AMC highlights strong opening weekend for ‘Avatar: The Way of Water’, raises $162 mln through APEs

AMC Entertainment Holdings Inc.
AMC,
-8.00%
says that “Avatar: The Way of Water” has enjoyed a strong opening weekend, with U.S. and global admissions revenue and food and beverage revenue finishing significantly higher than the same weekend in pre-pandemic 2019, which was led by the opening of “Jumanji: The Next Level”. The home theater chain and meme stock darling said that its premium formats were particularly popular over the weekend, with more than 70% of revenue for “Avatar: The Way of Water” coming from 3D, IMAX at AMC, Dolby Cinema at AMC and PRIME at AMC. The company said that the movie also played strong overseas all weekend, particularly on Saturday, when AMC’s ODEON Cinemas enjoyed its highest admissions revenue and food & beverage revenue for a single day in 2022. “The film is unlike anything I’ve ever experienced,” said AMC CEO Adam Aron, in a statement, adding that he saw the movie twice over the weekend. In a separate announcement Monday, AMC said that it has raised approximately $162.4 million through sales of its AMC Preferred Equity Units
APE,
-6.52%
since launching its At-The-Market program. The APEs made their trading debut in August. The company said it has strengthened its balance sheet by repurchasing approximately $36 million in principal debt at an average discount of approximately 61%, taking total principal debt reduction for the fourth quarter to approximately $107 million and the total principal debt reduction for 2022 to approximately $180 million. The company expects liquidity as of Dec. 31, 2022 to be between $725 million and $825 million. AMC also announced the acquisition of a 13-screen former Arclight Cinemas theatre in Boston. AMC’s stock fell 0.6% before market open. APEs rose 1.4%.