AMC Entertainment Holdings, Inc. (NYSE: AMC) watched its stock trade up to 4 percent at $11.80 per share, after posting strong second quarter financial results.
The cinema company owned by China’s conglomerate, Wanda Group reported an increased revenue by 4 percent year-over-year to $1.5 billion in the second quarter of 2019 in its financial results. The company’s net profit rose up 123 percent at $49 million in the second quarter of 2019, compared to a net income of $22 million in the same period of 2018.
Adam Aron, Ceo and president of AMC was pleased with the strong results the company produced in the second quarter.
“AMC delivered strong results for the second quarter of 2019, achieving 4.4% year-over-year total revenue growth to $1.506 billion, driven by record attendance in both our U.S. and international markets,” Aron said in a statement on Thursday. “Importantly, total Adjusted EBITDA grew 7.3% year-over-year after adjusting 2018 for the non-cash accounting impact of ASC 842.”
Aaron also praised the popularity of the company’s AMC Stubs loyalty program, which recently passed 21 million member households, and it’s A-List subscription section of the program crossed 900,000 subscribers. AMC Stubs provides movie rewards, such as free popcorn refills per purchase, up to $2 off movie tickets every Tuesday, and a $5 reward every time a member reaches 5,000 points.
In addition, AMC during the second quarter added renovations to its owned theaters. 15 theaters received additional reclined seating, 878 movie screens were converted to reserved seating, and eight new Dolby screen were added.