AMC Cuts Q1 Losses to $61.7 Million Despite Omicron and Lack of Blockbusters
thewrap.comCinemark last week, AMC Theatres reported a loss for Q1 of 2022 on Monday, though those losses were narrowed despite a lack of major blockbusters and the Omicron variant surge in January.
AMC reported revenue for the quarter of $785 million, down from the $1.17 billion earned in Q4 2021, AMC’s first profitable quarter since the pandemic began, but significantly up from the $148.3 million reported in Q1 2021.
Losses for the quarter settled at $61.7 million, or a diluted loss per share of 65 cents. That’s an improvement from Q1 2021 losses of $294.7 million and $1.42 per share.“Our results for the first quarter of 2022 represent AMC’s strongest first quarter in two full years.
We continue on our pandemic recovery trajectory, more than quintupling revenues and improving adjusted EBITDA by nearly eighty percent compared to a year ago,” AMC CEO Adam Aron said in a statement. “The significant progress AMC has made is very rewarding, as our guests continue to recognize the unparalleled movie-going experience offered by AMC.”AMC, like the rest of the exhibition industry, had to rely on holdover totals from “Spider-Man: No Way Home” to get through the first part of the quarter, as the usual support for awards contenders was nonexistent amidst a lack of interest in this year’s field and significantly low turnout from older audiences amidst record-breaking COVID-19 infection rates in January thanks to the Omicron variant.
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