AMC Theaters Screen Big Rev Boost
Movie studios reported a record-breaking year for 2012 -- so it comes as no surprise that theatrical exhibitors are also registering stellar results.
AMC Entertainment witnessed nearly an 11% rise in annual revenues to $2.7 billion. All this helped reverse a 2011 net loss of $242.5 million to a 2012 net profit of $58 million.
Attendance revenue grew 9% to $1.8 billion -- with actual attendance up 7% versus 2011. AMC reported a 2% rise in average ticket price, and a 12% gain to $743 million in concession revenues. The company said there was a 5.3% gain in average concessions per patron.
“We put smiles on almost 200 million guests’ faces in 2012, a level of attendance we haven’t seen since fiscal 2007," said Gerry Lopez, president and chief executive officer of AMC Entertainment, in release.
AMC credits its turnaround not only to admissions and concessions revenues, but from food and beverage "strategic initiatives." It also cites the timing of rewards from its frequency program, called AMC Stubs.
AMC owns or holds interests in 344 movie theaters with a total of 4,988 screens.
Total 2012 movie studio box office revenue grew 4% to a record $10.7 billion over 2011's $10.3 billion. Some 1.37 million tickets were sold in 2012, topping 1.3 million tickets sold in 2011. The record for most ticket sales was in 2002 -- 1.6 million.