AMC Theater Chain Swings to a Profit
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AMC Entertainment Inc., the second-biggest publicly traded movie theater chain, said it returned to profitability in its fiscal first quarter as ticket prices rose and the company reduced expenses.
Net income in the period ended July 3 was $11.8 million, or 11 cents a share, contrasted with a net loss of $875,000, or 28 cents, a year earlier. Revenue rose 2.5% to $473.2 million, the company said.
The quarter was helped by a 10% rise in average ticket prices and the release of popular movies such as “Matrix Reloaded,” the company said.
The Kansas City, Mo.-based company also trimmed administrative expenses and theater operating costs.
Shares of AMC rose 14 cents to $10.59 on the NYSE.
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