was nearly giddy Thursday, quoting Winston Churchill, trying to top him, talking up a box office recovery, the chain’s expanded market share, cash position and hiring plans and millions of new retail investors who have replaced China’s Wanda Group as its core shareholder base.
Aron was speaking on a conference call after the chain reported first-quarter financial results. It had alreadyat the figures in late April. Revenue plunged to $148 million from $941 million. Net losses narrowed to $576 million from $2.2 billion but that’s because the year-earlier quarter from included a one-time write-down $1.85 billion.
Meanwhile, he noted the nation’s largest chain has boosted its market share from about 26%-27% pre-pandemic to 33% currently — taking up slack from theaters that stayed closed, went bankrupt or just underperformed. It will probably lose a bit of that lead but not all once everyone’s back open. Some of AMC’s cash raise was helped earlier this year by a swarm of retail investors into the stock notably but not only on Reddit chatroom WallStreetBets, pushing up the share price. Wanda’s position was eroded and it’s no longer the controlling shareholder, instead 3.2 million new individual investors are. It’s very different, Aron said.
TheatersAreBack TheBigScreenIsBack
Good luck finding those workers
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