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Imax Earnings Sag Due to Coronavirus Closures
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variety.comBy Brent Lang Executive Editor of Film and Media Imax Corporation posted a loss of $49.4 million in the first quarter of 2020, as theater closures — due to the coronavirus pandemic — were a drag on earnings.
In the prior-year quarter, Imax had reported a profit of $8 million. Revenues for the company also sank to $34.9 million, a sharp drop from the $80.2 million the big-screen company had logged in the year-ago period.
That resulted in a loss of 48 cents a share. The declines are further evidence of how hard-hit the exhibition sector has been by the public health crisis roiling the world.
Imax’s first quarter results fell short of Wall Street’s expectations. Analysts had expected a loss of 12 cents per share, according to Zacks
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