AMC Entertainment Holdings, Inc. Comments on Cineworld Public Statement
August 18 2022 - 4:15PM
Business Wire
AMC Chairman and CEO Adam Aron said, “Yesterday Cineworld, which
is the world’s second-largest movie theater circuit, issued a
public statement that it anticipates low levels of admissions until
November 2022, which are expected to negatively impact its
liquidity position in the near-term.”
Aron continued, “At AMC, as we have publicly disclosed
previously, the film slate in the third quarter of 2022 is expected
to be relatively weak. However, we continue to be quite optimistic
about the increasing demand for our portfolio of movie theatres in
the fourth quarter of 2022 and calendar year 2023.”
Aron added, “As for AMC’s liquidity, AMC ended the second
quarter of 2022 with more than $1 billion of liquidity, thanks to
significant amounts of cash raised in calendar years 2020 and 2021.
Our new AMC Preferred Equity security, which begins trading on the
New York Stock Exchange on Monday August 22, 2022, should also make
us a much stronger company.”
Aron concluded, “Accordingly, we remain confident about AMC’s
future.”
About AMC Entertainment Holdings, Inc.
AMC is the largest movie exhibition company in the United
States, the largest in Europe and the largest throughout the world
with approximately 950 theatres and 10,500 screens across the
globe. AMC has propelled innovation in the exhibition industry by:
deploying its Signature power-recliner seats; delivering enhanced
food and beverage choices; generating greater guest engagement
through its loyalty and subscription programs, website and mobile
apps; offering premium large format experiences and playing a wide
variety of content including the latest Hollywood releases and
independent programming.
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of the federal securities laws. In many cases, these
forward-looking statements may be identified by the use of words
such as “will,” “may,” “should,” “believes,” “expects,”
“anticipates,” “estimates,” “intends,” “projects,” “goals,”
“objectives,” “targets,” “predicts,” “plans,” “seeks,” and
variations of these words and similar expressions. Examples of
forward-looking statements include statements we make regarding the
impact of COVID-19, future attendance and box office levels, our
liquidity, and the dividend of AMC Preferred Equity Units, the
market therefor and potential conversion thereof. Any
forward-looking statement speaks only as of the date on which it is
made. These forward-looking statements may include, among other
things, statements related to AMC’s current expectations regarding
the performance of its business, financial results, liquidity and
capital resources, and the impact to its business and financial
condition of, and measures being taken in response to, the COVID-19
virus, and are based on information available at the time the
statements are made and/or management’s good faith belief as of
that time with respect to future events, and are subject to risks,
trends, uncertainties and other facts that could cause actual
performance or results to differ materially from those expressed in
or suggested by the forward-looking statements. These risks,
trends, uncertainties and facts include, but are not limited to,
risks related to: AMC’s ability to obtain additional liquidity,
which if not realized or insufficient to generate the material
amounts of additional liquidity that will be required unless it is
able to achieve more normalized levels of operating revenues,
likely would result with AMC seeking an in-court or out-of-court
restructuring of its liabilities; the potential impact of AMC’s
existing or potential lease defaults; the impact of the COVID-19
virus on AMC, the motion picture exhibition industry, and the
economy in general; AMC’s significant indebtedness, including its
borrowing capacity and its ability to meet its financial
maintenance and other covenants; motion picture production and
performance; AMC’s lack of control over distributors of films;
intense competition in the geographic areas in which AMC operates;
increased use of alternative film delivery methods or other forms
of entertainment; shrinking exclusive theatrical release window;
AMC Stubs A-List not meeting anticipated revenue projections;
general and international economic, political, regulatory and other
risks; limitations on the availability of capital; AMC’s ability to
refinance its indebtedness on favorable terms; availability of
financing upon favorable terms or at all; risks relating to
impairment losses, including with respect to goodwill and other
intangibles, and theatre and other closure charges; supply chain
disruptions, labor shortages, increased cost and inflation; and
other factors discussed in the reports AMC has filed with the SEC.
Should one or more of these risks, trends, uncertainties, or facts
materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those indicated or
anticipated by the forward-looking statements contained herein.
Accordingly, you are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date they
are made. Forward-looking statements should not be read as a
guarantee of future performance or results and will not necessarily
be accurate indications of the times at, or by, which such
performance or results will be achieved. For a detailed discussion
of risks, trends and uncertainties facing AMC, see the section
entitled “Risk Factors” in AMC’s Form 10-K for the year ended
December 31, 2021 and Form 10-Q for the quarter ended June 30, 2022
filed with the SEC, and the risks, trends and uncertainties
identified in its other public filings. AMC does not intend, and
undertakes no duty, to update any information contained herein to
reflect future events or circumstances, except as required by
applicable law.
Category: Company Release
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INVESTOR RELATIONS: John Merriwether, 866-248-3872
InvestorRelations@amctheatres.com
MEDIA CONTACTS: Ryan Noonan, (913) 213-2183
rnoonan@amctheatres.com
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