Exhibition giant AMC Theatres is adding more financial expertise to its board as it continues to address debt challenges, saying that it has elected former Redbox CFO Sonia Jain to its board of directors, effective Friday.
She will serve as a member of the audit committee of the board. “Jain brings to the board extensive financial and accounting experience, including as a chief financial officer of a publicly traded company,” the cinema giant said. “Jain currently serves as CFO of Cars.com Inc., where she has worked since October 2022, and a position she also held from July 2020 to April 2022.”
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She also served as CFO of Convoy from April to September 2022. Prior to her first tenure at Cars.com, Jain was CFO of Redbox Automated Retail from September 2016 to June 2020.
AMC chairman and CEO Adam Aron said about Jain: “She brings a long-standing tenure of success as a CFO, and her financial acumen and leadership will be valuable assets to our company, our guests, and our shareholders.”
AMC has focused on addressing its debt load and enhancing its liquidity due to the financial hit of the Hollywood strikes, following the COVID-19 pandemic. “Given AMC’s proven ability to thread the needle in coping with one Herculean challenge after another, we are confident in our company’s future,” Aron said on the recent earnings conference call.
“While we acknowledge that strike-driven film slate shifts will create some headwinds in 2024, we remain confident in a sharp box office rebound in 2025 and AMC’s ability to over-index on both attendance growth and patron monetization,” B. Riley analyst Eric Wold wrote after the company’s fourth-quarter earnings report. He kept his “neutral” rating on the stock but cut his price target by $6 to $12. “Although we are lowering our estimates and price from $12 to $8, we could see management successfully address the company’s upcoming debt maturities later this year and help to alleviate the recent pressure on the shares,” the analyst wrote.
