Nov 6 (Reuters) - AMC Entertainment ( AMC ) on Wednesday
reported a fall in third-quarter revenue and saw a decline in
attendance at its theater chain, hurt by fewer blockbuster
releases from Hollywood studios.
Shares of the Leawood, Kansas-based company fell over 5% in
extended trading.
Strikes by actors and writers last year forced filming and
post-production work to shut down for months, leaving gaps in
this year's movie schedule.
Customers are also cutting back on discretionary spending
due to macroeconomic uncertainty.
CEO Adam Aron was optimistic about the future, saying that
AMC expects the industry-wide box office to markedly rise at
year-end and in the next two years.
Revenue for the third quarter stood at $1.35 billion, down
4.1% from $1.41 billion, a year ago. Analysts expected revenue
of $1.33 billion, according to data compiled by LSEG.
Attendance in theaters fell 11.5% to 65,087, from 73,576 in
the same quarter of last year.
AMC reported a net loss of $20.7 million for the quarter
ended Sept. 30, compared to net earnings of $12.3 million, a
year ago.