolstered by higher ticket prices which rose 5.3% to $9.48.

Revenues fell just shy of Wall Street’s projections, while earnings were in line with expectations.

Admissions for the company fell from $467 million to $417.4 million, while concession dropped from $201.6 million to $189 million. Despite hits such as “Guardians of the Galaxy” and “Teenage Mutant Ninja Turtles,” the overall domestic box office last summer was down 15%. AMC’s chief rival, Regal Cinemas, also reported a drop in profits this week, although its announcement that it is considering a sale lifted share prices across the exhibition industry.

AMC’s stock price closed Tuesday up 3.43% at $24.40. On Monday, the company declared a 20 cent dividend, its third quarterly dividend since going public in December.

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