![]() And you can see some very big attendance numbers in sales and profits for this company before 2023 even kicks off. That fourth quarter slate that Aron talked about on the call last night, that's a really strong slate. And maybe that's what investors should be paying more attention to. AMC is likely to come out and raise money from this, maybe go out and buy more independent theaters, maybe go out, make another strange acquisition.īut the reality is the fundamentals of the moviemaking business are back. They could appreciate these efforts, but the bottom line is this. I mean, what-īRIAN SOZZI: This is- I think what they announced, this is red meat to that core AMC investor base.īRIAN SOZZI: They're going to love this. It's a supply and demand issue.īRIAN SOZZI: Yes, that's what you're seeing here this morning. But when you sell more shares, the stock goes down. And so this- I guess if you buy this preferred equity, it's a bet that at some point, the shareholders are going to approve that. JULIE HYMAN: Right? They already said they did not want the company to sell more shares. Now, the company shareholders already said no to this. Listen, this is a share increase disguised as something tasty for shareholders, right? These preferred shares with the ticker symbol, Ape, are convertible into regular equity if the company approves that. ![]() JULIE HYMAN: -now let's get back to the man impersonating Brian Sozzi, who's in front of me right now. So that seems to have been a fairly successful strategy for them. ![]() And AMC has also introduced the sort of dynamic prices, right? That the most popular movies and biggest blockbusters cost more than other movies. The volume is not the same, but the prices have gone up. So a lot of what's going on now is what's going on everywhere. And I just wanted to make the point here that there are far below the number of tickets that were sold pre-pandemic, right? And they're still somewhat below the revenue from ticket sales that they had pre-pandemic. JULIE HYMAN: Before we get to that, I just want to make one more note because we had the number of tickets sold up on the screen. JULIE HYMAN: Is this like- speaking of movies, is this "Invasion of the Body Snatchers"? OK, before we get to that. I've been very critical of what he's been doing. I'm getting in his camp a little bit.īRIAN SOZZI: I know. Now that I've spent more time on the weekends really studying his career and him, I get what he's trying to do. But of course, preferred shares, what an interesting- another interesting move by Adam Aron, who is really- I didn't understand him at first. So the fourth quarter is looking pretty good. I am psyched to see the Rock do his thing in various movies. JULIE HYMAN: Oh, I know you're seeing that.īRIAN SOZZI: Oh, I am so psyched. They did warn, Adam Aron, on that conference call last night, that things would slow down this quarter because it's a light release schedule for movies, but could really pick up in the back half of the year. 106 million versus a loss of 158- of 150 million last year. Operating profits back in vogue for the company. Attendance up, of course, a lot of that driven by "Top Gun." We saw that out of that Paramount quarter yesterday as well. But look, let's start on the fundamentals of the business. ![]() "We're going to make a handsome profit from having facilitated what was in stadium concert tour, getting it converted to film, and getting it in theaters quickly.BRIAN SOZZI: Right? Just mind boggling with Adam Aron. "For what it's worth we did very well," Aron said. The stock issuance moves on Thursday overshadowed what Wall Street read as an overall positive earnings report on Wednesday night as well as any potential tailwinds from the end of the SAG-AFTRA labor strike.ĪMC's $0.09 loss per share was narrower than the $0.20 loss that the Street had expected while the company's revenue came in at $1.41 billion, above estimates for $1.26 billion in revenue.Īron said on the company's earnings call that AMC wouldn't reveal the material impact from the Beyonce and Taylor Swift movies until the fourth quarter earnings call. "AMC should now be able to raise additional equity capital," Aron wrote in a letter to investors following the court approval. AMC CEO Adam Aron previously said the stock conversion was crucial to AMC having proper cash balances in 20. AMC also executed a 10-for-1 reverse stock split at the time. In August, a Delaware court approved a merger between AMC and AMC preferred shares that made all outstanding shares AMC common stock. The stock fell about 20% in September when AMC announced it planned to sell up 40 million shares. AMC shares had already sold off earlier this year over investor fears about share dilution.
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