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AMC Entertainment Sees 3Q Sales Plunge, Had $419M In Cash As Of Sept. 30; Plans To Sell More Stock To Raise Cash
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deadline.comJill Goldsmith Co-Business EditorAMC Entertainment expects revenues for the three months ended September 30 of $119 million versus nearly $1.32 billion for the year earlier quarter and the struggling theater anticipates material write-downs of assets, according to an SEC filing Tuesday morning with preliminary financial results.Cash and cash equivalents stood at $417.9 million.The company also said it will sell 15 million shares to raise fresh cash.
It recently raised close to $55 million selling the same number of shares.Excluding impairments, its said operating costs and expenses for the three months ended September 30 will be in a range of approximately $584 million to $604 million — compared to $1.296 billion the year before.
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