Disappointing results for cinema chain AMC after weak summer

 
Kate McCann
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The second-largest cinema chain in America AMC posted poor results for the third quarter
Cinema giant AMC posted disappointing third-quarter results last night, following a slow summer for the film and entertainment industry in America.

The chain revealed that net income dropped 78 per cent in the latter part of this year, from $33.9m (£21m) in the three months ending 30 September 2013 to just $7.4m for the same period this year. Despite box-office hits such as Guardian of the Galaxy and Teenage Mutant Ninja Turtles, AMC struggled, with revenue down across the board.

In total, revenue for the period was $633.9m compared with $696m in the same period 2013. Ticket sales were down from $467m to $417.4m and overall sales of food and drink were also down, hitting $189.1m, compared to $201.6m the year before.

On a positive note, it managed to convince cinema-goers to part with more cash per person on food and drink than ever before, $4.29 each on average, a record for AMC.

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