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"We have emphasized the box office strength needed to be broad-based across all film genres to drive box office back to pre-pandemic levels and higher." "More importantly, after the domestic box office was jump-started by a handful of action-oriented films, we are pleased to see similar demand levels and better-than-expected box office results from both horror films and family films," he wrote. Wold reiterated a projection for third-quarter sales to be down 35% and fourth quarter to fall 20% compared with 2019 levels. The first quarter saw a decline of around 90% compared with 2019, he wrote. Riley Securities, in a research note published Monday. With just a few weeks remaining in the second quarter, the domestic box office appears to be on track for a decline of about 75% compared with the same quarter in 2019, wrote Eric Wold, senior analyst at B. Prior to the pandemic, the industry was raking in $11 billion in ticket sales in North America. However, these same theaters could become a big burden on its cost structure if ticket sales dry up as pent-up demand to get out of the house is satiated. If consumers continue to head out to the movies, AMC will be able to turn more locations into larger sales. By midday Monday, AMC was the most active stock being traded in the market.

The company's stock has risen nearly 2,600% since January, as AMC's surge forces short sellers to give up their bearish positions. Shares of AMC were up more than 18% on Monday, adding to last week's rally. It will also consider paying down some of its $5 billion in debt, reducing its interest costs and paying millions in unpaid rent.Īron has been able to raise the cash because of continued volatility in its stock, which has become a favorite among retail investors trading so-called meme stocks. With fresh funds, AMC's CEO Adam Aron said, the company plans on looking at several acquisitions, including buying ArcLight and Pacific theaters that will not reopen after the pandemic. Other businesses, including gyms, barbershops, and nail salons, will be permitted to do the same starting April 24th.The world's largest movie theater company has raised around $2 billion in cash over the last six months, predominantly from stock sales. economy, but also the world economy.”Īlong with movie theaters, restaurants and private social clubs will be allowed to re-open in Georgia beginning April 27th.

“If we continue on the path we are headed down, we will totally destroy not only the U.S. “In the same way that we carefully closed businesses and urged operations to end to mitigate the virus’s spread, today we’re announcing plans to incrementally and safely reopen sectors of our economy.” Governor Kemp said. Theaters that do re-open will likely screen older releases initially, Deadline reports. It’s also unclear how many people will be permitted inside of a theater: the White House’s phase one guidelines for re-opening says gatherings of more than 10 people should be prohibited. Despite the lifting of restrictions, it remains to be seen whether privately-owned theater chains will attempt to re-open as soon as next Monday.