AMC CEO Remains Optimistic About the Company's Ability to Bounce Back
"We have reason to be optimistic about AMC’s ability to get to the other side of this pandemic," he said in a statement.
Despite losing $4.6 billion in 2020, AMC CEO Adam Aron said that the company still has reason to be optimistic, USA Today reports.
Aron says that the optimism is due to vaccine rollout, movie theaters opening in New York City and likely soon Los Angeles, as well as the company having $1 billion of cash on hand after several financial maneuvers.
"Taking these facts together, we have reason to be optimistic about AMC's ability to get to the other side of this pandemic," he said in a statement.
The company sold only 4.82 million tickets at its American theaters in the fourth quarter of 2020, down 92% from a year earlier. For all of 2020, it sold 46.45 million at its American theaters, down 81% from 2019.
About two-thirds of AMC's U.S. theaters were operating as of Dec. 31, with capacities ranging from 20% to 40%.
Additionally, AMC's stock fell 6.5% to $9.85 on Wednesday but was up 7.6% in after-hours trading after the earnings report was released.
Read more on USA Today.
