AMC Entertainment Posts First-Quarter Records on 'Deadpool,' 'Zootopia'
"Our relentless pursuit of innovation and delivering the best possible moviegoing experience for our guests, together with the December 2015 acquisition of Starplex Cinemas, generated record first-quarter results at AMC," says CEO Adam Aron.
Cinema giant AMC Entertainment on Friday reported better-than-expected financials, including record earnings per share, revenue, attendance and admissions and concession revenue for a first quarter. And its per-patron concession revenue set an all-time company record.
Its results were boosted by an acquisition and strong box office from Deadpool, Batman v. Superman: Dawn of Justice and Zootopia.
"AMC is off to a great start in 2016," said CEO Adam Aron. "Our relentless pursuit of innovation and delivering the best possible moviegoing experience for our guests, together with the December 2015 acquisition of Starplex Cinemas, generated record first-quarter results at AMC."
He added: “We fundamentally believe that we will continue to succeed by serving our guests with the very best amenities that theatrical exhibition can offer. We also plan on continuing to leverage our marketing and technology prowess to further enhance loyalty to AMC, from both our current and potential guests."
First-quarter earnings grew 361 percent to $28.3 million and earnings per share hit a record 29 cents per share. During the quarter, AMC recorded a $3 million gain, or 2 cents per share, on the sale of Real D to Rizvi Traverse Management. Revenue jumped 17.3 percent to $766 million.
Admissions revenue hit $482.6 million as the firm's average ticket price also set a first-quarter record of $9.42, compared with $9.35 in the year-ago period.
Food and beverage revenue reached $244.2 million, with spending per patron increasing 6.3 percent to $4.76, the highest per-patron spending in the history of the company.
AMC previously announced the acquisition of Carmike Cinemas. Aron said it "should further serve to significantly accelerate the pace of our growth."