AMC Entertainment Holdings reported results for the first quarter ended March 31, 2016. Total revenues were a first quarter record $766 million.
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This compares to total revenues of $653.1 million for the three months ended March 31, 2015.
Admissions revenues were a first quarter record $482.6 million compared to $418.7 million for the same period a year ago. Average ticket price was also a first quarter record $9.42 compared to $9.35 for the same period a year ago.
Food and beverage revenues were a first quarter record $244.2 million, compared to $200.5 million for the quarter ended March 31, 2015. Food and beverage revenues per patron increased 6.3% to $4.76, representing the highest in the history of the Company.
Adjusted EBITDA increased 26.6% to a first quarter record $146.5 million compared to $115.7 million for the three months ended March 31, 2015. Adjusted EBITDA Margin for the first quarter was 19.1% compared to 17.7%, for the same period a year ago.
Included in Adjusted EBITDA last year, for the three months ended March 31, 2015, was an $18.1 million one-time gain related to the termination of a post-retirement health benefit plan.
The gain was recorded as a reduction of general and administrative: other expense, and did not recur in 2016. Excluding the benefit of the $18.1 million gain, first quarter 2015 Adjusted EBITDA and Adjusted EBITDA Margin would have been approximately $97.6 million and 14.9% respectively.
Excluding this one-time gain, Adjusted EBITDA growth, year-over-year for the first quarter of 2016, showed an improvement of 50.1%, and Adjusted EBITDA Margin improved 420 basis points to 19.1% from 14.9%.
Net earnings grew 360.9% to $28.3 million and diluted earnings per share (“diluted EPSâ€) grew 383.3% to a first quarter record $0.29 compared to the three months ended March 31, 2015.
During the first quarter 2016, AMC recorded a $3.0 million gain, or approximately $0.02 per diluted share, on the sale of Real D to Rizvi Traverse Management LLC.
Excluding the benefit of this gain and excluding the benefit from the one-time $18.1 million gain related to the termination of a post-retirement health benefit plan in the prior year’s first quarter, adjusted diluted EPS for the three months ended March 31, 2016, was earnings of $0.27 per diluted share compared to a loss of $0.05 per diluted share for the first quarter ended March 31, 2015.
Free Cash Flow for the quarter ended March 31, 2016, increased approximately $52.9 million, or 276.1% to $72.1 million. ■