AMC Entertainment (AMC) Lags Q2 Earnings And Revenues
Zacks Investment Research | Jul 31, 2016 11:40PM ET
AMC Entertainment Holdings Inc. (NYSE:AMC) reported weak financial results in the second quarter of 2016. Both the top and the bottom line lagged the respective Zacks Consensus Estimate.
GAAP net income was $24 million or 24 cents per share compared with $43.9 million or 45 cents per share in the prior-year quarter. Second-quarter earnings per share of 24 cents were well below the Zacks Consensus Estimate of 29 cents.
Quarterly total revenue was $764 million, down 7% year over year and short of the Zacks Consensus Estimate of $775 million. Segment-wise, Admission revenues were $481.2 million, down 9.8% year over year. Food and beverage revenues were $243.5 million, down 2.8% year over year. Other theater revenues were $39.2 million, up 5.4% year over year.
Quarterly operating expenses were $708.4 million, down 2.6% year over year. Operating income was $55.6 million, down a whopping 41% year over year. Operating margin declined to 7.3% from 11.5% in the year-ago quarter. Adjusted EBITDA (earnings before interest, tax, depreciation and amortization) was $129.6 million, down 17.9% year over year. Adjusted EBITDA margin was 17% compared with 19.2% in the year-ago quarter.
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