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Archive for Wednesday, May 21, 2003

Kansas City theater chain reports loss

May 21, 2003

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— AMC Entertainment Inc., the nation's second-largest movie theater chain, Tuesday posted a loss for its latest quarter and for the full fiscal year, although revenue climbed on acquisitions.

Kansas City, Mo.-based AMC had a net loss of $24.2 million, or 67 cents a share for the fiscal fourth quarter ended April 3. It lost $18.4 million, or 76 cents a share, in the same quarter a year ago. It had asset impairment charges of $19.6 million in the latest quarter, up from $4.7 million in the latest quarter.

Revenue rose in the latest quarter to $446.4 million from $338.7 million.

Last year, AMC acquired 66 theaters and a South American joint venture from General Cinemas and Gulf States Theaters, a New Orleans chain of five theaters.

For the full fiscal year, the net loss came to $47.5 million, or $1.31 a share, compared with a net loss of $40.9 million, or $1.73 a share, a year ago.

Revenue climbed to $1.79 billion from $1.34 billion.

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