pandemic and a substantial impairment charge contributed to a significant decline in second quarter profit, the latest media company to show the signs of grappling with conditions that have scuttled TV production and slowed the flow of advertising.
The New York owner of the AMC, IFC and Sundance cable networks said net income fell to $15 million, or 28 cents a share, compared with $128.7 million, or $2.25 a share, in the year-earlier quarter period. Excluding one time items, including a $130 million impairment charge related to its international operations, adjustedRevenue fell 16.3% to $646.3 million in the quarter.
But AMC Networks performed better than expected, as both revenue and earnings per share beat Wall Street’s estimates.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
AMC Theatres' Credit Rating Downgraded Over 'Distressed' Debt SwapDebt ratings agency S&P Global Ratings has reduced AMC Entertainment's credit ratings due to concerns over its new debt deal with bondholders davealvord164 China owns almost half of AMC. They will bail them out.
Source: THR - 🏆 411. / 53 Read more »
AMC Entertainment Clinches Financial Revamp; Debt Cut By $535M, Up To $415M Additional Liquidity Over 12-18 MonthsAMC Entertainment announced Monday it’s officially concluded a complex, and controversial, restructuring of approximately $2.6 billion of its debt that included an exchange and fresh capital raise.…
Source: DEADLINE - 🏆 109. / 63 Read more »
Norwegian Cruise Line Hurtigruten Apologizes, Suspends Travel After New Coronavirus OutbreakNorwegian cruise line Hurtigruten apologized and canceled its upcoming cruises amid a new Covid-19 outbreak onboard one of its ships I wonder how long that will last before their next bout of Amnesia. ZimbabweanLivesMatter FreeZimbabweans
Source: Forbes - 🏆 394. / 53 Read more »
Odell Beckham Jr. Says the 2020 NFL Season Should Be CanceledCleveland Browns star Odell Beckham Jr. thinks the 2020 NFL season should be cancelled because of coronavirus. This is the first smart thing I've heard come out of the NFL for months
Source: etnow - 🏆 696. / 51 Read more »
Sony Pictures Quarterly Profit Rises to $230 MillionSony Pictures grew its profit to $230 million in the fiscal first quarter, from a year-ago profit of $3 million amid the coronavirus pandemic ❤️🌹❤️🌹❤️🌹❤️
Source: THR - 🏆 411. / 53 Read more »
U.S. economy sees largest quarterly drop in history amid coronavirus pandemicEconomist Julianne Malveaux, and “One Fair Wage” President, Saru Jayaraman talk to MSNBC's Alicia Menendez about the disastrous second-quarter GDP report, and how the devolving economy is hurting ordinary Americans. They also discuss how people of color are being affected at a greater rate, and how this crisis compares to the financial crisis of 2008. She is no economist. She’s a race baiter Of course we are. There’s pandemic going on.
Source: MSNBC - 🏆 469. / 51 Read more »