Looking at what movies were coming out around May 2nd, 1997, "Volcano" and "Lost World: Jurassic Park" both came out right before and after AP, respectively, and both were pretty successful at the box office. So maybe that's why. Maybe people were saving their money for the action, special FX flicks.
For AP to make almost $70 mil at the box office, as a comedy, is pretty respectable. And with it came a craze that everyone from kids to older folk, and everyone in between. That craze carried over to AP 2. And AP 2 was built up into such an event, with great marketing, a killer soundtrack with big names (Madonna, Lenny Kravitz, R.E.M.) and music videos on MTV.
It's not like Mike Myers was on a roll with his movies, as if everyone was going to flock to watch AP 1 just because HE was in it. He had made the Wayne's Worlds, but it had been a few years since then.
In the end, I think that it takes wide-audience to make a comedy a blockbuster, and I'm not sure if enough people knew what to think of AP 1 for it to have a wide-audience.
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