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AMC Entertainment Inc. Reports Results For Fiscal 2005 Second Quarter
KANSAS CITY, Mo. (November 9, 2004)--AMC Entertainment Inc. (AMEX: AEN), one of the world's leading theatrical exhibition companies, today announced results for the second quarter of fiscal year 2005, ended September 30, 2004.
Revenues for the quarter were $462 million, compared to $437 million in last year's second quarter. Revenues through the first twenty-six weeks of fiscal 2005 were $951 million, compared to $908 million in the same period last year.
Loss for common shares for the second quarter was $12.4 million (33 cents per diluted share), compared to a loss for common shares of $5.1 million (14 cents per diluted share) in last year's second quarter. Loss for common shares year to date during fiscal 2005 was $3.5 million (10 cents per diluted share), compared to a loss for common shares of $2.4 million (6 cents per diluted share) in the same period last year.
Adjusted EBITDA for the second quarter was $62 million, compared to $58 million in last year's second quarter. Year to date during fiscal 2005, Adjusted EBITDA was $141 million, compared to $127 million for the same period last year.
As announced on July 22, 2004, AMC Entertainment Inc. has signed a definitive merger agreement pursuant to which AMC Entertainment Inc. will be acquired by Marquee Holdings Inc., an investment vehicle owned by certain affiliates of JPMorgan Partners ("JPMP"), the private equity arm of JPMorgan Chase & Co. (NYSE: JPM), and certain affiliates of Apollo Management, L.P. ("Apollo"), a private investment firm. The closing of the transaction is subject to conditions customary for transactions of this type, including receipt of shareholder and regulatory approvals. The parties have received all necessary antitrust approvals and hope to complete the transaction in the Company's third fiscal quarter.
This press release contains non-GAAP financial measures as defined by Regulation G of the Securities and Exchange Commission. As required, the attached financial summary contains a discussion of management's use of these measures and reconciliations to the most directly comparable GAAP measures. In addition, reconciliations of GAAP and non-GAAP financial measures are available on the Company's web site, www.amctheatres.com.
These non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, the financial measures prepared in accordance with GAAP. The financial measures as determined by management may not be comparable to the same financial measures as reported by other companies. As used herein, GAAP refers to generally accepted accounting principles in the United States of America.
AMC Entertainment Inc. is a worldwide leader in the theatrical exhibition industry. Through its circuit, the company has interests in approximately 382 theatres with 5,340 screens in the United States, Canada, Mexico, Argentina, Brazil, Chile, Uruguay, Hong Kong, France, and the United Kingdom.
Any forward-looking statements contained in this release, which reflect management's best judgment based on factors currently known, involve risks and uncertainties. Actual results could differ materially from those anticipated in the forward-looking statements included herein as a result of a number of factors, including among others the Company's ability to enter into various financing programs, the performance of films licensed by the Company, competition, construction delays, the ability to open or close theatres and screens as currently planned, the ability to sub-lease vacant retail space, domestic and international political, social and economic conditions, demographic changes, increases in demand for real estate, changes in real estate, zoning and tax laws, unforeseen changes in operating requirements, the Company's ability to identify suitable acquisition candidates and to successfully integrate acquisitions into its operations, results of significant litigation, and the Company's ability to obtain regulatory approvals for the proposed merger.
Contact: Pam Blase
AMC Entertainment Inc.
(816) 480-4749
