AMC Entertainment now records a new Q2 high record, according to CEO Adam Aron’s earnings announcement on Friday.
The company today reported results for the second quarter ended June 30, 2024, which have been posted to the Investor Relations section of AMC’s website at https://investor.amctheatres.com/.
CEO Adam Aron said AMC Entertainment Holdings Inc. had the best Q2 June in its 104-year-old history.
The company was also able to secure more than $770 million in cash equivalents by the end of the second quarter.
The “box office is making a come back”, said Adam Aron during the Q2 earnings call.
Despite recording a record Q2 June, the company still has a lot of work ahead, as stated in the call.
Total Q2 revenue was down to $1,030.6 million compared to $1,347.9 million from last year.
Adjusted EBITDA also fell drastically to $29.4 million compared to $182.5 million from Q2 of last year.
In a statement, CEO Adam Aron suggested to continue supporting AMC movie theaters to increase consumer demand.
His optimism and bullish sentiment derives from the $770 million in cash equivalents the company was able to generate.
To further support this sentiment, the CEO cited box office numbers are roaring and anticipates upcoming titles will continue to propel AMC Entertainment forward.
AMC Entertainment stock fell 3.5% on Friday.
The company’s stock has risen more than 23% in the past six months, but is currently down 19% this year-to-date.
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GameStop’s Ryan Cohen has now been dragged in a lawsuit for insider trading, and allegedly profiting tens of millions of dollars illegally.
The company formerly known as Bed Bath & Beyond Inc. has sued Ryan Cohen and his company RC Ventures LLC, alleging that they engaged in insider trading and made $47 million in illegal profits.
Cohen is the founder of Chewy Inc. and the chairman and CEO of GameStop Corp. Between January and August 2022, while Cohen and RC Ventures were acting as statutory directors of Bed Bath & Beyond, they allegedly used insider information to make profitable trades in Bed Bath & Beyond’s stock.
The bankrupt Bed Bath & Beyond company claims it is entitled to recover these “short-swing” trading profits under securities law, since Cohen and RC Ventures were acting as directors and also beneficially owned more than 10% of Bed Bath & Beyond’s stock, per Bloomberg.
This lawsuit is part of the company’s broader efforts to recover funds for its creditors as it goes through bankruptcy proceedings.
The company has also sued a New Jersey agency to recover $19 million in tax credits, and is seeking to recover over $300 million in trading profits from another hedge fund involved in a failed financing plan.
RC Ventures is currently the largest shareholder of GameStop, owning an 8.7% stake as of June 2023.
James A. Hunter of Radnor, Pa., represents the plaintiff.
The case is 20230930-DK-BUTTERFLY-I Inc. v. Cohen, S.D.N.Y., No. 1:24-cv-05874, complaint filed 8/1/24.
This is a developing story.
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Also Read: Foreign Markets Are Now Imposing Bans For Illegal Trading
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