AMC Entertainment Holdings Inc I HAVE C shares are trading lower Friday after the company reported mixed financial results and announced a special dividend of AMC Preferred Equity.
AMC reported second-quarter revenue of $1.17 billion, which beat the estimate of $1.16 billion, according to data from Benzinga Pro. The company reported a quarterly adjusted loss of 20 cents per share, which missed the estimate for a loss of 19 cents per share.
AMC also declared a special dividend in connection with its financial results. The company will give one AMC Preferred Equity unit for each share of AMC Class A common stock held at the close of business on Aug. 15. The dividend is expected to be paid on Aug. 19.
AMC Preferred Equity units will be listed on the New York Stock Exchange and trade under the ticker “APE,” beginning Aug. 22.
“The issuance only to our shareholders of tradable AMC Preferred Equity units clarifies who is included in our current shareholder base, and provides another avenue for our investors to participate in the ongoing recovery and growth of AMC,” said Adam AaronCEO of AMC.
Related Link: AMC Entertainment Q2 Earnings: What You Need To Know About The ‘APE’ Preferred Dividend
AMC Price Action: AMC has traded between $34.33 and $9.70 over a 52-week period.
The stock was down 8.9% at $17.03 at the time of publication.
Photo: Dave Dugdale from Flickr.