v2.4.0.6
CONDENSED CONSOLIDATING FINANCIAL INFORMATION
3 Months Ended
Jun. 28, 2012
CONDENSED CONSOLIDATING FINANCIAL INFORMATION  
CONDENSED CONSOLIDATING FINANCIAL INFORMATION

NOTE 10—CONDENSED CONSOLIDATING FINANCIAL INFORMATION

        The accompanying condensed consolidating financial information has been prepared and presented pursuant to SEC Regulation S-X Rule 3-10, Financial statements of guarantors and issuers of guaranteed securities registered or being registered. Each of the subsidiary guarantors are 100% owned by AMCE. The subsidiary guarantees of AMCE's 8% Senior Subordinated Notes due 2014 (the "Notes due 2014"), 8.75% Senior Notes due 2019 (the "Notes due 2019"), and 9.75% Senior Subordinated Notes due 2020 (the "Notes due 2020") are full and unconditional and joint and several. There are significant restrictions on the Company's ability to obtain funds from any of its subsidiaries through dividends, loans or advances. The Company and its subsidiary guarantor's investments in its consolidated subsidiaries are presented under the equity method of accounting.

Thirteen weeks ended June 28, 2012:

(In thousands)
  AMCE   Subsidiary
Guarantors
  Subsidiary
Non-Guarantors
  Consolidating
Adjustments
  Consolidated
AMC Entertainment Inc.
 

Revenues

                               

Admissions

  $   $ 451,162   $ 2,620   $   $ 453,782  

Concessions

        188,284     1,177         189,461  

Other theatre

        30,187     177         30,364  
                       

Total revenues

        669,633     3,974         673,607  
                       

Operating Costs and Expenses

                               

Film exhibition costs

        242,556     1,273         243,829  

Concession costs

        26,532     264         26,796  

Operating expense

    30     170,301     1,571         171,902  

Rent

        111,941     1,099         113,040  

General and administrative:

                               

Merger, acquisition and transaction costs

        308             308  

Management fee

        1,250             1,250  

Other

        15,326             15,326  

Depreciation and amortization

        48,345     37         48,382  
                       

Operating costs and expenses

    30     616,559     4,244         620,833  
                       

Operating income (loss)

    (30 )   53,074     (270 )       52,774  

Other expense (income)

                               

Equity in net income of subsidiaries

    (14,829 )   (1,064 )       15,893      

Other expense

        121             121  

Interest expense:

                               

Corporate borrowings

    39,765     51,471         (51,477 )   39,759  

Capital and financing lease obligations

        1,418             1,418  

Equity in (earnings) losses of non-consolidated entities

    46     (7,465 )   (1,334 )       (8,753 )

Investment income

    (43,196 )   (8,307 )       51,477     (26 )
                       

Total other expense

    (18,214 )   36,174     (1,334 )   15,893     32,519  
                       

Income from continuing operations before income taxes

    18,184     16,900     1,064     (15,893 )   20,255  

Income tax provision

        400             400  
                       

Income from continuing operations

    18,184     16,500     1,064     (15,893 )   19,855  

Loss from discontinued operations, net of income taxes

        (1,671 )           (1,671 )
                       

Net income

  $ 18,184   $ 14,829   $ 1,064   $ (15,893 ) $ 18,184  
                       

Thirteen weeks ended June 30, 2011:

(In thousands)
  AMCE   Subsidiary
Guarantors
  Subsidiary
Non-Guarantors
  Consolidating
Adjustments
  Consolidated
AMC Entertainment Inc.
 

Revenues

                               

Admissions

  $   $ 462,252   $ 3,487   $   $ 465,739  

Concessions

        186,841     1,331         188,172  

Other theatre

        21,337     310         21,647  
                       

Total revenues

        670,430     5,128         675,558  
                       

Operating costs and expenses

                               

Film exhibition costs

        251,012     1,587         252,599  

Concession costs

        25,273     262         25,535  

Operating expense

        171,793     2,401         174,194  

Rent

        111,218     1,313         112,531  

General and administrative:

                               

Merger, acquisition and transaction costs

        612             612  

Management fee

        1,250             1,250  

Other

        14,414     36         14,450  

Depreciation and amortization

        51,529     110         51,639  
                       

Operating costs and expenses

        627,101     5,709         632,810  
                       

Operating income (loss)

        43,329     (581 )       42,748  

Other expense (income)

                               

Equity in net loss of subsidiaries

    2,946     846         (3,792 )    

Other expense

        340             340  

Interest expense

                               

Corporate borrowings

    39,874     50,936         (50,959 )   39,851  

Capital and financing lease obligations

        1,498             1,498  

Equity in (earnings) losses of non-consolidated entities

    (92 )   (669 )   265         (496 )

Investment income

    (43,538 )   (7,446 )       50,959     (25 )
                       

Total other expense

    (810 )   45,505     265     (3,792 )   41,168  
                       

Income (loss) from continuing operations before income taxes

    810     (2,176 )   (846 )   3,792     1,580  

Income tax provision

    525                 525  
                       

Income (loss) from continuing operations

    285     (2,176 )   (846 )   3,792     1,055  

Loss from discontinued operations, net of income taxes

        (770 )           (770 )
                       

Net income (loss)

  $ 285   $ (2,946 ) $ (846 ) $ 3,792   $ 285  
                       

As of June 28, 2012:

(In thousands)
  AMCE   Subsidiary
Guarantors
  Subsidiary
Non-Guarantors
  Consolidating
Adjustments
  Consolidated
AMC Entertainment Inc.
 

Assets

                               

Current assets:

                               

Cash and equivalents

  $ 286   $ 160,440   $ 41,326   $   $ 202,052  

Receivables, net

    880     41,257     74         42,211  

Other current assets

        87,307     2,192         89,499  

Current assets held for sale

        4,431             4,431  
                       

Total current assets

    1,166     293,435     43,592         338,193  

Investment in equity of subsidiaries

    243,249     54,546         (297,795 )    

Property, net

        865,159     78         865,237  

Intangible assets, net

        132,057             132,057  

Intercompany advances

    2,005,518     (2,057,068 )   51,550          

Goodwill

        1,923,667             1,923,667  

Other long-term assets

    33,941     265,542     155         299,638  

Noncurrent assets held for sale

        1,834             1,834  
                       

Total assets

  $ 2,283,874   $ 1,479,172   $ 95,375   $ (297,795 ) $ 3,560,626  
                       

Liabilities and Stockholder's Equity

                               

Current liabilities:

                               

Accounts payable

  $   $ 194,232   $ 887   $   $ 195,119  

Accrued expenses and other liabilities

    10,859     102,459     1,560         114,878  

Deferred revenues and income

        165,564     40         165,604  

Current maturities of corporate borrowings and capital and financing lease obligations

    8,004     2,787             10,791  

Current liabilities held for sale

        3,851             3,851  
                       

Total current liabilities

    18,863     468,893     2,487         490,243  

Corporate borrowings

    2,086,002                 2,086,002  

Capital and financing lease obligations

        58,629             58,629  

Deferred revenues—for exhibitor services agreement

        327,043             327,043  

Other long-term liabilities

        337,789     38,342         376,131  

Noncurrent liabilities held for sale

        43,569             43,569  
                       

Total liabilities

    2,104,865     1,235,923     40,829         3,381,617  

Stockholder's equity

    179,009     243,249     54,546     (297,795 )   179,009  
                       

Total liabilities and stockholder's equity

  $ 2,283,874   $ 1,479,172   $ 95,375   $ (297,795 ) $ 3,560,626  
                       

As of March 29, 2012:

(In thousands)
  AMCE   Subsidiary
Guarantors
  Subsidiary
Non-Guarantors
  Consolidating
Adjustments
  Consolidated
AMC Entertainment Inc.
 

Assets

                               

Current assets:

                               

Cash and equivalents

  $ 686   $ 232,009   $ 39,642   $   $ 272,337  

Receivables, net

    552     42,947     51         43,550  

Other current assets

        85,681     2,185         87,866  
                       

Total current assets

    1,238     360,637     41,878         403,753  

Investment in equity of subsidiaries

    221,951     51,981         (273,932 )    

Property, net

        883,219     478         883,697  

Intangible assets, net

        135,024             135,024  

Intercompany advances

    2,078,742     (2,130,247 )   51,505          

Goodwill

        1,923,667             1,923,667  

Other long-term assets

    35,064     256,611     176         291,851  
                       

Total assets

  $ 2,336,995   $ 1,480,892   $ 94,037   $ (273,932 ) $ 3,637,992  
                       

Liabilities and Stockholder's Equity

                               

Current liabilities:

                               

Accounts payable

  $ 94   $ 195,117   $ 727   $   $ 195,938  

Accrued expenses and other liabilities

    36,027     112,056     1,251         149,334  

Deferred revenues and income

        174,314     41         174,355  

Current maturities of corporate borrowings and capital and financing lease obligations

    59,039     2,807             61,846  
                       

Total current liabilities

    95,160     484,294     2,019         581,473  

Corporate borrowings

    2,087,495                 2,087,495  

Capital and financing lease obligations

        59,413             59,413  

Deferred revenues—for exhibitor services agreement

        328,442             328,442  

Other long-term liabilities

        386,792     40,037         426,829  
                       

Total liabilities

    2,182,655     1,258,941     42,056         3,483,652  

Stockholder's equity

    154,340     221,951     51,981     (273,932 )   154,340  
                       

Total liabilities and stockholder's equity

  $ 2,336,995   $ 1,480,892   $ 94,037   $ (273,932 ) $ 3,637,992  
                       

Thirteen weeks ended June 28, 2012:

(In thousands)
  AMCE   Subsidiary
Guarantors
  Subsidiary
Non-Guarantors
  Consolidating
Adjustments
  Consolidated
AMC Entertainment Inc.
 

Cash flows from operating activities:

                               

Net cash provided by (used in) operating activities

  $ (20,515 ) $ 41,613   $ (194 ) $   $ 20,904  
                       

Cash flows from investing activities:

                               

Capital expenditures

        (19,067 )   (3 )       (19,070 )

Investments in non-consolidated entities, net

        (195 )   1,717         1,522  

Proceeds from the disposition of long-term assets

        1,069             1,069  

Other, net

        (536 )           (536 )
                       

Net cash provided by (used in) investing activities

        (18,729 )   1,714         (17,015 )
                       

Cash flows from financing activities:

                               

Repurchase of Senior Subordinated Notes due 2014

    (51,035 )               (51,035 )

Deferred financing costs

    (90 )               (90 )

Principal payments under capital and financing lease obligations

        (804 )           (804 )

Principle payments under Term Loan

    (2,001 )               (2,001 )

Change in construction payables

        (20,670 )           (20,670 )

Change in intercompany advances

    73,241     (73,196 )   (45 )        
                       

Net cash provided by (used in) financing activities

    20,115     (94,670 )   (45 )       (74,600 )
                       

Effect of exchange rate changes on cash and equivalents

        217     209         426  
                       

Net increase (decrease) in cash and equivalents

    (400 )   (71,569 )   1,684         (70,285 )

Cash and equivalents at beginning of period

    686     232,009     39,642         272,337  
                       

Cash and equivalents at end of period

  $ 286   $ 160,440   $ 41,326   $   $ 202,052  
                       

Thirteen weeks ended June 30, 2011:

(In thousands)
  AMCE   Subsidiary
Guarantors
  Subsidiary
Non-Guarantors
  Consolidating
Adjustments
  Consolidated
AMC Entertainment Inc.
 

Cash flows from operating activities:

                               

Net cash provided by (used in) operating activities

  $ (22,656 ) $ 97,371   $ 612   $   $ 75,327  
                       

Cash flows from investing activities:

                               

Capital expenditures

        (31,931 )   (87 )       (32,018 )

Proceeds from sale/leaseback transactions

        953             953  

Investments in non-consolidated entities, net

        (19,508 )   (1 )       (19,509 )

Other, net

        (1,180 )           (1,180 )
                       

Net cash used in investing activities

        (51,666 )   (88 )       (51,754 )
                       

Cash flows from financing activities:

                               

Deferred financing costs

    (231 )               (231 )

Principal payments under capital and financing lease obligations

        (1,050 )           (1,050 )

Principle payments under Term Loan

    (1,625 )               (1,625 )

Change in construction payables

        (6,913 )           (6,913 )

Change in intercompany advances

    24,512     (24,698 )   186          
                       

Net cash provided by (used in) financing activities

    22,656     (32,661 )   186         (9,819 )
                       

Effect of exchange rate changes on cash and equivalents

        (36 )   (251 )       (287 )
                       

Net increase in cash and equivalents

        13,008     459         13,467  

Cash and equivalents at beginning of period

        261,096     40,062         301,158  
                       

Cash and equivalents at end of period

  $   $ 274,104   $ 40,521   $   $ 314,625