FOOL PLATE SPECIAL
Pearl Harbor missed the long weekend box-office record due to an extended running time of 183 minutes and unfriendly fire from the critical community. It still kicks off a summer movie-going season where three blockbusters have debuted even as school is just beginning to let out. Theater chains have been bid up in anticipation of the flick as a magnet for the season's limited discretionary income.
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Anxiously anticipated yet critically panned, Disney's (NYSE: DIS) Pearl Harbor opened to an estimated $75.1 million take over the Memorial Day weekend. The box office tally fell $15 million short of the four-day box-office record set by The Lost World, sequel to Jurassic Park, back in 1997. Expectations for the Jerry Bruckheimer epic were huge. Merging a love triangle with a high-budget recreation of the Pearl Harbor attack that helped catapult the country into World War II, it was the same romantic-drama-with-a-historical-backdrop-of-calamity James Cameron milked so effectively with Titanic. That sea story shattered the full-run record, and no other flick has come within shooting distance of its $600 million in domestic ticket sales. Adding fuel to Pearl Harbor's record-breaker fire was the performance of Universal's The Mummy Returns, which nearly topped $70 million earlier this month during its opening weekend. With more multiplex screens in place than ever before and ticket prices inching higher, Pearl Harbor's run for the top spot was no surprise attack. But two things got in the way of Disney's historic wishes. For starters, like Titanic, the movie's running time of just over three hours translates into fewer showings daily on any given screen. Titanic sailed its way to the top through months of consistent showings. Unfortunately, Pearl Harbor's shelf-life is in question because of the company's other roadblock: movie critic lambasting. Roger Ebert gave the movie a thumb down, calling the direction lacking in "grace, vision or originality." He proved to be one of the kinder critics, others mocking the movie for its unintentionally humorous screenplay and historical tweaks. But while Pearl Harbor may not land much in terms of sea legs, the same can't be said for the summer movie season. Even as a dud, along with Shrek and Mummy it has helped launch what should be an amazing season at the box office, with May poised to crown three movies over the $100 million mark. Coming up this busy summer season will be Jurassic Park, American Pie, Rush Hour, and Scary Movie sequels as well as remakes of Rollerball and Planet of the Apes -- and there's plenty of original content on the slate as well. So with all of the major studios going for the jugular during a soft economy where filmed entertainment will be an affordable and desirable escape, which will win big? Despite a glut of multiplex screens and an industry shakeout, AMC Entertainment (AMEX: AEN) has already proven to be a winning ticket. The stock is a near ten-bagger off its October penny-stock lows. AMC likes to butter its heavy debtload and quarterly profits have been as elusive as theater concession bargains. However, it's hard to deny that this summer will belong to the movie houses. Now, that's entertainment. Rick Aristotle Munarriz spent Memorial Day weekend in Orlando but didn't hit any of the Disney parks. He didn't hit the movies either. He does own a couple -- yes, just two -- shares of Disney. Rick's other stock holdings can be viewed online, as can the Fool's disclosure policy.
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