AMC Networks is the newest firm to warn that its monetary outlook has turn out to be not possible to foretell with the coronavirus pandemic and ensuing financial turmoil.
The cable programmer and media firm in an SEC filing Friday mentioned it was pulling steerage for the primary quarter of full yr of 2020, and that it’s “not offering an up to date fiscal outlook presently.”
“The influence of the novel coronavirus (‘COVID-19’) and measures to stop its unfold are affecting our companies in a lot of methods,” AMC Networks mentioned. “To this point, we’ve got skilled opposed promoting gross sales impacts and suspended content material manufacturing, which has led to delays within the creation and availability of a few of our tv programming.”
The corporate added, “Right now, we can not predict the length of and diploma to which provide and demand for our services, together with promoting, can be affected. This makes it difficult for administration to estimate the longer term efficiency of our companies, significantly over the close to to medium time period. Nevertheless, the COVID-19 pandemic may have an opposed influence on our enterprise, outcomes of operations and monetary situation, together with in the course of the close to to medium time period.”
For the fourth quarter of 2019, AMC Networks income of $785 million, up 1.6% from the year-ago interval, topping Wall Avenue expectations. Adjusted working earnings fell 8.7% to $200 million. The corporate swung to a $8.6 million internet loss, which included write-downs of $107 million within the Worldwide and Different division and $11 million in restructuring costs.
As of Dec. 31, 2019, the corporate had $816 million of money and money equivalents. AMC mentioned it presently has entry to a dedicated $500 million revolving credit score facility.
AMC’s cable networks embrace AMC, WE television, BBC America, IFC and SundanceTV. The enterprise contains the AMC Studios tv manufacturing enterprise; worldwide programming operations; and subscription streaming providers Acorn TV, Shudder, Sundance Now and UMC (City Film Channel).