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AMC CEO touts progress as turnaround continues
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Shares of AMC Entertainment jumped Tuesday after the movie theater chain shared its preliminary fourth-quarter earnings which show the company's turnaround continues.
"AMC’s 2021 results improved significantly as the year progressed, and we finished the year with the strongest quarter in two years," AMC Entertainment CEO Adam Aron said in a statement.
AMC ENTERTAINMENT HOLDINGS INC
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AMC reported a preliminary net loss for the fourth quarter of 2021 between $194.8 million and $114.8 million, including an estimated non-cash assets impairment charge of $50 million to $125 million, compared to a net loss of $946.1 million during the same period in 2020. Meanwhile, total revenue for the three-month period ending Dec. 31 is expected to come in at approximately $1.17 billion, up from $162.5 million during the same period in 2020.
The company also anticipates positive operating cash of more than $215 million for a record year-ending liquidity position of $1.8 billion.