AMC Losses Narrow, Theater Chain Rewards Retail Investors With ‘Ape’ Dividend
variety.comBrent Lang Executive Editor of Film and MediaAMC Theatres is rewarding the retail investors who rallied to support the exhibition giant when it was laboring under debt and COVID closures, lifting its share price at a critical juncture.On Thursday, the company announced that it will give a special dividend to investors of one AMC preferred equity unit for each of AMC Class A common stock.
With a nod and wink, the company plans to list these units on the New York Stock Exchange under the symbol “APE,” the preferred moniker of the shareholders who embraced the AMC cause when it teetered on insolvency.The announcement came as AMC recorded a narrower than expected quarterly loss on Thursday as summer blockbusters like “Top Gun: Maverick” and “Jurassic World Dominion” lifted earnings.
Net losses for the three-month period ending June 30 improved to $121.6 million compared to a net loss of $344.0 million for the second quarter of 2021.
Total revenue climbed to $1.2 billion, up from $444.7 million in the prior-year quarter. But that revenue number missed Wall Street’s expectations by $20 million.
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