IMAX has lost $26 million due to coronavirus closures

nme.com:

coronavirus pandemic.The giant screen producer/exhibitor says it has lost 44 cents a share, on revenues of $8.9 million. In the same quarter in 2019, IMAX reported earnings of $11.4 million, or 19 cents a share, on revenues of $104.8 million.The company puts the loss down to the closure of the majority of cinemas in its global network, which reduced technology network and maintenance revenue to essentially zero.According to Variety, the company accrued $3.2 million in payroll subsidies and tax credits from the Canadian and US governments as part of their COVID-19 relief programs.“As the only global theatrical platform for blockbuster entertainment, IMAX is uniquely advantaged as theatres begin to reopen on a rolling basis throughout the.