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Imax Q1 Sales Drop On Loss From Shuttered Theatres But Company ‘Actively Preparing’ For ‘Imax Friendly’ Second Half Release Slate
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deadline.comBy Jill Goldsmith Large screen exhibitor Imax Thursday reported a 56% drop in sales and swung to a loss last quarter million was one of the first U.S.
entertainment companies to feel the squeeze of the COVID-19 pandemic which shuttered it theaters in China way back in January.
Screens in the rest of world followed. Imax swung to a net loss of $49 million from a profit of $8 million the year before. It posted $35 million in revenue for the three months ended in March.
However, the company said a solid balance sheet and ample cash puts it in a strong position to operate “through this historic period of COVID-19-driven theater closures.” “In response to the virus, the company has implemented cost reductions and drew on its revolver, ending
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