AMC Theatres CEO Adam Aron forecast that industry-wide box office would not return to pre-pandemic levels before 2024 or 2025 'at the earliest'
During the latest quarter, AMC reported a global attendance at 49.5 million, which was down on the 60 million patrons it had during the year-ago period as the company emerged from the depths of the pandemic.
In early 2021, AMC became a popular stock among “meme” traders after the company appeared close to bankruptcy amid the pandemic fallout at movie theater chains. The stock surge helped the company strengthen its financial position, and diversify its revenue streams — the latest initiative is starting to sell branded microwave and ready-to-eat movie popcorn varieties, initially at Walmart.
In commentary that accompanied the financial results, Aron pointed to a long uphill climb for a global box office recovery to justify a wider shake-up to AMC’s share structure to possibly include a 10-to-1 reverse stock split and the okay to sell more shares, pending shareholder approval. “Therefore, this active management of our capital structure is vital for AMC to ultimately both survive the pandemic and to thrive over the long haul. Accordingly, we continue to urge our shareholders to ‘vote yes,’ voting FOR the recommended proposals at the March 14 special meeting of shareholders, which gives AMC the best chance to generate value for all of our shareholders in the months and years to come,” Aron argued.
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