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AMC expects people to return to theaters as vaccine rollout gathers pace

Published 05/06/2021, 04:35 PM
Updated 05/06/2021, 08:40 PM
© Reuters. FIEL PHOTO: People walk past an AMC theatre amid the coronavirus disease (COVID-19) pandemic in the Manhattan borough of New York City, New York, U.S., January 27, 2021. REUTERS/Carlo Allegri

© Reuters. FIEL PHOTO: People walk past an AMC theatre amid the coronavirus disease (COVID-19) pandemic in the Manhattan borough of New York City, New York, U.S., January 27, 2021. REUTERS/Carlo Allegri

(Reuters) -AMC Entertainment Holdings said on Thursday its business was expected to improve in the coming months as the mass rollout of COVID-19 vaccines draws moviegoers back to the cinema chain's theaters.

A strong slate of big-budget movies, including "Fast & Furious" film "F9" and Marvel's "Black Widow," in the summer is expected to fuel a rebound in box-office sales after the pandemic-driven slump in 2020.

"We finally can now say that we are looking at an increasingly favorable environment for movie-going and for AMC as a company over the coming few months, Chief Executive Officer Adam Aron said in a statement.

© Reuters. FILE PHOTO: People walk past an AMC theatre amid the coronavirus disease (COVID-19) pandemic in the Manhattan borough of New York City, New York, U.S., January 27, 2021. REUTERS/Carlo Allegri

However, the company's revenue fell to $148.3 million in the quarter ended March 31, from $941.5 million a year earlier, missing a Refinitiv IBES estimate of $153.43 million.

Its net loss shrunk to $567.2 million, or $1.42 per share in the quarter, from a loss of $2.18 billion, or $20.88 per share, a year earlier.

Latest comments

I plan to go see: COVID-21: Resistant Strain Borne From Mass Vaccination
LOLLLLLLLLLLLLLLLLLL cases are rising at a faster rate AFTER mass vaccinating with 250 million doses of the experimental vaccines than before. It's all a performance, they never needed to shut anything down in the first place. Everything they have done has been useless. Plenty of places around the world have not shut down at all and are doing the same or better. This is not about public health, this is about control and redistribution of money.
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