Movie-theater operator AMC blames bad earnings on bad movies
And Hollywood's output is hitting AMC Entertainment, which operates movie theaters, pretty hard.
On Monday morning AMC reported second quarter earnings and revenue that missed expectations, with the company citing a "lackluster film slate" that has seen industry-wide box office revenue fall 10.7% per screen.
AMC CFO Craig Ramsey added in a statement on Monday that industry-wide box office revenue was down 9.3% on a 10.6% attendance drop.
In the second quarter, AMC earned an adjusted $0.24 per share on revenue of $764 million. Expectations were for earnings of $0.26 on revenue of $774.3 million.
In pre-market trade, shares of AMC were down as much as 6.8%.
July, however, has served the company better with year-on-year revenues up 7% as of July 29.
The company is also bullish on 2017's film slate - which is expected to feature another installment of Guardians of the Galaxy, Pirates of the Caribbean, and Transformers, in addition to sequels for Disney/Pixar's Cars, Bad Boys, and Fast & Furious.