AMC Networks Inc. /zigman2/quotes/202022116/composite AMCX -0.52% said Tuesday it had net income of $68.7 million, or $1.22 a share, in the first quarter, down from $143.4 million, or $2.48 a share, in the year-earlier period. The parent of AMC, BBC America, IFC, SundanceTV and WE tv networks, as well as TV production company AMC Studios, said adjusted per-share earnings came to $1.47, below the $1.86 FactSet consensus. Revenue fell 6.4% to $734.4 million from $784.2 million. The FactSet consensus was for revenue of $739 million. "In what has been a unique operating environment, AMC Networks continues to generate significant levels of free cash flow and remains well capitalized with a strong balance sheet and strong liquidity," Chief Executive Josh Sapan said in a statement. The company had access to $1.2 billion of cash and cash equivalents as of March 31, it has $704 million of cash and cash equivalents and $500 million undrawn on a revolving credit facility. It has no significant debt maturities in 2020 or 2021. The company's networks saw a significant increase in viewership as of mid-March amid stay-at-home orders in many regions. However, it also took a hit to ad sales and had to suspend production, which has led to delays in creating new programming. "Although the effect of the pandemic may not be fully reflected in the Company's business until future periods, the Company believes that the adverse impact of the COVID-19 pandemic will be material to its results of operations," said the statement. AMC shares fell 3.6% premarket and are down 39% in the year to date, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.20% has fallen 12%.