-----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, BMdR51jgncZuTLhHLy9yj1rko+D3ftCHnmXIdmc89bEiIQKacopIAfGiBBuke1Cy 1vEy94lZc8DdLIioFv9D9g== 0000722077-01-500022.txt : 20010601 0000722077-01-500022.hdr.sgml : 20010601 ACCESSION NUMBER: 0000722077-01-500022 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20010329 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20010531 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: 1651697 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 front.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) May 30, 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 May 30, 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 on May 30, 2001 by AMC Entertainment, Inc. announcing operating results for fiscal year 2001. 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: May 31, 2001 By: /s/ Craig R. Ramsey ------------------------------- Craig R. Ramsey Senior Vice President, Finance, Chief Financial Officer and Chief Accounting Officer EX-99.1 2 exhibit.txt EXHIBIT 99.1 Richard J. King May 30, 2001 Senior Vice President, Corporate Communications AMC Entertainment Inc. (816) 221-4000 AMC Entertainment Inc. reports record revenues and adjusted EBITDA for Fiscal 2001 Fourth-quarter revenues also record; adjusted EBITDA up more than 200 percent from prior year KANSAS CITY, Mo. - AMC Entertainment Inc., one of the world's leading theatrical exhibition companies, today reported revenues of $290 million for the fourth quarter of fiscal year 2001, ended March 29, 2001, and fiscal-year revenues of $1.21 billion. Both the fourth-quarter revenues (up 11 percent from $262 million in the same quarter a year ago) and fiscal 2001 revenues (up 4 percent from $1.17 billion the year before) represent new Company records for the respective periods. Adjusted EBITDA (as defined in the attached Financial Summary) for the fourth quarter was $27.2 million, a 213 percent increase over Adjusted EBITDA of $8.7 million for the fourth quarter last year. For fiscal 2001, Adjusted EBITDA was $140.8 million, up 20 percent from $117.6 million for the previous year. The fiscal year's Adjusted EBITDA also represents a Company record. "In a year that saw almost all of our major theatre company peers seek bankruptcy, our record results are a testimony to the foresight of our strategic initiatives and our unsurpassed asset quality," said Peter Brown, chairman and chief executive officer. "We look forward to continued execution of our plan that, with our newly strengthened balance sheet, will keep us at the forefront of our industry." Net loss for the fourth quarter was $63.6 million ($2.71 per share), compared to last year's loss of $29.1 million ($1.24 per share). For fiscal 2001, the Company's net loss was $105.9 million ($4.51 per share), compared to last year's loss of $55.2 million ($2.35 per share). Fiscal 2001 net loss was increased by charges for the impairment of long-lived assets and an accounting change. Excluding these charges, which were non-cash, net loss for the fourth quarter was $24.6 million ($1.05 per share), and for the fiscal year, the Company's net loss before charges was $53.9 million ($2.30 per share). During fiscal 2001, the Company adopted Staff Accounting Bulletin No.101, "Revenue Recognition in Financial Statements." As a result, the Company recorded a $15.8 million ($.67 per share) non-cash cumulative effect adjustment (retroactive to the beginning of the fiscal year) which increased net loss, and recorded a $10.0 million increase in other income and a $2.5 million decrease in other theatre revenues, which had the net effect of increasing Adjusted EBITDA by $7.5 million and decreasing net loss by $4.5 million ($.19 per share). On April 20, 2001, after the end of fiscal 2001, AMC announced the private placement of $250 million in Convertible Preferred Stock with Apollo Management, L.P., a private equity investment firm. Net proceeds from the financing were used to reduce borrowings on the Company's $425 million Revolving Credit Facility, with no reduction of the facility's commitment amount. AMC Entertainment Inc. is a leader in the theatrical exhibition industry. Through its circuit of AMC Theatres, the Company operates 180 theatres with 2,796 screens in the United States, Canada, France, Hong Kong, Japan, Portugal, Spain and Sweden. 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. - -3- Investors will have the opportunity to listen to a conference call and view a supporting slide presentation regarding fiscal 2001 fourth quarter and year-end results, as well as certain forward- looking information, at 8 a.m. CDT on Thursday, May 31, 2001, through the website 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, potential work stoppage within the film industry and other risks and uncertainties. FINANCIAL SUMMARY FOLLOWS
AMC ENTERTAINMENT INC. 4/4 FINANCIAL SUMMARY (In thousands, except per share data) Thirteen Weeks Ended Fifty-two Weeks Ended ------------------------------------ ------------------------------ March 29, 2001 March 29, 2001 ---------------------- --------------------- Before After March 30, Before After March 30, Charges Charges(1)Charges 2000 Charges Charges(1) Charges 2000 --------- ------ ------- ------ ------- -------- ------- ----- Statement of Operations Data: Admissions $197,808 $ - $197,808 $171,652 $811,068 $ - $811,068 $763,083 Concessions 79,091 - 79,091 72,223 334,224 - 334,224 329,855 Other theatre 5,870 (973) 4,897 8,448 28,552 (2,500) 26,052 30,013 Other 7,757 - 7,757 9,401 43,457 - 43,457 43,991 ------ ------ ------ ------ ------- ------ -------- -------- Total revenues 290,526 (973) 289,553 261,724 1,217,301 (2,500) 1,214,801 1,166,942 Film exhibition costs 101,474 - 101,474 87,950 432,351 - 432,351 417,736 Concession costs 8,023 - 8,023 11,731 46,455 - 46,455 50,726 Theatre operating expense 73,754 - 73,754 81,153 300,773 - 300,773 290,072 Rent 58,647 - 58,647 52,655 229,314 - 229,314 198,762 Other 9,964 - 9,964 10,524 42,610 - 42,610 44,619 General and administrative 10,510 - 10,510 9,039 32,499 - 32,499 47,407 Preopening expense 1,011 - 1,011 1,584 3,808 - 3,808 6,795 Theatre and other closure expense 10,342 - 10,342 2,718 24,169 - 24,169 16,661 Restructuring charge - - - - - - - 12,000 Depreciation and amortization 26,500 - 26,500 27,668 105,260 - 105,260 95,974 Impairment of long-lived Assets - 64,963 64,963 5,897 - 68,776 68,776 5,897 (Gain) loss on disposition of assets 1,131 - 1,131 18 (664) - (664) (944) ------- ------- ------- ------- --------- ------ -------- --------- Total costs and expenses 301,356 64,963 366,319 290,937 1,216,575 68,776 1,285,351 1,185,705 ------- ------- ------- ------- --------- ------ -------- --------- Operating (loss) income (10,830) (65,936) (76,766) (29,213) 726 (71,276) (70,550) (18,763) Other income - - - - - (9,996) (9,996) - Interest expense 18,930 - 18,930 18,201 77,000 - 77,000 62,703 Investment income (1,530) - (1,530) (430) (1,728) - (1,728) (219) ------- ------- ------- ------- ------- ------ ------- ------- Loss before income taxes and cumulative effect of an accounting change (28,230) (65,936) (94,166) (46,984) (74,546) (61,280) (135,826) (81,247) Income tax provision (3,600) (27,000) (30,600) (17,900) (20,600) (25,100) (45,700) (31,900) ------- ------- ------- ------- ------- ------- ------- ------- Loss before cumulative effect of an accounting change $ (24,630) $(38,936) $ (63,566) $ (29,084) $(53,946)$ (36,180) $(90,126) $(49,347) Cumulative effect of an accounting change, net of taxes - - - - - (15,760) (15,760) (5,840) -------- ------- ------- ------- ------ ------ ------- ------- Net loss $ (24,630) $(38,936) $ (63,566) $(29,084) $(53,946) $(51,940) $(105,886) $(55,187) ======= ======= ======= ======= ======= ====== ======= ======= Net loss per share before cumulative effect of an accounting change: Basic $ (1.05) $ (1.66) $(2.71) $(1.24) $ (2.30) $ (1.54) $(3.84) $(2.10) ===== ===== ===== ===== ===== ===== ===== ====== Diluted $ (1.05) $ (1.66) $(2.71) $(1.24) $ (2.30) $ (1.54) $(3.84) $(2.10) ===== ===== ===== ===== ===== ===== ===== ====== Net loss per share: Basic $ (1.05) $ (1.66) $ (2.71) $ (1.24) $ (2.30) $ (2.21) $(4.51) $(2.35) ===== ===== ===== ===== ===== ===== ===== ====== Diluted $ (1.05) $ (1.66) $ (2.71) $ (1.24) $ (2.30) $ (2.21) $(4.51) $(2.35) ===== ===== ===== ===== ===== ===== ===== ====== Average shares outstanding: Basic 23,469 23,469 23,469 23,469 23,469 23,469 23,469 23,469 ===== ===== ===== ===== ===== ===== ===== ====== Diluted 23,469 23,469 23,469 23,469 23,469 23,469 23,469 23,469 ===== ===== ===== ===== ===== ===== ===== ====== Other Financial Data: Adjusted EBITDA(2) $28,154 (973) $27,181 $ 8,672 $133,299 7,496 $140,795 $117,620 Capital expenditures/ (proceeds), net(3)$21,630 - $21,630 (12,504) $109,655 - $109,655 $176,619 Thirteen Weeks Ended Fifty-two Weeks Ended March 29, March 30, March 29, March 30, 2001 2000 2001 2000 -------- ------- ------- -------- Operating Data: Screen additions 30 36 115 450 Screen dispositions 66 49 250 282 Average screens 2,773 2,847 2,818 2,754 Attendance (in thousands) 36,267 33,391 151,171 152,943 Number of screens operated - - 2,768 2,903 Number of theatres operated - - 180 211 Screens per theatre circuit wide - - 15.4 13.8 Balance Sheet Data: Cash and equivalents $ 34,075 $119,305 Corporate borrowings 694,172 754,105 Capital and financing lease obligations 56,684 68,506 Net debt (4) 716,781 703,306 (1)Includes the Company's fiscal 2001 Impairment of long-lived assets, fiscal 2001 cumulative effect of an accounting change net of income tax benefit and the current year impact of the accounting change. (2)Represents net loss before cumulative effect of an accounting change plus interest, income taxes, depreciation and amortization and adjusted for restructuring charge, impairment losses, preopening expense, theatre and other closure expense, (gain) loss on disposition of assets and equity in earnings of unconsolidated affiliates. (3)Represents capital expenditures less proceeds from sale and leaseback transactions. (4)Represents corporate borrowings and capital and financing lease obligations less cash and equivalents.
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