Movie-theater operator AMC blames bad earnings on bad movies

Before you go, we thought you'd like these...
'Jason Bourne' tops US weekend box office

This summer's slate of big-ticket movies has been a disappointment.

And Hollywood's output is hitting AMC Entertainment, which operates movie theaters, pretty hard.

On Monday morning, AMC reported second-quarter earnings and revenue that missed expectations, with the company citing a "lackluster film slate" that has seen industry-wide box-office revenue fall 10.7% per screen.

AMC chief financial officer Craig Ramsey added in a statement on Monday that industry-wide box-office revenue was down 9.3% on a 10.6% attendance drop.

RELATED: The 15 highest-grossing animated movies of all time

16 PHOTOS
The 15 highest-grossing animated movies of all time
See Gallery
The 15 highest-grossing animated movies of all time

15. "Monsters, Inc." (2001) $423.4 million (adjusted for ticket price inflation)

$289.9 million - unadjusted

Photo: Disney/Pixar

Numbers provided from Box office Mojo

14. "Toy Story 3" (2010) $447.8 million (adjusted)

$415 million - unadjusted

Photo: Disney/Pixar

Numbers provided from Box office Mojo

13. "Aladdin" (1992) $449.9 million (adjusted)

$217.3 million - unadjusted

Photo: Walt Disney Pictures

Numbers provided from Box office Mojo

12. "Lady and the Tramp" (1955) $478.2 million (adjusted)

$93.6 million - unadjusted

Photo: Disney

Numbers provided from Box office Mojo

11. "Cinderella" (1950) $517.3 million (adjusted)

$93.1 million - unadjusted

Photo: Disney

Numbers provided from Box office Mojo

10. "Finding Nemo" (2003) $528.4 million (adjusted)

$380.8 million - unadjusted

Photo: Disney/Pixar

Numbers provided from Box office Mojo

 

9. "Bambi" (1942) $546.6 million (adjusted)

$102.2 million - unadjusted

Photo: Disney

Numbers provided from Box office Mojo

8. "Pinocchio" (1940) $578.3 million (adjusted)

$84.2 million - unadjusted

Photo: Disney

Numbers provided from Box office Mojo

7. "Shrek 2" (2004) $609.6 million (adjusted)

$441.2 million - unadjusted

Photo: DreamWorks Animation

Numbers provided from Box office Mojo

6. "Sleeping Beauty" (1959) $623.5 million (adjusted)

$51.6 million - unadjusted

Photo: Disney

Numbers provided from Box office Mojo

5. "The Jungle Book" (1967) $632.1 million (adjusted)

$141.8 million - unadjusted

Photo: Disney

Numbers provided from Box office Mojo

4. "Fantasia" (1941) $712.5 million (adjusted)

$76.4 million - unadjusted

Photo: Disney

Numbers provided from Box office Mojo

3. "The Lion King" (1994) $764.8 million (adjusted)

$422.7 million - unadjusted

Photo: Disney

Numbers provided from Box office Mojo

2. "101 Dalmatians" (1961) $857.2 million (adjusted)

$144.8 million - unadjusted

Photo: Disney

Numbers provided from Box office Mojo

1. "Snow White and the Seven Dwarfs" (1937) $935.2 million (adjusted)

$184.9 million - unadjusted

Photo: RKO Radio Pictures

Numbers provided from Box office Mojo

of
SEE ALL
BACK TO SLIDE
SHOW CAPTION +
HIDE CAPTION

In the second quarter, AMC earned an adjusted $0.24 a share on revenue of $764 million. Expectations were for earnings of $0.26 on revenue of $774.3 million.

In premarket trade, shares of AMC were down by as much as 6.8%.

July, however, has served the company better with year-on-year revenue up 7% as of Friday.

The company is also bullish on 2017's film slate, which is expected to feature another installment of "Guardians of the Galaxy," "Pirates of the Caribbean," and "Transformers," in addition to sequels for Disney/Pixar's "Cars" as well as "Bad Boys" and "Fast and the Furious."

NOW WATCH: This all-black superyacht is the dream of billionaires around the world

See Also:

SEE ALSO: The stock market did something on Thursday that hadn't happened in 45 years

Read Full Story

People are Reading