AMC CFO dumps chunk of stock
Goodman now owns approximately 111,300 shares, valued at more than $3.8M.
Adam Aron discusses AMC's quarter earnings and future business ventures.
AMC Entertainment's chief financial officer Sean Goodman has dumped 45,405 shares of the company's stock in a transaction that took place on Monday.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AMC | AMC ENTERTAINMENT | 4.35 | -0.16 | -3.55% |
According to an SEC filing, the shares were sold at at an average price of $34.79, for a total transaction of $1,579,639.95. Goodman now owns approximately 111,300 shares, valued at $3,872,127.
AMC CEO TOUTS ‘TRANSFORMATIONAL’ QUARTER, WILL OFFER MOVIE TICKETS FOR BITCOIN
The move comes after AMC had a "transformational" second quarter earlier this month, raising $1.25 billion in fresh capital and boosting its total liquidity to a record high of more than $2 billion.
The movie-chain-turned-meme-stock narrowed its net loss during the quarter to $344 million, or 71 cents per share, compared to a loss of $561.2 million, or $5.38 per share, a year ago. Total revenue for the quarter was 444.7 million, up from $18.9 million a year ago.
Looking ahead, the company is estimating positive cash flow in the fourth quarter of this year if its overall domestic box office revenues reach at least $5.2 billion.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
On the company's earnings call, AMC CEO Adam Aron outlined a series of new measures that would allow the company to "play offense" going forward, including up to ten new leases for existing theaters, the opening of roughly a dozen new AMC locations in the U.S., Europe and the Middle East this year, alternative programming including two concert movies featuring Chance the Rapper and Halsey, a new formal agreement with Warner Brothers for an exclusive 45-day theatrical window of their 2022 film slate prior to at-home releases, and accepting Bitcoin as an alternative payment for online movie ticket purchases and concessions orders.
Aron also told analysts and retail investors that he would recommend a new policy to AMC's board of directors requiring him to hold a number of owned and granted shares equal to eight years of his salary, or a $12 million stake. As part of this policy, Goodman would also be required to hold a number of owned and granted shares equal to six years of his salary. Meanwhile, AMC executive vice presidents would hold owned and granted shares equal to four years of their salaries and senior vice presidents would hold owned a granted shares equal to two years of their salaries.
"The board will consider this proposal as new policy at its next regularly scheduled meeting," Aron said.
In addition, Aron said plans to start diversifying his portfolio around the end of this year, selling some of his AMC stock under a 10B51 plan.