AMC 電影院 (AMC) 2003 Q3 法說會逐字稿

Good morning. My name is Samur, and I will be your Conference Facilitator today. At this time, I would like to welcome everyone to the AMC Entertainment Incorporated fiscal year 2003 third quarter conference call hosted by Peter Brown, Chairman and Chief Executive Officer of AMC Entertainment Incorporated.

早安。我叫 Samur，今天將擔任本次會議的主持人。此刻，我謹代表 AMC Entertainment Incorporated，歡迎各位參加由 AMC Entertainment Incorporated 董事長兼執行長 Peter Brown 主持的 2003 會計年度第三季電話法人說明會。

Any forward-looking statements contained in this call which reflect Management's best judgment based on factors currently known, involve risk and uncertainties, and actual results may differ materially from those anticipated in the forward-looking statements included herein as a result of a number of factors. Including among others the company's ability to enter various [financing] programs, the performance of films licensed by the company, competition, construction delays, the ability to open or close theatres and screens as currently planned, domestic and international, political, social, and economic conditions, demographic changes, increases in demand for real estate, changes in real estate, the zoning and tax laws, unforeseen changes in operating requirements, the company's ability to identify suitable acquisition candidates and successfully integrate acquisitions into its operations, and results of significant litigation.

本次電話會議中所包含的任何前瞻性陳述，係管理階層基於目前已知因素所作之最佳判斷，並涉及風險與不確定性；實際結果可能因多項因素而與本次所載前瞻性陳述所預期者有重大差異。其中包括但不限於：公司參與各類[融資]方案之能力、公司取得授權之影片表現、競爭、施工延誤、依目前規劃開設或關閉影城與銀幕之能力（國內及國際）、政治、社會與經濟情勢、人口結構變化、不動產需求增加、不動產市場變動、分區與稅法、營運需求之不可預見變化、公司辨識合適併購標的並成功將併購案整合至營運之能力，以及重大訴訟之結果。

All lines have been placed on mute to prevent any background noise. After the speakers' remarks there will be a question-and-answer period. Analysts who would like to ask a question during this time should press star, one on your telephone keypad. And questions will be taken in the order they are received. To withdraw your question press the pound key. Thank you.

為避免背景雜音，所有線路已設為靜音。在講者致詞後，將進行問答時間。分析師如欲提問，請在電話鍵盤按下星號再按 1。我們將依收到問題的順序進行提問。如欲取消提問，請按井字鍵。謝謝。

Mr. Brown, you may begin your conference.

Brown 先生，您可以開始會議。

Okay, thank you Summer. Good morning, everyone. And welcome, again, to the fiscal 2003 third quarter earnings conference call for AMC Entertainment Inc. As Summer just said, I'm Peter Brown, Chairman and Chief Executive Officer.

好的，謝謝 Summer。各位早安。再次歡迎各位參加 AMC Entertainment Inc. 2003 會計年度第三季財報電話會議。如 Summer 剛才所說，我是 Peter Brown，董事長兼執行長。

And joining me on the phone today are Craig Ramsey, our CFO, Phil Singleton, our COO, and Dick Walsh, Chairman of our Film Group.

今天與我一同在線上的還有：我們的財務長 Craig Ramsey、營運長 Phil Singleton，以及我們影片事業群董事長 Dick Walsh。

Now, as is our custom, I'll lead-off the presentation today with a few brief comments about the quarter. Craig Ramsey will then take us through the financial results. And finally, Dick Walsh will wrap-up the formal part of the presentation with a preview and some thoughts on the upcoming film product. We'll then take questions from our analyst group, and we'll wrap it up.

依照慣例，我將先就本季做幾點簡短評論作為開場。接著由 Craig Ramsey 帶各位回顧財務結果。最後，Dick Walsh 將以對即將上映影片產品的預覽與一些看法，為正式簡報部分作結。之後我們將接受分析師提問，並結束會議。

So on that note, let's begin. It was really just a great quarter to end a terrific calendar 2002 year at the North American box office. Now, as most of you I am sure have heard by now, calendar 2002 was a record year for the industry. At $9.5b admissions revenues were up over 12 percent from the prior year which was also a record, by the way. Now, this was the largest year-over-year percentage increase since 1989. Additionally, attendance grew to 1.62b people which was the highest level of attendance recorded for the industry in the past 45 years.

那麼，我們就開始。這確實是一個非常出色的季度，為北美票房在精彩的 2002 曆年畫下句點。如各位多半已經聽說，2002 曆年是本產業的創紀錄年度。入場收入達 95 億美元，較前一年成長逾 12%，而前一年其實也同樣是創紀錄的一年。這是自 1989 年以來最大的一次年增率。此外，觀影人次成長至 16.2 億人，為過去 45 年來本產業所記錄到的最高出席水準。

Now those statistics will be flushed out and are typically announced to the marketplace at our Annual Industry Show, which is called 'Show West,' in March. But most of the media and publications that follow the industry has reported these numbers up to this point in time, but there'll be more to come on that in March.

這些統計數據通常會在我們每年三月舉辦、名為「Show West」的年度產業展上對外完整公布。不過截至目前，多數追蹤本產業的媒體與刊物已報導了這些數字；三月還會有更多資訊。

Now, as was noted in our press release, our total revenues and adjusted EBTIDA for the fiscal third quarter were both records. At $432m our revenues were up eight percent over last year's revenues. And when we look at last year's revenues on a pro forma basis, and that is to include the acquisitions that we completed as if we completed those acquisitions at the beginning of the year. Our adjusted EBITDA of $55m was up 25 percent. And Craig will be speaking more about the factors that drove this record performance in just a few minutes.

另外，如同我們新聞稿所述，我們 2003 會計年度第三季的總營收與調整後 EBITDA 皆創下新高。營收為 4.32 億美元，較去年同期成長 8%。若以擬制（pro forma）基礎來看去年營收，也就是假設我們完成的併購案是在年初即完成並納入計算，我們調整後 EBITDA 為 5,500 萬美元，成長 25%。Craig 將在幾分鐘後進一步說明推動此一創紀錄表現的因素。

Now, a high level of asset quality and productivity that characterizes the AMC theatre circuit continued in the quarter. AMC had 52 percent of the top 50 theatres in North America at the end of December. And our asset quality continued to drive an industry-leading level of unit productivity which we see when we look at the two key metrics of box office revenues per screen and operating cash flow per screen.

本季 AMC 影城通路一貫的高資產品質與生產力仍然延續。截至 12 月底，AMC 擁有北美前 50 大影城中的 52%。我們的資產品質持續帶動業界領先的單位生產力，這可從兩項關鍵指標看出：每銀幕票房收入與每銀幕營運現金流。

The quarter also saw a continuation of the positive free cash flow trend that started in our last fiscal 2002 year. We generated over $25m of free cash in the quarter, and on an LTM basis our free cash flow at the end of the quarter was $60m. And Craig will be speaking more about this in just a few moments, as well.

本季也延續了自 2002 會計年度上一年度開始的正向自由現金流趨勢。本季我們創造超過 2,500 萬美元的自由現金；以最近十二個月（LTM）計算，截至本季末自由現金流為 6,000 萬美元。Craig 也將在稍後進一步說明。

We ended the quarter once again with a conservatively leveraged and flexible balance sheet. Our total availability which we define as our cash plus the amount that we're able to borrow on our revolving credit facility stood at $629m, which was up approximately $32m from last quarter.

本季結束時，我們再次維持保守槓桿且具彈性的資產負債表。我們的總可用資金（定義為現金加上循環信用額度可動用借款額度）為 6.29 億美元，較上季增加約 3,200 萬美元。

Now, last but not least, we also continued to make good progress on the strategic front in the quarter. Now, one of the key elements of our strategic plan is to continue to improve the overall quality of our portfolio of theatres through careful and selective new building of megaplex theatres combined with the continued disposition of older, obsolete multiplex theatres.

最後但同樣重要的是，本季我們在策略面也持續取得良好進展。我們策略計畫的關鍵要素之一，是透過審慎且選擇性地新建 megaplex 影城，同時持續處分較老舊、已不合時宜的 multiplex 影城，以提升整體影城組合的品質。

We opened three new North American megaplex theatres in the quarter, one in Chicago, one in Dallas/Ft. Worth, and one in the San Francisco Bay area. Now, each of these theatres has gotten off to a great start, and we're confident that each one of them will be among the ranks of the top theatres in North America.

本季我們在北美新開幕三家 megaplex 影城：一間在芝加哥、一間在達拉斯／沃斯堡（Ft. Worth），以及一間在舊金山灣區。目前這三家影城的開局都非常亮眼，我們有信心它們都將名列北美頂尖影城之列。

Now, in addition to our new theatre openings those of you who were with us on our last quarterly earning call will recall that I reported to you that we were in the early stages of the launch of our gift card product, something we call the 'AMC entertainment card.' Now, as a reminder, this is essentially a stored value card, which is a credit card sized, plastic version of our paper based gift certificates.

此外，除了新影城開幕之外，參加我們上一季財報電話會議的各位應該記得，我曾向各位報告我們正處於推出禮品卡產品的初期階段，我們稱之為「AMC entertainment card」。提醒各位，這基本上是一種儲值卡，外型為信用卡大小的塑膠卡片版本，用以取代我們紙本禮券。

We launched the AMC entertainment card across the entire AMC theatre circuit on September the 26th. In November through an exclusive agreement with Safeway we began selling the card through their 1,400 store system.

我們於 9 月 26 日在全 AMC 影城通路正式推出 AMC entertainment card。11 月，我們透過與 Safeway 的獨家協議，開始在其 1,400 家門市系統販售該卡。

Now, we sold over $23m of the AMC entertainment cards in the quarter which represented a 10 percent increase over the prior year's sales of gift certificates. The AMC entertainment card has been a great success, and within the next few weeks we expect to continue its momentum through an announcement of another distribution deal that we'll be entering into with a major retailer outside the food-and-grocery channel.

本季我們售出超過 2,300 萬美元的 AMC entertainment card，較前一年禮券銷售額成長 10%。AMC entertainment card 非常成功；在接下來幾週內，我們預期將透過宣布另一項通路合作協議來延續其動能，我們將與食品雜貨通路以外的一家大型零售商展開合作。

So on that note, I'll now turn the program over to our CFO, Craig Ramsey, who will take you through the numbers.

那麼基於這一點，我現在把會議交給我們的財務長 Craig Ramsey，由他帶各位檢視相關數字。

Thank you, Peter.

謝謝你，Peter。

Before discussing AMC's financial results for the third quarter and year-to-date periods I'd like to first look at some industry statistics that will serve as a backdrop to that discussion. As we tracked the box office, admissions revenue revenues were up 10 percent for North America, from $1.929b in the third fiscal quarter of last year to $2.139b this year. And as noted by Peter earlier, this performance in the quarter capped a year that set a record at $9.5b in total admissions revenue for the calendar year.

在討論 AMC 第三季及年初至今期間的財務結果之前，我想先看一些產業統計數據，作為這段討論的背景。當我們追蹤票房時，北美的入場收入（admissions revenue）增加了 10%，從去年第三個會計季度的 19.29 億美元上升至今年的 21.39 億美元。此外，如 Peter 先前所提到，該季度的表現也為全年畫下句點，使日曆年度的總入場收入創下 95 億美元的紀錄。

Now, the quarter started very strong with October box office up about 20 percent, just over 20 percent. Sweet Home Alabama, The Ring, and a full release schedule were contributing factors. Comps were a little tougher in November, but strong performance from The Santa Claus, Eight Mile, and of course, Harry Potter, and Die Another Day combined to provide enough fuel to increase or provide a positive comp of about six percent. And then, anchored by Lord Of The Rings, and Catch Me If You Can, December produced a comp of just under 10 percent.

本季度一開始表現非常強勁，10 月票房約成長 20%，略高於 20%。《Sweet Home Alabama》、《The Ring》以及完整的上映檔期都是促成因素。11 月的比較基期稍微更具挑戰，但《The Santa Claus》、《Eight Mile》，當然還有《Harry Potter》與《Die Another Day》的強勁表現，合力提供足夠動能，使同比約增加、或呈現約 6% 的正向比較。接著在《Lord Of The Rings》與《Catch Me If You Can》的帶動下，12 月的同比增幅接近 10%（略低於 10%）。

We also show on the slide films that are expected to gross over $100m, and they accounted for a bulk of the increase in the third fiscal quarter box office. As you can see from the slide, nine films released during the third quarter of this year are expected to exceed $100m in box office and contribute $1.577b, versus six films last year during the same quarter that contributed $1. $1.338b, or an 18 percent increase.

投影片也列出預期票房將超過 1 億美元的影片，而它們占了第三個會計季度票房成長的大部分。如投影片所示，今年第三季上映的 9 部影片預期票房將超過 1 億美元，合計貢獻 15.77 億美元；相較之下，去年同一季度有 6 部影片貢獻 13.38 億美元，等於增加 18%。

So with that, let's look at the financial results for the quarter. I'd like to note that on the slide and in the press release we're comparing current quarter results with prior year on a pro forma basis which, of course, treat the acquisitions of General Cinema and Gulf State as if they had occurred at the beginning of last year.

那麼接下來，我們來看本季度的財務結果。我想特別說明，投影片與新聞稿中，我們是以備考（pro forma）基礎將本季度結果與去年同期比較；也就是把 General Cinema 與 Gulf State 的收購視同在去年年初就已發生。

You see on the slide our total revenues increased $30m or eight percent compared to the same quarter of last year, increasing from $402m on a pro forma basis to $432m. The total revenue increase was driven by increases in average ticket and concession per head amounts.

如投影片所示，我們的總營收較去年同季增加 3,000 萬美元或 8%，在備考基礎下由 4.02 億美元增至 4.32 億美元。總營收的成長主要來自平均票價與人均餐飲（concession per head）金額的提升。

Adjusted EBITDA increased $11m or 25 percent from the same quarter last year to $55m, mostly due to strong revenue performance and effective cost controls. As we'll see in a minute, operating expenses as a percent of theatre revenues were down about 130 basis points compared to the same quarter last year, and resulted in 182 basis point increase in our adjusted EBITDA margin. This adjusted EBITDA performance exceeded our expectations for the quarter and analysts' revised expectations that averaged just under $52m.

調整後 EBITDA 較去年同季增加 1,100 萬美元或 25%，達到 5,500 萬美元，主要歸因於強勁的營收表現與有效的成本控管。如我們稍後會看到，營運費用占影城營收的比率較去年同季下降約 130 個基點，並使我們的調整後 EBITDA 利潤率提升 182 個基點。本季度的調整後 EBITDA 表現超出我們的預期，也高於分析師修正後的預期平均值（略低於 5,200 萬美元）。

Consistent with our objective of producing free cash flow results we closely monitor our after tax cash flow, which we define as our 'net loss plus depreciation and other non-cash items.' And you can see on the slide the substantial improvement in after tax cash flow results. They increased 41 percent year-over-year.

為了符合我們創造自由現金流的目標，我們密切監控稅後現金流；我們將其定義為「淨損加上折舊及其他非現金項目」。各位可在投影片上看到稅後現金流結果的顯著改善。其年增率為 41%。

Net capex was $7m for the quarter, compared to $11m in the same quarter last year. This in combination with a strong after tax cash flow performance produced free cash flow of $27m for the quarter, more than double the amount in last year's quarter, increasing by $14m.

本季度淨資本支出（net capex）為 700 萬美元，去年同季為 1,100 萬美元。再加上強勁的稅後現金流表現，使本季度自由現金流達到 2,700 萬美元，較去年同季增加 1,400 萬美元，超過去年的兩倍。

In summary the quarter, as I said, exceeded our expectation and increased our LTM, or last 12 months adjusted EBITDA, to $226m which is also shown on the slide.

總結來說，本季度如我所述，表現超出我們的預期，並使我們的 LTM（過去 12 個月）調整後 EBITDA 提升至 2.26 億美元，投影片上也有顯示。

Another noteworthy point on the quarter is that our circuit in North America performed in-line with overall box office results. Now, that's not readily apparent from the year-over-year change in total revenues, and here is why. The summary of financial information on the slide includes the results of our North America and International circuits. Also, the financial summary reports results through December 26th of the current quarter while the pro forma financial results of the prior year include admissions revenues for the acquired General Cinema and Gulf State circuits through December 31st. Those two circuits reported on a calendar month basis.

本季度另一個值得注意的重點是，我們在北美的院線表現與整體票房結果一致。不過，從總營收的年對年變化並不容易直接看出來，原因如下。投影片上的財務資訊摘要包含我們北美與國際院線的結果。此外，該財務摘要呈報的是截至本季度 12 月 26 日的結果；而去年備考財務結果則包含所收購的 General Cinema 與 Gulf State 院線截至 12 月 31 日的入場收入。那兩個院線是以曆月為基礎進行報告。

Now that five-day difference, as I think we're all aware, can be pretty substantial. That is the difference between the December 26th close for the current year and the December 31st close for those acquired circuits in the prior year. That distorts the year-over-year comparison. If you adjust for these two factors we produce a year-over-year increase in North America admission revenues of 10.2 percent, which is in-line with the overall industry performance.

我想大家都知道，這 5 天的差異可能相當可觀。也就是本年度截至 12 月 26 日結帳，與去年那些收購院線截至 12 月 31 日結帳之間的差異。這會扭曲年對年比較。若將這兩個因素調整後，我們北美入場收入的年對年增幅為 10.2%，與整體產業表現一致。

Let's take a look at the year-to-date results. Here [inaudible] revenues increased $84m or seven percent over the same period last year, increasing from $1.261b on a pro forma basis to $1.345b in the current 39-week period. Again, total revenue performance was driven by increases in attendance reflecting the strength of the box office during this period, and by increases in total revenues per head.

接著我們來看年初至今的結果。在此，[聽不清] 營收較去年同期增加 8,400 萬美元或 7%，在備考基礎下由 12.61 億美元增至本期 39 週期間的 13.45 億美元。同樣地，總營收表現主要由出席人次增加所帶動，反映此期間票房的強勁；同時也受惠於人均總營收的提升。

Adjusted EBITDA increased $21m or 13 percent over the same period last year to $178m. The combination of strong revenue performance while at the same time controlling our costs contributed to the improved adjusted EBITDA performance. For both the quarter and year-to-date periods our margins at the operating level and at the adjusted EBITDA line have improved over the prior year.

調整後 EBITDA 較去年同期增加 2,100 萬美元或 13%，達到 1.78 億美元。強勁的營收表現，加上同時控管成本，共同促成調整後 EBITDA 的改善。無論是本季度或年初至今期間，我們在營運層級以及調整後 EBITDA 這一行的利潤率，都較去年有所提升。

In the year-to-date period our net net capex was $37m compared to $50m in the same period last year, and again, that in combination with the after tax cash flow performance produced a $21m improvement in our free cash flow for this 39-week period.

在年初至今期間，我們的淨淨資本支出（net net capex）為 3,700 萬美元，去年同期為 5,000 萬美元；同樣地，這再加上稅後現金流表現，使我們在這 39 週期間的自由現金流改善了 2,100 萬美元。

Now, one of our key initiatives over the last several years has been to achieve free cash flow operating results. Again, I direct your attention to the last 12-month column on this slide which shows our delivery on this initiative of $60m of free cash flow. Up from $14m in our fiscal 2002 year.

過去幾年我們的一項關鍵倡議，是達成自由現金流的營運成果。同樣地，我請各位注意投影片上「過去 12 個月」欄位，顯示我們在此倡議上的交付成果為 6,000 萬美元的自由現金流。相較於 2002 會計年度的 1,400 萬美元有所提升。

Let's take a look now at some of the key drivers in analytics for the quarter and year-to-date period. First off, during the quarter we opened, or system-wide we opened four new theatres, or 77 screens. That included a theatre, 20-screen theatre in Spain, and as Peter talked about earlier, a 21-screen theatre in downtown Chicago, 18-screen theatre in Dallas, and a 16-screen theatre in the Bay area of Oakland. Year-to-date screen additions of 736 include acquisition of 641 screens, so indicating that our year-to-date new bills of 95 are very much in line with our full-year projection of adding 107 screens.

現在我們來看本季度與年初至今期間的一些關鍵驅動因素與分析指標。首先，在本季度我們新開幕了 4 家新影城（全系統），共 77 個銀幕。其中包括西班牙一座 20 個銀幕的影城；以及如 Peter 先前提到的，芝加哥市中心一座 21 個銀幕的影城、達拉斯一座 18 個銀幕的影城，以及奧克蘭灣區一座 16 個銀幕的影城。年初至今新增銀幕數為 736，其中包含收購取得的 641 個銀幕；這表示我們年初至今新建的 95 個銀幕，與我們全年預估新增 107 個銀幕的目標非常一致。

During the quarter we closed 13 screens in two theatres. Now, that resulted, as you'll see on the press release and it's actually not on this slide, but it resulted in a theatre closure expense of $4m. This included a lease restructuring at our theatre in France where for a cash payment we lowered our rent and related operating costs such that we should improve operating results on a go-forward basis by about $2m annually. Now, year-to-date screen closings of 71 are in-line with our plan to close just over 100 screens during fiscal 2003.

在本季期間，我們在兩家影城關閉了 13 個銀幕。如你們將在新聞稿中看到的（而且這張投影片上其實沒有列出），這導致了 400 萬美元的影城關閉費用。其中包括我們在法國某家影城的租約重整：我們以一筆現金支付降低了租金及相關營運成本，因此在未來基礎上，我們預期每年可將營運成果改善約 200 萬美元。截至目前為止，年初至今已關閉 71 個銀幕，符合我們在 2003 財政年度關閉略高於 100 個銀幕的計畫。

Theatre revenues per head increased during the quarter, both the quarter and the year-to-date periods reflecting increases in average ticket and concession per head amounts. You note that our film costs, film exhibition costs were down slightly during the recent quarter but up slightly on a year-to-date period.

本季每人次影城營收有所增加；無論是本季或年初至今期間，均反映每人次平均票價與餐飲（concession）消費金額的提升。你們會注意到，我們的影片成本、影片放映成本在最近一季略有下降，但在年初至今期間則略有上升。

Now, we have a philosophy of not just watching percentages or margins. We also have tracked the productivity of our screens in terms of the dollars they produce per screen. And in this case we focus on retention dollars or the amount of dollars we retain after paying film bills. Now, on a retention basis we show considerable year-over-year improvement. Eight percent during the recent quarter, and five percent during the year-to-date period.

我們的理念不只是看百分比或毛利率。我們也以每個銀幕所產生的美元金額來追蹤銀幕的生產力。在此我們聚焦於留存金額（retention dollars），也就是在支付片商分帳後我們所保留的金額。以留存基礎來看，我們呈現顯著的年對年改善。最近一季提升 8%，年初至今期間提升 5%。

Now, as noted earlier, our initiatives related to reducing operating expenses even during a time when we're experiencing increased revenues are demonstrated in the reduction of operating expenses as a percent of total theatre revenues, by 130 basis points in the quarter, and 100 basis points during the year-to-date period.

如先前所述，即使在營收增加的同時，我們降低營運費用的各項措施，也反映在營運費用占影城總營收比重的下降：本季下降 130 個基點，年初至今期間下降 100 個基點。

We continue to operate very efficiently in terms of our overhead. We're at 2.4 percent of total revenues, and the increase over the prior year is mostly due to the timing of incentive compensation amounts which are, of course, based upon the improved operating results.

在管理費用（overhead）方面，我們持續維持非常高的效率。目前占總營收的 2.4%，較前一年增加主要是因獎勵性薪酬（incentive compensation）金額的認列時點所致，而這些金額當然是以營運成果改善為基礎。

And finally, I'd like to review our capitalization and liquidity. We maintain a very conservative balance sheet with financial flexibility to act on opportunities that are accretive to us. Again, our balance sheet shows strong cash position with over $241m of cash at the end of the quarter, total debt $748m. But our net debt is $507m, and it's down from the end of the prior quarter which was $538m due to seasonal working capital changes. And it's down from the pro forma net debt at the end of our prior fiscal year of $558m.

最後，我想回顧我們的資本結構與流動性。我們維持非常保守的資產負債表，並保有財務彈性，以把握對我們具增益（accretive）的機會。同樣地，我們的資產負債表顯示強勁的現金部位：本季季末現金超過 2.41 億美元，總負債為 7.48 億美元。但我們的淨負債為 5.07 億美元，較上一季季末的 5.38 億美元下降，原因是季節性營運資金變動。相較於上一財政年度末的擬制（pro forma）淨負債 5.58 億美元，也有所下降。

At quarter end our leverage based on our debt agreements was very comfortable, 2.2 times, and it's further reduced if we adjust for the CIP capex which we consider to be a cash equivalent. And our leverage is reduced to just under two times.

以季末並依據我們的債務協議計算的槓桿倍數相當舒適，為 2.2 倍；若再就我們視為等同現金的 CIP 資本支出（capex）進行調整，槓桿倍數會進一步降低。我們的槓桿倍數將降至略低於 2 倍。

So in summary, we maintain a very conservative balance sheet with ample, ample flexibility.

因此總結而言，我們維持非常保守的資產負債表，並具備充足、充足的彈性。

And with that, I'd like to turn it over to Dick Walsh, who will give us a perspective on the upcoming film product.

接下來，我想把時間交給 Dick Walsh，他將就即將上映的影片產品提供觀點。

Thank you, Craig.

謝謝你，Craig。

We, as we move through this March quarter we see three trends developing, and they're all very positive for us and for the industry. Again, as the industry tries to become more of a 52-a-week-year business we're going to see some Summer type releases that the studios will issue this quarter that just as easily could have been held-off for the Summer. And we're very pleased to see that happen as it expands the box office.

隨著我們進入這個 3 月季度，我們看到三個趨勢正在形成，而且對我們及整個產業都非常正面。同樣地，當產業試圖更像是一個一年 52 週的生意時，我們將在本季看到片商推出一些「暑期檔」類型的作品，而這些作品其實同樣可以延後到夏季才上映。我們很高興看到這樣的情況，因為這能擴大票房。

We also see more titles coming into release. Right now we have 49 versus 43. And finally, the three major weekends for us are covered with strong product. Those three major weekends are one that we've just concluded, the Martin Luther King weekend which was very strong, the second is the Valentine's/President's Day weekend, and the third one is the weekend after that, and we see solid titles at those key periods this year.

我們也看到上映片名增加。目前是 49 部，相較於 43 部。最後，對我們而言三個主要週末檔期都有強勁的片單支撐。這三個主要週末檔期包括：我們剛結束的馬丁路德金恩週末（表現非常強勁）、第二個是情人節／總統日週末、第三個是再下一個週末；而今年在這些關鍵時段我們都看到穩健的片名。

Titles in the fourth quarter that we really feel are going to be strong performers are Chicago, a picture that is out in limited release, and it's just recently won three Golden Globe Awards, and we believe as Miramax continues to platform this picture throughout North America this picture will grow in popularity and demand. Daredevil is one of those examples of a Summer type picture being released, coming out on February 14th, with Ben Affleck, comic book hero, and this is from Fox, and we expect big things from this. Old School is a comedy that we have seen, and it looks very, very solid. Tears Of The Son is a high profile war picture with Bruce Willis. Bringing Down The House is Steve Martin with Queen [Latiffa] in a comedy. And The Core is a heavily sci-fi, special effects laden picture that again is a more Summer type oriented type of picture that's being released in this March quarter.

我們認為第四季中將有強勁表現的片名包括《芝加哥》（Chicago），目前為限定上映，且最近剛獲得三座金球獎；我們相信隨著 Miramax 持續在北美擴大上映規模，這部片的受歡迎程度與需求將會提升。《夜魔俠》（Daredevil）是「暑期檔」類型作品提前上映的例子之一，將於 2 月 14 日推出，由班・艾佛列克（Ben Affleck）主演的漫畫英雄電影，出品方為福斯（Fox），我們對其表現抱持很高期待。《老男孩》（Old School）是一部我們看過的喜劇片，看起來非常、非常扎實。《太陽之淚》（Tears Of The Son）是一部由布魯斯・威利斯（Bruce Willis）主演、話題性很高的戰爭片。《辣媽辣妹》（Bringing Down The House）是史蒂夫・馬丁（Steve Martin）與 Queen [Latiffa] 合作的喜劇。《地心毀滅》（The Core）是一部科幻色彩濃厚、特效滿載的作品，同樣屬於較偏「暑期檔」取向、但在這個 3 月季度上映的電影。

Throughout the year, as we continue to look at the calendar, we see title after title that jump off the page, that have high potential for carrying this industry forward. It will start very early in April, with "Anger Management", move very quickly into May with "X-Men 2", the sequel to the first one. And all the cast is back and we feel very strong with that picture. "The Matrix; Reloaded", comes out on May 16th, followed by "Bruce Almighty", a Jim Carrey comedy on May 23rd. "Finding Nemo", is the Disney-Pixar picture for this summer on May 30th.

放眼全年，隨著我們持續檢視片單行事曆，我們看到一部又一部讓人眼睛一亮、極具潛力推動產業向前的作品。4 月初就會以《愛情調味包》（"Anger Management"）開場，接著很快在 5 月推出《X 戰警 2》（"X-Men 2"），也就是第一集的續集。全體卡司回歸，我們對這部片非常有信心。《駭客任務：重裝上陣》（"The Matrix; Reloaded"）將於 5 月 16 日上映，接著是 5 月 23 日的金・凱瑞（Jim Carrey）喜劇《王牌天神》（"Bruce Almighty"）。《海底總動員》（"Finding Nemo"）是迪士尼—皮克斯（Disney-Pixar）今年夏季的作品，將於 5 月 30 日上映。

Then we move into "The Hulk", on June 20th. "The Hulk", being the high profile comic book action-adventure for the summer. Then Arnold's back in "Terminator 3", on July 2nd; "Legally Blonde", that weekend; "Pirates of the Caribbean", two weeks later; "Matrix; Revolution", a sequel to the sequel to the sequel opens in November. Then you have "Mona Lisa Smile", with Julia Roberts in November. "The Cat in the Hat", comes out in December as the Seuss book-to-picture trend continues. "The Last Samurai", is in November, with Tom Cruise.

接著在 6 月 20 日上映《綠巨人浩克》（"The Hulk"），這是暑期檔的高話題漫畫動作冒險片。然後阿諾回歸的《魔鬼終結者 3》（"Terminator 3"）將於 7 月 2 日上映；同一個週末還有《金法尤物》（"Legally Blonde"）；兩週後是《神鬼奇航》（"Pirates of the Caribbean"）；《駭客任務：最後戰役》（"Matrix; Revolution"）作為「續集的續集的續集」將於 11 月上映。接著 11 月還有茱莉亞・羅勃茲（Julia Roberts）主演的《蒙娜麗莎的微笑》（"Mona Lisa Smile"）。《戴帽子的貓》（"The Cat in the Hat"）將於 12 月上映，延續蘇斯（Seuss）童書改編電影的趨勢。《末代武士》（"The Last Samurai"）也在 11 月上映，由湯姆・克魯斯（Tom Cruise）主演。

And we will end the calendar year with "Lord of the Rings: The Return of the King", on December 19th. And as you have seen, the sequel, the second one, is outdoing the first one and we expect the third one to do similar or better business than the second one. This, combined with seven additional sequels that I won't take time to mention here, give us a solid platform for business virtually throughout the year.

而我們將以 12 月 19 日上映的《魔戒三部曲：王者再臨》（"Lord of the Rings: The Return of the King"）為本曆年畫下句點。如各位所見，第二集（續集）的表現已超越第一集，我們預期第三集將有與第二集相當或更好的票房表現。再加上另外七部續集作品（我在此不逐一提及），使我們幾乎全年都擁有穩固的業務平台。

We have recently polled, over the last two weeks, major studio's distribution executives and we have obtained a snapshot composite consensus for the industry of 2003, which appears, despite last year's 9.5 billion record, to be equal to or slightly up for this calendar year. So, with that I'll turn it back to Peter.

我們最近在過去兩週內對各大製片廠的發行主管進行調查，取得了對 2003 年產業的綜合共識快照；結果顯示，儘管去年創下 95 億美元的紀錄，今年本曆年的規模看起來將持平或略有成長。那麼，我把時間交回給 Peter。

Okay, [Samur] [ph], I think we're ready for the Q and A portion of the program.

好的，[Samur] [ph]，我想我們已準備好進入本次節目的問答部分。

At this time, I would like to remind the analysts, in order to ask a question, please press star one on your telephone key pad. The first question comes from Bishop Cheen of Wachovia.

此時我想提醒各位分析師，如欲提問，請在電話鍵盤上按星號一。第一個問題來自 Wachovia 的 Bishop Cheen。

Good morning, Peter and Craig and Phil and Dick. A couple of questions; on the revenue per head, it looks like, just going by your numbers, that attendance again in this quarter, pro forma, was down and you're doing well with having lifting - I guess with higher ticket and concession prices. The question is A, can you break-out the ticket from the concession prices? B, can you talk about if you've done any adjustment to that five day period on whether the attendance would have been more even ahead or still in back of?

早安，Peter、Craig、Phil 和 Dick。有幾個問題；就人均營收來看，僅依你們提供的數字，這一季的出席人次（按備考口徑）似乎又下降了，但你們透過提高——我想是更高的票價與餐飲（concession）價格——表現得不錯。問題 A：你們能否把票價與餐飲價格拆分說明？問題 B：你們能否談談，對於那個五天期間你們是否做了任何調整；也就是說，若做調整，出席人次會更接近持平、略為超前，還是仍然落後？

Yes, I'll try to respond to those. The average ticket during the quarter was $6.38 and the concession per head was $2.40. Now, I think the second part of your question was, can you tell me how much attendance we had in that five-day period last year, that I alluded to in the market comments. It was about 448,000 people.

是的，我會試著回覆這些問題。本季平均票價為 6.38 美元，人均餐飲消費為 2.40 美元。我想你問題的第二部分是，能否告訴你我在市場評論中提到的、去年那五天期間的出席人次。大約是 448,000 人。

That would have been added during that five-day period?

那是指那五天期間新增的嗎？

Well, that were included in the pro forma numbers last year that were not picked-up this year.

嗯，那是去年備考數字中包含、但今年沒有納入的部分。

All right. And then, the 638 and 240 for this quarter just ended; can you do that breakdown to the same period, prior year?

了解。另外，剛結束這一季的 6.38 和 2.40；你能否也把同一期間、前一年度的拆分提供一下？

Yes, just a second. The average ticket, 5.81 and the concession, 2.32.

可以，請稍等。平均票價是 5.81，美人均餐飲消費是 2.32。

Again, you have nice theatres - we have one in this town. They're great to go to and all that. I guess the question is, in a relatively low inflation era, how much higher can you boost your ticket prices?

再說一次，你們的影城很棒——我們這個城市就有一家。去那裡觀影很棒等等。我想問的是，在相對低通膨的時代，你們的票價還能提高到什麼程度？

Well, I think that - first off, in our case in particular, it's not just a matter of raising prices. We have, historically, offered discounts that also come into play as you set your pricing strategy. And one of the things we've done over the last couple of years and recently, is take a look at those discounts. And to the extent that we are utilizing capacity and offering discounts, we've taken those discounts off the table. So, not all of it's just raising prices.

嗯，我認為——首先，就我們的情況而言，這不只是單純漲價的問題。我們歷來提供折扣，而在制定定價策略時，這些折扣也會納入考量。過去幾年以及近期，我們做的一件事就是重新檢視這些折扣。在我們利用產能並提供折扣的範圍內，我們已把那些折扣取消。所以，不全然只是提高價格。

Okay. Just a last question on competition. In recent months you had some more competition come in, primarily in, I think, Los Angeles, San Francisco, which are two very important markets for you. How has been the tenor and tone of that competition in the last quarter and, you know, what does it look like going forward?

好的。最後一個關於競爭的問題。近幾個月你們面臨更多競爭者進入，主要是在我認為對你們非常重要的兩個市場：洛杉磯與舊金山。過去一季競爭的態勢與氛圍如何？以及，往後看起來會是什麼樣子？

Yes, I'll try to respond to that also. We've got to measure the impact that we experienced in the second fiscal quarter and we're pleased to see pretty substantial improvement. We still have that competitive pressure, but the impact, let's say, on our market share was much reduced during the third quarter. And we think that will be a continuing trend - that we'll continue to recapture that share as we go forward.

是的，我也試著回覆。我們必須衡量在第二個會計季度所經歷的影響，而我們很高興看到相當顯著的改善。我們仍然承受競爭壓力，但例如對我們市占率的影響，在第三季已大幅降低。我們認為這將是持續的趨勢——隨著往前推進，我們會持續收復那部分市占。

And Bishop, I just want to add one thing on your pricing power question. I think one of the things that we have going for us as AMC is given that really our philosophy, in terms of the type of facility and the quality of our operations, we actually think that we have a little more flexibility with respect to pricing our product, if you will, versus others that would have maybe a little frills, so to speak, approach to the business. So, that, for us, is a competitive advantage.

Bishop，我想就你關於定價能力的問題再補充一點。我認為 AMC 的一個優勢在於，基於我們的理念——就設施類型與營運品質而言——相較於其他可能採取較「簡配」、所謂少些花俏作法的業者，我們在產品定價上其實有更大的彈性。因此，對我們而言，這是一項競爭優勢。

Okay, point noted. Thank you, Peter.

好的，了解。謝謝你，Peter。

You're welcomed.

不客氣。

Your next question comes from Margaret Blaydes, of Salomon Smith Barney.

下一個問題來自 Salomon Smith Barney 的 Margaret Blaydes。

Yes, thanks. Just following-up on that last question. I was just curious if you could comment on any other regional pockets of particular strengths or weakness? And secondly, just looking forward to 2003, I was curious, with the spreading out of the releases that you noted - in terms of the release schedule, if films tend to have a longer theatrical life and how that affects your profit in terms of how, you know, contractors [indecipherable] and stuff? Thanks.

是的，謝謝。我想延續剛才最後那個問題。我想請教你是否能評論其他地區是否有特別強勢或弱勢的區域板塊？第二，展望 2003 年，我想請教，關於你提到上映檔期更分散——就發行排程而言，電影是否傾向於有更長的院線壽命？以及這會如何影響你們的利潤，例如你知道的，承包商[聽不清]之類的事項？謝謝。

Okay. I think, Margaret - this is Peter speaking. On the regional pockets, we don't really - you know, as I think as we've said over the prior calls; as we look back over the last year and we look at the various competitors - we know, really, you know, who is building and who is not building so much. What it seems to us is that it really has been more the, what I would call, sort of, the local, regional exhibitors as opposed to some of the major national exhibitors. Other than ourselves, who have really maintained, I would say, a very steady, stayed approach to our unit development. Which, philosophically, we believe as any industry leading retailer should believe, that you've always got to maintain a certain steady level of unit development in the form of new building. And of course, in our case, we combine that with the disposition program that we've undertaken over the last several years. And the net result of all that is to improve the overall portfolio.

好的。我想，Margaret——我是 Peter。關於區域板塊，我們其實不太——你知道，正如我們在先前幾次電話會議中所說；當我們回顧過去一年並觀察各個競爭者時——我們其實很清楚，哪些人在擴建、哪些人沒有那麼積極擴建。我們的感覺是，更多是我所稱的本地、區域型放映業者，而不是一些主要的全國性放映業者。除了我們自己之外，我們一直維持——我會說——在據點開發上非常穩健、持續的做法。從理念上，我們相信任何產業領先的零售商都應該相信：你必須始終以新建的形式，維持一定穩定水準的據點開發。當然，就我們而言，我們也把這與過去幾年推動的處置（disposition）計畫結合。所有這些的淨結果，就是改善整體資產組合。

So, it really isn't - we can't say that it's really market specific, as much as it is just depending on where some of these regional players are located. They've been a little more active about growing their base. But, the one thing that I would say is that we don't detect - I know folks are concerned or have been concerned about the notion of over-building. And we don't really detect in the industry at this point, any one competitor or number of competitors combined that are in a high-growth over building mode. And as we look ahead over the next several years, we just don't think that's a very likely scenario. On the second part of the question --

所以，這其實不是——我們不能說它真的是特定市場的問題；更多是取決於這些區域型業者位於哪些地方。他們在擴大其據點方面更為積極。但我想說的一點是，我們沒有察覺——我知道大家擔心或曾經擔心所謂過度興建的概念。而就目前而言，我們並未在產業中察覺任何單一競爭者，或多家競爭者合計，正處於高成長、過度興建的模式。而展望未來幾年，我們也不認為那會是很可能發生的情境。至於問題的第二部分——

The second part about the playoff of the pictures potentially being longer - we're not experiencing that the playoff is longer on any one particular picture. You've obviously had "Greek Wedding" be out there for 40 weeks. That's kind of an anomaly. But, I think what you're seeing is a more intelligent approach to the release schedule that broadens it out - spreads it out throughout the entire year. And the studios' paying attention to when the other guy's releasing their picture, are allowing their own picture to breath, as well as the other guy's picture to breath. And by that, I mean they're not all ganging-up on the same weekend or spreading it out. In fact, as we come into the room this morning, there's four or five major titles for 2004 that have already staked-out their weekends. And we think this is a very healthy, intelligent approach to the business, that again, spreads it out over a longer period of time. Now, if any one picture will perform better because of that, we believe that that will happen due to that scenario.

關於影片放映檔期可能拉長的第二個部分——我們並沒有觀察到任何一部特定影片的放映檔期變得更長。顯然《我的希臘婚禮》已經上映了40週。那算是個特例。但我認為你看到的是更聰明的發行排程做法，把檔期拉得更開——分散到整個年度。而片商在留意別家何時上映他們的影片時，也讓自家影片有喘息空間，同時也讓別家的影片有喘息空間。我的意思是，他們不再全都擠在同一個週末上檔，而是把檔期分散開來。事實上，今天早上我們走進會議室時，2004年已有四、五部主要片名先把各自的週末檔期卡位了。我們認為這對產業而言是非常健康、理性且聰明的做法，同樣也會把檔期分散到更長的期間。至於是否會因此讓某一部影片表現更好，我們相信在這種情境下確實可能發生。

Okay, thanks.

好的，謝謝。

Your next question comes from Jeff Logsdon, of Gerard Klauer.

下一個問題來自 Gerard Klauer 的 Jeff Logsdon。

Good quarter, guys. Two chains - or it appears that two chains are out in the marketplace, Landmark and Hoyt's. Any interest in either of those for you all?

各位，這一季表現不錯。市場上似乎有兩條院線在出售，Landmark 和 Hoyt's。你們對其中任何一家有興趣嗎？

Jeff, I would say no on them. The business in those circuits are different, as you well know, having, you know, followed this industry for a number of years. The Landmark circuit is really more of an art house type circuit. And our feeling has been, about that business, it's a niche, boutique houses. And we have the configuration in general, with our store product type - given that we're more megaplexed than the rest of the industry, to be able to bring that type product over into our megaplex facilities, if, as, and when it crosses over into the domain of a commercially appealing film. So, for us, that type of acquisition just wouldn't make any sense. We are actually partners with Hoyt's in an international company that has theaters down in South America. And we feel they are a great partner with us in that. And we've had no discussion about doing anything [with Hoyt's] [ph].

Jeff，我會說對它們沒有興趣。如你所知，你追蹤這個產業多年，那些院線的營運型態不同。Landmark 院線其實更偏向藝術電影（art house）類型的院線。而我們對那種業務的看法是：那是一個利基市場，屬於精品型影城。以我們的店型配置來看——由於我們的複合式影城（megaplex）比產業其他同業更普遍——當那類作品跨入具有商業吸引力的電影範疇時，我們有能力把那類內容引進到我們的 megaplex 場館中。所以對我們而言，收購那類資產並不合理。我們其實與 Hoyt's 在一家國際公司中是合作夥伴，該公司在南美有影城。我們認為他們在那方面是很棒的合作夥伴。而且我們沒有討論過要做任何事（與 Hoyt's 相關）[ph]。

If any of Hoyt's theaters close, you know, in some other potential transaction, could that be a benefit to you?

如果 Hoyt's 有些影城在其他可能的交易中關閉，這會對你們有利嗎？

Yes, absolutely. Craig?

是的，絕對會。Craig？

Yes, there's some overlap in markets where we participate and we could benefit some from attendance migration to the extent there are closures.

是的，在我們參與的市場中有一些重疊；若發生關閉，在一定程度上我們可以因觀眾移轉而受益。

And then maybe finally, Capex expectations for fiscal '04 and theatre openings, theatre closings from your present vantage point, in fiscal '04?

最後再問一下，從你們目前的角度看，2004 財年的資本支出（Capex）預期，以及 2004 財年的影城開幕、影城關閉情況如何？

Okay. You know, let me give you the base of three. I think I mentioned earlier, we had just over 100 screens come online this year. Actually, kind of the same outlook for next year; 100 plus a few. Closures; just over 100 in fiscal '03 and that number may be 70-80 next year. Then on a Capex basis, it looks like the year will finish out - net Capex of about 54. And we really look to have about the same level of Capex next year.

好的。你知道，我先給你三個基本數字。我想我先前提過，今年我們新增上線的銀幕數剛超過100個。明年的展望其實差不多；100個再多幾個。關閉方面：2003 財年關閉剛超過100個，明年可能是70到80個。至於資本支出，全年看起來會以淨資本支出約54作結。而我們預期明年的資本支出大致也會維持在相同水準。

Great. Keep it up.

很好。繼續保持。

Your next question comes from Ray Schleinkofer, from Thomas Weisel.

下一個問題來自 Thomas Weisel 的 Ray Schleinkofer。

Yes, just a quick question; as we start to get into not so much this fourth quarter, but particularly the first quarter of '04, we do have some tough comps going against "Star Wars" and "Spiderman". As we're looking at that, how should we be thinking about, sort of modeling into the quarter and then the full year, particularly given the operating leverage of the business?

是的，簡單問一下；當我們開始進入——與其說是今年第四季，不如說特別是 2004 年第一季——我們將面臨一些艱難的比較基期，因為去年有《星際大戰》和《蜘蛛人》。在這種情況下，我們在建模該季以及全年時應該如何思考，尤其考量到這個業務的營運槓桿？

You know, we haven't really sat down and done a by-quarter look. But, I think our belief is that next year the box office could be up - flat to up a bit; let's say a percent. We'll probably see some inflation, again, on ticket and concession spending. History would say it ought to be 3 to 4 percent. So, frankly, it looks like there could be some reduction in, actually, attendance for the year. So, again, I think that's our view that we don't see a dramatic drop-off in the total box office, but it's probably going to be supported by what's been our traditional pricing increases.

你知道，我們還沒有真的坐下來做逐季的檢視。但我們的看法是，明年的票房可能持平到小幅成長；比如說成長1%。我們可能仍會看到票價與餐飲（concession）消費的通膨。從歷史來看，應該是3%到4%。所以坦白說，全年觀影人次可能會有一些下滑。因此，我們的觀點仍是：我們不認為總票房會大幅下滑，但它可能會由我們一貫的價格調漲所支撐。

Yes. And then just a housekeeping question. Do you have that balance on the Series A preferred?

了解。再一個例行問題。你們有 Series A 優先股的餘額嗎？

The accreted balance?

是指累積後的餘額（accreted balance）嗎？

Yes.

是的。

We'll have to call you with that. We'll make a note.

那個我們得再打電話回覆你。我們會記下來。

I'll call you. Thanks, guys.

我會打給你。謝謝各位。

Your next question comes from Chris Dixon, of UBS Warburg.

下一個問題來自 UBS Warburg 的 Chris Dixon。

Thank you very much. Good quarter. As you look out as to the closings of your theatres, could you give us a sense as to where you are in terms of your mix? Peter, you've talked in the past of kind of state-of-the-art megaplexes. You've had multiplexes, which were just great demos in good locations. And then let's just call them legacy leases. Where are you in the under-performing and what's the mix look like today and what do you think you can be a year from now?

非常感謝。這一季表現不錯。談到你們影城的關閉，你能否讓我們了解一下你們目前的組合結構？Peter，你過去談過一些最先進的 megaplex。你們也有一些 multiplex，人口結構很棒、地點也好。然後我們就稱之為歷史遺留租約（legacy leases）。你們目前在低績效部分的狀況如何？今天的組合看起來如何？以及你認為一年後會是什麼樣子？

Okay. Well, right now, Chris, we used to show a pie chart. We divide the pie into the mega and the continuing multi's and the dispositions. The disposition group at this point, is around 8 percent of the overall screen count. That would have been at the end of the quarter. That would be about 293 screens. So, roughly 92 percent of the circuit in megas and what we define as continuing multi's. Now, one of the things that we also watch when we look out over the next several years in terms of the content of the portfolio improving, is the screen-per-theatre count. Because, as you bring off these older theatres with smaller screen for theater count and you bring on the newer theaters, which have larger screen per theatre counts, the mix of that will go up - or at least you would think that would be the case if you're doing the business right.

好的。Chris，目前我們以前會用一張圓餅圖來呈現。我們把圓餅分成 megaplex、持續營運的 multiplex，以及處分（dispositions）。目前處分組別約占整體銀幕數的8%。這是以本季季末來看。大約是293個銀幕。所以大約92%的院線由 megaplex 與我們所定義的持續營運 multiplex 所構成。另外，當我們展望未來幾年、就投資組合內容改善而言，我們也會觀察每家影城的平均銀幕數（screen-per-theatre count）。因為當你淘汰這些每家影城銀幕數較少的老舊影城，同時新增每家影城銀幕數較多的新影城時，這個組合指標會上升——至少如果你把生意做對了，理應如此。

And, so as we work out the next several years, we're sitting at about 14.5 screens per theatre right now. And at the end of '03, our projection would have us at about 14.7 and that would grow to around 15.1 at the end of '04. And then as we look out to '05, around 15.4. And that's a very interesting metric, because what it really says is the average size of or theatre has really grown to, if you will, be predominantly a megaplex circuit as we look out. I don't know if that answers your question.

而且，當我們規劃未來幾年時，我們目前每家影城大約是 14.5 個銀幕。到 03 年底，我們的預估大約會到 14.7，而在 04 年底會成長到約 15.1。接著展望 05 年，約 15.4。這是一個非常有意思的指標，因為它真正反映的是，我們影城的平均規模確實已經成長到——可以說——在我們往前看時，主要會是一個大型多廳（megaplex）院線。我不知道這是否回答了你的問題。

Yes. And to follow-up on that; if you look across the operations during the most recent quarter, what are the margin differentials between the state-of-the-art megas with stadium seating? All the way down.

是的。再追問一下；如果你看最近一季的營運，在具備體育場式座椅的最先進大型影城（megas）之間，毛利率差異是多少？一路往下比較。

Okay, Craig, you want to - we've got some - Just a second, Chris.

好的，Craig，你要不要——我們有一些——等一下，Chris。

Well, obviously, it's subject to location.

嗯，顯然這會受到地點影響。

Well, yes, we stratify the structure and look at the difference between the megas and [multiple speakers.]

嗯，是的，我們會把結構分層，並看大型影城與[多位講者。]之間的差異。

Yes, the megaplexes - and again, I'm going to give you this on a before rent basis just to kind of common size it. On a cash flow before rent, megaplexes are right at 35.5 percent. The continuing multi's, as we define them, are at 32 percent. The disposition multi's; at 23 percent.

是的，大型多廳（megaplexes）——而且再次說明，我會以租金前（before rent）的基礎提供，主要是為了便於同口徑比較。以租金前的現金流來看，大型多廳約為 35.5%。我們所定義的持續營運多廳（continuing multi's）為 32%。處分中的多廳（disposition multi's）為 23%。

Great. Thank you very much. I appreciate it.

太好了。非常感謝。我很感激。

The next question comes from John [Medglow] [ph], of [V and P Ferribus] [ph].

下一個問題來自 John [Medglow] [ph]，來自 [V and P Ferribus] [ph]。

Good morning. One last question that I had was that, Peter, you talked a bit about Hoyt's and Landmark, but could you give a little more color in terms of what you're seeing in terms of any potential acquisitions, given your strong liquidity?

早安。我最後一個問題是，Peter，你稍微談到 Hoyt's 和 Landmark，但鑑於你們流動性很強，能否再多補充一些你們所看到的任何潛在併購機會？

Yes. Well, John, I think we've made this comment in prior calls. We've got a very disciplined approach to acquisitions, which really revolve around the two [axis] [ph] of the quality of the plant and facility and really, the quality of the market. And on the latter point, the quality of the market for us means really more of a major market. That's who we are; a top 25-50 DMA type of a player. So, with that backdrop to the approach, for us, it's not so much a matter of just being opportunistic. It's really more tactical and strategic in terms of the names of those circuits that really fit our criteria. And the way we approach it is we know who those folks are and we are generally, in any given point in time, at some level or hopeful of dialogue with them, if nothing more just expressing interest to them that if, and, is, and when they decide that they might want some liquidity, that hopefully, they would talk to us first. So, there's really no mystery to the acquisition approach for us. It's, to summarize, stay focused, be disciplined, know who it is that we want to go after, and then just work those deals.

是的。嗯，John，我想我們在之前的電話會議中也提過這點。我們對併購採取非常嚴謹自律的方法，主要圍繞兩個[軸線] [ph]：資產與設施的品質，以及市場的品質。而就後者而言，對我們來說市場品質基本上意味著更偏向主要市場。這就是我們的定位；我們是前 25–50 個 DMA 類型市場的參與者。因此，在這樣的背景下，對我們而言，重點不在於單純把握機會。更重要的是在那些真正符合我們標準的院線名單上，採取更具戰術性與策略性的作法。我們的做法是：我們知道那些對象是誰，而且在任何時間點，我們通常都會在某種程度上與他們保持或期待對話；即便只是向他們表達我們的興趣——如果、以及當他們決定可能需要一些流動性時，希望他們能先與我們談。所以，我們的併購策略其實沒有什麼神祕之處。總結來說：保持聚焦、保持自律、清楚知道我們想追求的對象，然後就持續推進那些交易。

Okay. So, I guess - and again, that's obviously consistent with what you've been saying. So, you're not going to change that philosophy, you know, to field - you know, given the amount of liquidity you have, you know, pressure to possibly doing something else just to try to grow?

好的。所以我想——而且這顯然也與你們一直以來的說法一致。所以，你們不會改變這個理念，對吧——也就是說，鑑於你們手上有這麼多流動性，不會因為壓力而可能去做些別的事情，只是為了嘗試成長？

No, not at all. Not at all. That's a recipe for disaster.

不，完全不會。完全不會。那是災難的配方。

Okay. And actually, if you could, [line item] [ph], the NCN and other; what does that consist of please?

好的。另外，如果可以的話，[明細項目] [ph]，NCN 和其他；請問那包含哪些內容？

Well, the NCN is our wholly-owned company that is engaged in onscreen advertising.

嗯，NCN 是我們全資擁有的公司，從事銀幕廣告業務。

Okay, great. Thank you very much.

好的，很好。非常感謝。

There are no further questions at this time.

目前沒有其他問題。

Okay, great. I'd like to thank everyone for joining us this morning. Great questions, as usual. And as you can tell, the company and its prospects - we're good to go on product, and we think that there is the prospect of good film product out there, as you've heard from Dick Walsh today. The quality of the AMC asset base should continue to drive the industry leading levels of unit projectivity that really characterize who we are. That, in turn, should produce leading returns on invested capital, which of course, will ultimately drive the continued creation of value for our shareholders. So, on that point I'll close today. Stay warm through the balance of the winter. And we look forward to reporting to everyone after the spring [thaw] [ph] in May. Thank you very much.

好的，很好。我要感謝大家今天早上加入我們。一如往常，問題都很棒。而且如各位所見，公司及其前景——我們在片單供給上已經準備就緒，我們也認為市場上有望出現不錯的影片供給，正如各位今天從 Dick Walsh 那裡聽到的。AMC 資產基礎的品質應能持續推動業界領先的單位產出水準（unit projectivity），這正是我們的特質。而這反過來應能帶來領先的投入資本報酬率，當然，最終將推動我們持續為股東創造價值。因此，我今天就講到這裡。在接下來的冬季期間請注意保暖。我們期待在 5 月春季[解凍] [ph]之後，再向各位報告。非常感謝。

Thank you for participating in today's AMC Entertainment Incorporated conference call. This call will be available for replay, beginning at 1:00 PM Eastern time today, through 11:59 PM Eastern time on Wednesday, February 5th, through the web site, www.AMCTheatres.com. You may now disconnect.

感謝各位參與今日的 AMC Entertainment Incorporated 電話會議。本次電話會議的重播將於今日美東時間下午 1:00 起提供，至美東時間 2 月 5 日（週三）晚上 11:59 止，可透過網站 www.AMCTheatres.com 收聽。您現在可以掛線。