signature=290c6e3366bfb08cc93085d7fdf78281,AMC Entertainment Inc

EXHIBIT 99.1

AMC Entertainment Inc. Reports Results

for Fourth Quarter and FY 2003

KANSAS CITY, Missouri (May 20, 2003)—AMC Entertainment, one of the

world’s leading theatrical exhibition companies, today announced results for the fourth quarter and for the fiscal year

2003.

Revenues for the fourth quarter were a record $446 million, an 8 percent increase from pro-forma (which treats the results from the

General Cinema and Gulf States acquisitions as if acquired at the beginning of fiscal 2002) revenues of $415 million last year. Not

considering pro-forma impacts, revenues increased 32 percent from $339 million last year.

For

fiscal 2003, revenues were a record $1.79 billion, a 7 percent increase over pro-forma revenues of $1.68 billion last year. Not

considering pro-forma impacts, revenues increased 33 percent from $1.34 billion last year.

Net loss for common

shares for the fourth quarter was $24.2 million (67 cents per diluted share) compared to pro-forma net loss of  $18.2

million  (68 cents per diluted share) last year. Last year’s net loss for common shares not considering pro-forma

impacts was $18.4 million (76 cents per diluted share).

For fiscal 2003, net loss

for common shares was $47.5 million ($1.31 per diluted share) compared to pro-forma net loss of  $35.8 million  ($1.37

per diluted share) last year. Last year’s net loss not considering pro-forma impacts was $40.9 million ($1.73 per common

share).

Adjusted EBITDA for the fourth quarter was a record $52 million, an 8 percent increase from pro-forma Adjusted EBITDA of $48

million last year. Not considering pro-forma impacts, Adjusted EBITDA increased 34 percent from $39 million last year.

For fiscal 2003, Adjusted EBITDA was a fiscal year record  $230 million, a 12 percent increase over pro-forma Adjusted EBITDA

of $205 million last year. Not considering pro-forma impacts, Adjusted EBITDA increased 43 percent from $161 million last year.

“Our asset quality and continued execution of our strategic plan, including the

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successful integration of two acquisitions, contributed to record results in fiscal 2003,” said Peter Brown, chairman and

chief executive officer. “With our growing free cash flow and AMC’s brand strength we are well positioned to continue

our 80-plus year tradition of industry innovation and leadership as we move into a new fiscal year.”

Highlights of fiscal 2003 included:

Record revenues and adjusted EBITDA

Continued improvement in the quality of the AMC Theatres portfolio with the closing of 111 screens and the successful opening of

93 new megaplex screens

Successful integration of the General Cinema and Gulf States acquisitions

Growth in free cash flow

Substantial liquidity and improvement in credit profile.

This press release contains non-GAAP financial measures as defined by Regulation G of the

Securities and Exchange Commission. As required, the attached financial summary contains a discussion of management’s use of

these measures and reconciliations to the most directly comparable GAAP measures. In addition, reconciliations of GAAP and non-GAAP

financial measures are available on the Company’s web site, www.amctheatres.com.  These non-GAAP financial measures

should be considered in addition to, not as a substitute for or superior to, the financial measures prepared in accordance with

GAAP. The financial measures as determined by management may not be comparable to the same financial measures as reported by other

companies. As used herein, GAAP refers to generally accepted accounting principles in the United States of America.

Investors will have the opportunity to listen to the earnings conference call and view the

supporting slide presentation at 9 a.m. CDT on Tuesday, May 20, 2003, through the website www.amctheatres.com. Listeners can also

access the call by dialing (877) 307-8182, or (706) 634-8221 for international callers. A replay of the call will be available on

the website and by phone through Tuesday, June 3, 2003. The telephone replay can be accessed by calling (800) 642-1687, or (706)

645-9291 for international callers, and entering the conference ID number 9828682.

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AMC Entertainment Inc. is a leader in the theatrical exhibition industry. Through its circuit of AMC Theatres, the Company

operates 239 theatres with 3,524 screens in the United States, Canada, France, Hong Kong, Japan, Portugal, Spain, Sweden and the

United Kingdom. Its Common Stock trades on the American Stock Exchange under the symbol AEN. The Company, headquartered in Kansas

City, Mo., has a website at www.amctheatres.com.

Any forward-looking statements contained in this release, which reflect management’s best judgment based on factors

currently known, involve risks and uncertainties.  Actual results could 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 into 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, zoning and tax laws, unforeseen

changes in operating requirements, the Company’s ability to identify suitable acquisition candidates and to successfully

integrate acquisitions into its operations and results of significant litigation.

Contact:

Richard J. King, Senior Vice President, Corporate Communications

AMC Entertainment Inc.

(816) 221-4000

(FINANCIAL SUMMARY FOLLOWS)

AMC ENTERTAINMENT INC.

FINANCIAL SUMMARY

(In thousands, except per share data)

Fourteen/Thirteen Weeks Ended

Fifty-three/Fifty-two Weeks Ended

Pro Forma(6)

Pro Forma(6)

April 3,

2003

March 28,

2002

March 28,

2002

April 3

2003

March 28,

2002

March 28,

2002

Statement of Operations Data:

Admissions

$308,265

$282,060

$231,077

$1,217,083

$1,125,999

$ 901,566

Concessions

113,666

112,689

90,581

469,966

455,465

359,042

Other theatre

12,086

10,831

7,723

48,828

52,518

40,156

NCN and other

12,409

9,297

9,297

55,693

41,768

41,768

Total revenues

446,426

414,877

338,678

1,791,570

1,675,750

1,342,532

Film exhibition costs

160,900

146,060

120,471

663,416

608,175

487,577

Concession costs

13,774

15,209

11,807

58,520

61,823

45,756

Theatre operating expense

112,787

109,172

84,106

438,161

428,221

328,691

Rent

78,971

72,846

60,470

302,445

288,123

236,829

NCN and other

14,075

10,962

10,962

52,444

45,264

45,264

General and administrative

14,745

12,925

12,439

68,254

39,397

37,798

Preopening expense

349

357

357

3,227

4,345

4,345

Theatre and other closure expense

120

300

300

5,416

2,124

2,124

Reorganization items

-

1,457

-

-

6,026

-

Depreciation and amortization

33,767

31,642

25,872

127,020

122,822

99,742

Impairment of long-lived assets

19,563

4,668

4,668

19,563

4,668

4,668

(Gain) loss on disposition of assets

(353)

5

5

(1,385)

(1,821)

(1,821)

Total costs and expenses

448,698

405,603

331,457

1,737,081

1,609,167

1,290,973

Other expense

-

-

-

-

3,754

3,754

Interest expense

20,892

18,791

17,060

77,800

67,684

60,760

Investment income

(987)

(1,244)

(1,244)

(3,509)

(2,087)

(2,087)

Total other expense

19,905

17,547

15,816

74,291

69,351

62,427

Loss before income taxes

(22,177)

(8,273)

(8,595)

(19,802)

(2,768)

(10,868)

Income tax provision

(4,200)

1,100

1,000

500

3,600

600

Net loss

$ (17,977)

$(9,373)

$(9,595)

$(20,302)

$(6,368)

$(11,468)

Preferred dividends

6,268

8,834

8,834

27,165

29,421

29,421

Net loss for common shares

$ (24,245)

$ (18,207)

$ (18,429)

$(47,467)

$ (35,789)

$ (40,889)

Net loss per share:

Basic

$(0.67)

$(0.68)

$(0.76)

$(1.31)

$(1.37)

$(1.73)

Diluted

$(0.67)

$(0.68)

$(0.76)

$(1.31)

$(1.37)

$(1.73)

Average shares outstanding:

Basic

36,302

26,784

24,369

36,296

26,107

23,692

Diluted

36,302

26,784

24,369

36,296

26,107

23,692

Fourteen/Thirteen Weeks Ended

Fifty-three/Fifty-two Weeks Ended

Pro Forma(6)

Pro Forma(6)

April 3,

2003

March 28,

2002

March 28,

2002

April 3,

2003

March 28,

2002

March 28,

2002

Other Financial Data:

Net cash provided by operating activities

$  14,874

$            -

$  28,787

$128,747

$           -

$101,091

Net cash used in investing activities

(31,264)

-

(74,250)

(137,201)

-

(144,510)

Net cash provided by financing activities

20,591

-

216,274

33,437

228,879

Adjusted EBITDA (1)

51,669

47,818

38,538

229,591

205,189

161,059

After tax cash flow (1)

28,374

-

19,146

131,356

-

91,470

Net capital expenditures (2)

16,411

-

30,074

52,982

-

77,274

Free cash flow (3)

11,963

-

(10,928)

78,374

-

14,196

Other Data:

Screen additions

-

16

16

95

158

146

Screen acquisitions

-

-

68

641

-

68

Screen dispositions

40

24

24

111

86

86

Average screens

3,512

3,518

2,839

3,516

3,484

2,804

Attendance (in thousands)

48,160

48,994

40,459

198,117

196,301

158,884

Number of screens operated (period end)

3,524

3,540

2,899

Number of theatres operated (period end)

239

250

181

Screens per theatre circuit wide

14.7

14.2

16.0

April 3,

2003

March 28,

2002

Balance Sheet Data:

Cash and equivalents

$ 244,412

$ 219,432

Corporate borrowings

668,661

596,540

Capital and financing lease obligations

59,101

57,056

Net debt(4)

483,350

434,164

Stockholders' equity

291,904

258,356

Total shares (5)

76,481

71,501

(1)We have included Adjusted EBITDA and After tax cash flow because we believe they provide investors with additional

information to measure our performance and liquidity, estimate our value and evaluate our ability to service debt.  In

addition, we use Adjusted EBITDA for incentive compensation purposes.  Adjusted EBITDA represents earnings before interest

expense, income tax provision, depreciation and amortization as adjusted for impairment of long-lived assets, stock-based and

special compensation expense (related primarily to forgiveness of loans to executive officers) included in general and

administrative, preopening expense, theatre and other closure expense, reorganization items, disposition of assets, investment

income and other expense incurred in connection with the issuance of Preferred Stock in fiscal 2002.

(2)We have included Net capital expenditures because we believe it provides investors with additional

information concerning our net cash requirements for property, excluding acquisitions.

(3)Represents After tax cash flow less Net capital expenditures.  We have included Free cash flow because we

believe it provides investors with additional information concerning the resources available for strategic opportunities including,

among others, to invest in the business, make acquisitions and strengthen the balance sheet.

(4)Represents corporate borrowings and capital and financing lease obligations less cash and equivalents.  We

have included Net debt because we believe it provides investors with additional information to estimate our value and evaluate our

leverage.

(5)Represents outstanding shares of Common Stock and Class B Stock and incremental shares issuable under stock

options, using the treasury stock method, stock awards and upon the conversion of Series A Convertible Preferred Stock to Common

Stock.

(6)The unaudited pro forma financial information presented above sets forth our historical statements of operations

for the periods indicated and gives effect to the acquisitions of GC Companies, Inc. and Gulf States Theatres as adjusted for the

related purchase price allocations.  Such information is presented for comparative purposes only and does not purport to

represent what our results of operations would actually have been had these transactions occurred on the date indicated or to

project our results of operations for any future period or date.  The unaudited pro forma financial information should be read

in conjunction with our consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 28,

2002, and our reports on Form 8-K filed on March 13, 2002, March 18, 2002 and April 10, 2002.

The following tables provide reconciliations of certain of our non-GAAP financial measures to their most directly comparable

GAAP measures.

Fourteen/Thirteen Weeks Ended

Fifty-three/Fifty-two Weeks Ended

Pro Forma (6)

Pro Forma (6)

April 3,

2003

March 28,

2002

March 28,

2002

April 3,

2003

March 28,

2002

March 28,

2002

Adjusted EBITDA Reconciliation

(In thousands)

Net loss

$ (17,977)

$(9,373)

$  (9,595)

$(20,302)

$(6,368)

$(11,468)

Interest expense

20,892

18,791

17,060

77,800

67,684

60,760

Income tax provision

(4,200)

1,100

1,000

500

3,600

600

Depreciation and amortization

33,767

31,642

25,872

127,020

122,822

99,742

Impairment of long-lived assets

19,563

4,668

4,668

19,563

4,668

4,668

Investment income

(987)

(1,244)

(1,244)

(3,509)

(2,087)

(2,087)

Stock-based and special compensation

495

115

115

21,261

442

442

Theatre and other closure expense

120

300

300

5,416

2,124

2,124

(Gain) loss on disposition of assets

(353)

5

5

(1,385)

(1,821)

(1,821)

Preopening expense

349

357

357

3,227

4,345

4,345

Reorganization items

-

1,457

-

-

6,026

-

Other expense

-

-

-

-

3,754

3,754

Adjusted EBITDA

$ 51,669

$47,818

$38,538

$229,591

$205,189

$161,059

Fourteen/Thirteen Weeks Ended

Fifty-three/Fifty-two Weeks Ended

April 3,

2003

March 28,

2002

April 3,

2003

March 28,

2002

After Tax Cash Flow and

Free Cash Flow Reconciliations

(In thousands)

Net cash provided by operating

activities

$14,874

$  28,787

$128,747

$ 101,091

Gain (loss) on disposition of

assets

353

(5)

1,385

1,821

Changes in working capital

items and other

509

1,704

(8,514)

(502)

Deferred taxes excluding

benefit for impairment of

long-lived assets

12,638

(11,340)

9,738

(10,940)

After tax cash flow

$28,374

$19,146

$131,356

$91,470

Less Net capital expenditures

16,411

30,074

52,982

77,274

Free cash flow

$11,963

$ (10,928)

$ 78,374

$14,196

Fourteen/Thirteen Weeks Ended

Fifty-three/Fifty-two Weeks Ended

April 3,

2003

March 28,

2002

April 3,

2003

March 28,

2002

Net Capital Expenditures Reconciliation

(In thousands)

Net cash used in investing

activities

$   (31,264)

$ (74,250)

$(137,201)

$(144,510)

Acquisition of GC Companies, Inc.,

net of cash acquired and proceeds

from sale of venture capital

investments

(95)

-

47,314

-

Acquisition of Gulf States

Theatres

14

45,020

752

45,020

Purchase of leased furniture,

fixtures and equipment

-

-

7,052

23,739

Proceeds from disposition of

long-term assets

(617)

(2,717)

(5,494)

(6,647)

Other, net

3,794

1,873

4,983

4,243

Construction projects costs

reimbursed by landlord for

financing activities

11,757

-

29,612

881

Net capital expenditures

$(16,411)

$ (30,074)

$(52,982)

$ (77,274)

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