-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, QtvnnIm//pzyBfk8MsMPFv/m7zUqU+B0LJ9YwELe4QeGnqHc4cOtAfb9dBougQFP 2ERw7SMHEQN9pyznhw0aoQ== 0000722077-01-000006.txt : 20010129 0000722077-01-000006.hdr.sgml : 20010129 ACCESSION NUMBER: 0000722077-01-000006 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20001228 ITEM INFORMATION: FILED AS OF DATE: 20010126 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMC ENTERTAINMENT INC CENTRAL INDEX KEY: 0000722077 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MOTION PICTURE THEATERS [7830] IRS NUMBER: 431304369 STATE OF INCORPORATION: DE FISCAL YEAR END: 0401 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-08747 FILM NUMBER: 1515607 BUSINESS ADDRESS: STREET 1: 106 WEST 14TH STREET CITY: KANSAS CITY STATE: MO ZIP: 64105 BUSINESS PHONE: 8164804744 MAIL ADDRESS: STREET 1: 106 WEST 14TH STREET CITY: KANSAS CITY STATE: MO ZIP: 64105 8-K 1 0001.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) January 24, 2001 AMC ENTERTAINMENT INC. (Exact name of registrant as specified in its charter) DELAWARE 1-8747 43-1304369 (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 106 W. 14TH STREET P.O. Box 219615 Kansas City, Missouri 64121-9615 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (816) 221-4000 Item 7. Financial Statement and Exhibits. Exhibits: 99.1 January 24, 2001 Press Release 99.2 January 25, 2001 Press Release Item 9. Regulation FD Disclosure. Attached as Exhibit 99.1 and incorporated into this Item 9. by reference, is a press release which was issued by AMC Entertainment, Inc. announcing operating results for the third quarter of fiscal 2001. Attached as Exhibit 99.2 and incorporated into this Item 9. by reference, is a press release which was issued by AMC Entertainment, Inc. which clarifies its theatre closing plans. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. AMC ENTERTAINMENT INC. Date: January 26, 2001 By: /s/ Craig R. Ramsey --------------------- Craig R. Ramsey Senior Vice President, Finance, Chief Financial Officer and Chief Accounting Officer EX-99 2 0002.txt EXHIBIT 99.1 Richard J. King January 24, 2001 Senior Vice President, Corporate Communications AMC Entertainment Inc. (816) 221-4000 AMC Entertainment Inc. reports record third-quarter revenues, adjusted EBITDA KANSAS CITY, Mo. - AMC Entertainment Inc., one of the world's leading theatrical exhibition companies, today reported revenues of $305 million for the third quarter of fiscal year 2001, ended Dec. 28, 2000. Those revenues, up 7 percent from $285 million in the same quarter a year ago, represent a new Company record for third-quarter revenues. Adjusted EBITDA (as defined in the attached Financial Data Summary) for the third quarter was $35 million, an 18 percent increase over Adjusted EBITDA of $30 million for the third quarter last year. The Adjusted EBITDA also represents a Company record for the third quarter. For the quarter, AMC posted a net loss of $8.2 million (35 cents per share), compared to last year's third quarter loss of $8.9 million (38 cents per share). "We are extremely pleased to report record third quarter Adjusted EBITDA, despite a challenging industry environment that has severely impacted many of our competitors," said Peter Brown, chairman and chief executive officer. "This quarter's performance demonstrates that when good film product is combined with great assets-AMC's industry-leading portfolio of high-performance theatres-solid results will follow." For the first three quarters of fiscal 2001, AMC posted revenues of $927 million, an increase of 2.4 percent from the $905 million in revenues for the same period last year. Adjusted EBITDA for the year to date was $105 million, down 3.5 percent from $109 million in the year-ago period. For the fiscal year to date, AMC reported a net loss of $31.5 million ($1.34 per share), compared to a loss of $26.1 million ($1.11 per share) in the same period last year. Current year results include a non-cash impairment loss of $.10 per share and prior year results include a restructuring charge of $.31 per share and a charge for the cumulative effect of an accounting change of $.25 per share. Highlights of the third quarter include: 1. 67 percent of the AMC circuit now consists of megaplex screens. 2. AMC continues to dominate the industry rankings of top-performing theatres, with 24, or 48 percent, of the Top 50 theatres in North America. 3. G&A expense was $4.9 million lower than in the year-ago quarter. G&A expense as a percentage of revenues was 2.6 percent versus 4.5 percent in the year-ago quarter. 4. AMC continued to enhance the overall quality of its theatre portfolio by closing four underperforming theatres with 23 screens. AMC Entertainment Inc. is a leader in the theatrical exhibition industry. Through its circuit of AMC Theatres, the Company operates 181 theatres with 2,774 screens in the United States, Canada, Hong Kong, Japan, Portugal, Spain and France. Its Common Stock trades on the American Stock Exchange under the symbol AEN. The Company, headquartered in Kansas City, Mo., has a website at www.amctheatres.com. Investors will have the opportunity to listen to the quarterly earnings conference call and view the supporting slide presentation at 8 a.m. CST on Thursday, Jan. 25, 2001, through the website www.amctheatres.com or the website www.vcall.com. Any forward-looking statements contained in this release, which reflect management's best judgment based on factors currently known, involve risks and uncertainties. Actual results could differ materially from those anticipated in the forward-looking statements included herein as a result of a number of factors, including but not limited to the Company's ability to enter into various financing programs, competition from other companies, demographic changes, changes in economic climate, increase in demand for real estate, construction delays, unforeseen changes in operating requirements, the ability to achieve planned openings or closings of theatres and screens, changes in real estate, zoning and tax laws, the performance of films licensed by the Company and other risks and uncertainties. FINANCIAL SUMMARY FOLLOWS AMC ENTERTAINMENT INC. FINANCIAL DATA SUMMARY (In thousands, except per share data and operating data)
Thirteen weeks ended Thirty-nine weeks ended ------------------------------------- ----- Dec 28, Dec 30, Dec 28, Dec 30, 2000 1999 2000 1999 ---- ---- ---- ---- Statement of Operations Data: Admissions $199,165 $183,800 $613,260 $591,431 Concessions 82,946 78,420 255,133 257,632 Other theatre 9,147 9,627 22,682 21,565 Other 14,114 13,126 35,700 34,590 ------- ------- ------- ------- Total revenues 305,372 284,973 926,775 905,218 Film exhibition costs 106,866 98,693 330,877 329,786 Concession costs 12,077 11,406 38,432 38,995 Theatre operating expense 74,863 70,787 227,019 208,919 Rent 56,826 49,594 170,667 146,107 Other 11,429 11,606 32,646 34,095 General and administrative 8,004 12,873 21,989 38,368 Preopening expense 314 1,914 2,797 5,211 Theatre closure expense 1,421 2,251 13,827 13,943 Restructuring charge - - - 12,000 Depreciation and amortization 26,465 24,620 78,760 68,306 Impairment of long-lived assets - - 3,813 - Gain on disposition of assets (160) (635) (1,795) (962) ------- ------- ------- ------- Total costs and expenses 298,105 283,109 919,032 894,768 ------- ------- ------- ------- Operating income 7,267 1,864 7,743 10,450 Interest expense 19,854 16,630 58,070 44,502 Investment (income) loss 407 311 (198) 211 ------- ------- ------- ------- Loss before income taxes and cumulative effect of an accounting change (12,994) (15,077) (50,129) (34,263) Income tax provision (4,800) (6,165) (18,600) (14,000) ------- ------- ------- ------- Net loss before cumulative effect of an accounting change $ (8,194) $ (8,912) $ (31,529) $ (20,263) ======== ======== ======== ======== Cumulative effect of an accounting change, net of taxes - - - (5,840) ------- ------- ------- ------- Net loss $ (8,194) $ (8,912) $ (31,529) $ (26,103) ======== ======== ======== ======== Net loss per share before cumulative effect of an accounting change: Basic $ (.35) $ (.38)$ (1.34)$ (0.86) ======== ======== ======== ======== Diluted $ (.35) $ (.38)$ (1.34)$ (0.86) ======== ======== ======== ======== Net loss per share: Basic $ (.35) $ (.38)$ (1.34)$ (1.11) ======== ======== ======== ======== Diluted $ (.35) $ (.38)$ (1.34)$ (1.11) ======== ======== ======== ======== Average shares outstanding: Basic 23,469 23,469 23,469 23,469 ======== ======== ======== ======== Diluted 23,469 23,469 23,469 23,469 ======== ======== ======== ======== Thirteen weeks ended Thirty-nine weeks ended ----------------------------------------- Dec 28, Dec 30, Dec 28, Dec 30, 2000 1999 2000 1999 ---- ---- ---- ---- Other Financial Data: Adjusted EBITDA (1) $ 35,307 $ 30,014 $105,145 $108,948 Capital expenditures, net (2) 33,901 22,961 88,025 189,123 Operating Data: Attendance (in thousands)37,245 36,755 114,903 119,552 Average screens 2,757 2,797 2,833 2,723 Number of megaplexes operated - - 84 78 Number of megaplex screens operated - - 1,867 1,741 Number of multiplexes operated - - 102 137 Number of multiplex screens operated - - 937 1,175 Screens per theatre circuit wide - - 15.1 13.6 December 28, March 30, Balance Sheet Data: 2000 2000 ---- ---- Cash and equivalents $ 65,081 $119,305 Corporate borrowings 699,155 754,105 Capital and financing lease obligations 57,875 68,506 Net debt (3) 691,949 703,306 (1)Represents operating income excluding gain on disposition of assets, impairment of long-lived assets, depreciation and amortization, restructuring charge, theatre closure expense and preopening expense. (2)Represents capital expenditures less proceeds from sale and leaseback transactions. (3)Represents corporate borrowings and capital and financing lease obligations less cash and equivalents.
EX-99 3 0003.txt EXHIBIT 99.2 Richard J. King January 25, 2001 Senior Vice President, Corporate Communications AMC Entertainment Inc. (816) 221-4000 AMC Entertainment clarifies theatre closing plans KANSAS CITY, Mo. - AMC Entertainment Inc. today clarified its plans regarding theatre closings, stating that it plans to close approximately 300 screens at the rate of 70 to 80 per year for each of the next four years. AMC officials stated that these closings will come from a list of 548 screens that have been internally identified as candidates for potential closing. The potential closings are older-style multiplex screens that have lost customer traffic to the popular, newer-style megaplexes that feature stadium seating, bigger screens, plusher seats and other amenities. Megaplex screens now account for 67 per cent of AMC's total screen count. The 70-80 screen closings per year are a continuation of AMC's pattern of moving aggressively to close older, unprofitable theatres. Since 1995, AMC has closed more than 800 older screens. Company officials noted that many of the future closings will occur as a result of lease expirations, rather than lease buyouts. AMC yesterday reported record adjusted EBITDA of $35 million in the third quarter of fiscal 2001, an 18 percent increase over the same period last year. AMC Entertainment Inc. is a leader in the theatrical exhibition industry. Through its circuit of AMC Theatres, the Company operates 181 theatres with 2,774 screens in the United States, Canada, Hong Kong, Japan, Portugal, Spain and France. Its Common Stock trades on the American Stock Exchange under the symbol AEN. The Company, headquartered in Kansas City, Mo., has a website at www.amctheatres.com. Any forward-looking statements contained in this release, which reflect management's best judgment based on factors currently known, involve risks and uncertainties. Actual results could differ materially from those anticipated in the forward-looking statements included herein as a result of a number of factors, including but not limited to the Company's ability to enter into various financing programs, competition from other companies, demographic changes, changes in economic climate, increase in demand for real estate, construction delays, unforeseen changes in operating requirements, the ability to achieve planned openings or closings of theatres and screens, changes in real estate, zoning and tax laws, the performance of films licensed by the Company and other risks and uncertainties. # # # # # -----END PRIVACY-ENHANCED MESSAGE-----