Imax Q4 Sales Slump On Covid Theater Closures But Robust Asia Box Office Bodes Well For Moviegoing
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deadline.comImax sales slumped last quarter but beat Wall Street estimates and it swung to a loss. The stock popped in late trading as the company highlighted a strong box office in China and Japan, upbeat outlook and continued sales of its big-screen systems despite the pandemic.Revenue of $56 million was down from $124 million the year before.
Imax swung to a net loss of $21million or $0.36 a share, from a profit of $18 million or $0.29. (The net loss was $12 million adjusted for one-time charges).It reported positive free cash flow for the first time since the first quarter of 2002.
As theaters struggled, it said it received $1.9 million of Covid-19 government relief benefits under the CARES Act.Shares closed lower Thursday in a down market but
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