AMC Entertainment Holdings, Inc. Announces Record Third Quarter 2016 Results

AMC Entertainment Holdings, Inc. (NYSE:AMC) ("AMC" or "the Company"), one of the world's leading theatrical exhibition companies and an industry leader in innovation and operational excellence, today reported results for the third quarter and nine months ended September 30, 2016.

Highlights for the third quarter 2016 include the following:
  • AMC set third quarter records for the three months ended September 30 th period for all revenue segments: admissions revenues, food and beverage revenues and other revenues.
  • Total revenues increased 13.2% to $779.8 million compared to total revenues of $688.8 million for the three months ended September 30, 2015.
  • Admissions revenues increased 12.6% to $496.7 million compared to $441.3 million for the same period a year ago. Average ticket price increased 2.6% to a third quarter record $9.57 compared to $9.33 for the same period a year ago.
  • Food and beverage revenues increased 14.8% to $248.9 million, compared to $216.8 million for the quarter ended September 30, 2015. Food and beverage revenues per patron increased 4.8% to a third quarter record of $4.80 compared to $4.58 in the third quarter last year.
  • Net earnings increased 149.9% to $30.4 million and diluted earnings per share ("diluted EPS") increased 158.3% to $0.31 compared to $12.2 million and $0.12, respectively, for the three months ended September 30, 2015. Net earnings margin for the third quarter was 3.9% compared to 1.8% for the same period a year ago.
  • Adjusted diluted earnings per share (1) ("adjusted diluted EPS") increased 121.4% to $0.31 compared to $0.14 for the three months ended September 30, 2015. Included in adjusted diluted EPS for the three months ended September 30, 2016, and September 30, 2015, were approximately $5.0 million and $0.75 million of merger and acquisition costs, respectively.
  • Adjusted EBITDA (1) increased 32.5% to $144.4 million compared to $109.0 million for the three months ended September 30, 2015. Adjusted EBITDA Margin (1) for the third quarter was 18.5% compared to 15.8%, for the same period a year ago.
  • Adjusted Free Cash Flow (1) for the quarter ended September 30, 2016, increased 74.2% to $21.6 million compared to $12.4 million for the quarter ended September 30, 2015.
  • During the third quarter of 2016, we completed a national relaunch of our AMC Stubs® loyalty program featuring both a traditional paid tier called AMC Stubs Premiere™ and a new non-paid tier called AMC Stubs Insider™. Both programs reward loyal guests for their patronage of AMC Theatres. As of June 30, 2016, prior to our national relaunch, we had 2,672,000 active member households in the AMC Stubs® program. As of September 30, 2016, we had more than 4,000,000 active member households enrolled in both the AMC Stubs Premiere™ and AMC Stubs Insider™ programs, combined. New members are enrolling in the new AMC Stubs® program at a rate greater than 11 times the number of enrollments during the same period in 2015. As of today, the number of active member households has already reached 4,500,000. We expect it to double again over the next 24 to 36 months.

"Fueled by both a commitment to deliver on our key priorities and a strong industry box office, AMC delivered another outstanding quarter, setting third quarter records on many fronts, and growing adjusted EBITDA nearly 33% and diluted EPS over 150%," said Adam Aron, AMC Chief Executive Officer and President.

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