Kansas City, Mo. -- AMC Entertainment Inc. (AMC), one of the world's leading theatrical exhibition companies, today reported unaudited results for the period ended December 31, 2012.
AMC's total revenues increased 10.8%, or $259 million, to $2.65 billion during the period December 30, 2011 through December 31, 2012 ("CY 2012"), compared to the fifty-two weeks ended December 29, 2011 ("CY 2011"). Admissions revenues increased 8.8%, or $144.7 million, to $1.8 billion in CY 2012 compared to CY 2011, primarily due to a 6.8% increase in attendance and a 1.9% increase in average ticket prices. Concessions revenues increased 12.3%, or $81.5 million, to $743 million in CY 2012, compared to CY 2011, due to the increase in attendance and a 5.3% increase in average concessions per patron.
"The entire industry celebrated its best year on record, and AMC celebrated the best year in its history in terms of total revenues," said Gerry Lopez, AMC's CEO and president. "We put smiles on almost 200 million guests' faces in 2012, a level of attendance we haven't seen since fiscal 2007. In 2013 we intend to build on this success with additional investments in the modernization of our fleet and enhancement of our food and beverage offerings, to ensure our guests have reasons to return to AMC again and again."
Net earnings for CY 2012 increased to $58.0 million from a net loss of ($242.5) million in CY 2011. The $300.5 million improvement in net earnings was primarily due to: operating improvements in admissions and concessions revenues due to the success of our food and beverage strategic initiatives, the timing of rewards accumulated and redeemed related to our guest frequency program AMC Stubs and the additional four days included in CY 2012 compared to CY 2011; non-operating improvements due to gains recorded in discontinued operations on the disposition of Canada and UK theatres; lower interest expense and investment losses; lower charges for financing costs; improvement in equity earnings from non-consolidated entities; lower impairment charges; and lower theatre closure expenses.
Adjusted EBITDA for CY 2012 increased to $438.2 million from $302.4 million for the year ended December 29, 2011. Detailed information regarding our revenues, costs and expenses attributable to our operations during CY 2012 and CY 2011 is provided in the tables accompanying this news release.
As of December 31, 2012, AMC owned, operated or held interests in 344 movie theatres with a total of 4,988 screens.
Forward Looking Statements
Certain statements in this press release, as well as reports and other information that AMC files with the Securities and Exchange Commission, include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. The words "forecast", "estimate", "project", "intend", "expect", "should", "believe" and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors, which may cause AMC's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the following: national, regional and local economic conditions that may affect the markets in which AMC and AMC's joint venture investees operate; the levels of expenditures on entertainment in general and movie theatres in particular; increased competition within movie exhibition or other competitive entertainment mediums; technological changes and innovations, including alternative methods for delivering movies to consumers; the popularity of major motion picture releases; shifts in population and other demographics; AMC's ability to renew expiring contracts at favorable rates, or to replace them with new contracts that are comparably favorable to AMC; AMC's need for, and ability to obtain, additional funding for acquisitions and operations; risks and uncertainties relating to AMC's significant indebtedness; fluctuations in operating costs; capital expenditure requirements; changes in interest rates; changes in accounting principles, policies or guidelines; and effects of geopolitical events, including the threat of domestic terrorism or cyber attacks. This list of factors that may affect future performance and the accuracy of forward-looking statements is illustrative but not exhaustive. In addition, new risks and uncertainties may arise from time to time. Accordingly, all forward-looking statements should be evaluated with an understanding of their inherent uncertainty. Except as required by law, AMC assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.