Earnings release
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amc ENTERTAINMENTⓇ FOR IMMEDIATE RELEASE INVESTOR RELATIONS : John Merriwether , 866-248-3872 Investor Relations@amctheatres.com Third Quarter Summary MEDIA CONTACTS : Ryan Noonan , ( 913 ) 213-2183 rnoonan@amctheatres.com AMC Entertainment Holdings , Inc. Reports Third Quarter 2021 Results LEAWOOD , KANSAS - ( November 8 , 2021 ) -- AMC Entertainment Holdings , Inc. ( NYSE : AMC ) ( " AMC " or " the Company " ) , today reported results for the third quarter ended September 30 , 2021 . As of September 30 , 2021 , AMC operated 596 domestic theatres representing essentially 100 % of its domestic theatres and 351 international theatres representing approximately 99 % of its international theatres . Substantially all of the Company's theatres were open for the entirety of the third quarter . Adam Aron , Chairman and CEO of AMC Entertainment commented , " For the first time since the fourth quarter of 2019 , substantially all of our worldwide theatres were open for the entirety of a calendar quarter . Thanks to an increasingly appealing film slate , rising COVID - 19 vaccination counts , our commitment to robust health and safety protocols and our own greatly increased marketing activity , AMC's theatres in the U.S. , Europe and the Middle East safely welcomed back 40 million guests during the third quarter of 2021. These guests generated significant revenue per patron growth , which when combined with our cost control efforts , generated financial results that were well ahead of market expectations . More important than beating expectations , however , is the significant progress AMC has been making with those financial results . Admission tickets sold , consolidated revenues and net income in the third quarter of 2021 all show marked improvement over Q2 of 2021 and the prior year period . And our Net Loss and Adjusted EBITDA for the most recent quarter saw a 34.8 % and 96.4 % improvement over the second quarter of 2021 , respectively , and a 75.2 % and 98.4 % improvement over the comparable third quarter of 2020 a year ago , respectively . " Aron said , " We are also encouraged by the results from the beginning of the fourth quarter of 2021. Indeed , as we announced just a week ago , our October theatre admissions revenues were the highest of any month since before the global pandemic forced the closure of our cinemas more than a year and a half ago . That is just one more good sign among many we have seen in 2021. " Aron added , " Our quarter - ending liquidity as of September 30 , 2021 , of more than $ 1.8 billion , including cash and our undrawn revolving credit lines remains at near - record levels , and also gives us comfort . Incidentally , we do not anticipate having to borrow under those lines of credit in the next 12 months . This strong liquidity position provides a foundation for us to innovate , as well as imaginatively grow and diversify our business . At the same time , our improving financial results and solid liquidity position are enabling us to take steps to reduce our financial leverage . " Aron concluded , " Our financial results continue to improve . More and more major films are on the docket for release in the remainder of 2021 , and throughout 2022. One can see and feel that our industry and our company are on a path of recovery and improvement . Therefore , our spirits are upbeat . However , even amidst such good news , we are not yet where we want and need to be . We wish to emphasize that no one should have any illusions that there is not more challenge ahead of us still to be met . The virus continues to be with us , we need to sell more tickets in future quarters than we did in the most recent quarter , and Adjusted EBITDA is still well below pre - pandemic levels . "