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Imax Swings to Quarterly Loss Amid Movie Theater Closures

China Coronavirus Hollywood audience pandemic

08.07.2020 - 06:25

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hollywoodreporter.com

hollywoodreporter.com:

Imax on Wednesday unveiled its first-quarter results, which were hit hard by movie theater closures due to the novel coronavirus pandemic.

The large-format distributor on Wednesday posted a loss of $49.4 million, compared with a year-earlier profit of $8.3 million, as overall revenue tumbled 56.5 percent to $34.9 million from $80.2 million in the year-ago period.

The adjusted per-share loss was 48 cents, compared to an 18 cent per share profit last year, which missed a Wall Street forecast for a loss of 15 cents for the latest quarter and revenue of $42 million.

The first-quarter results came amid the coronavirus outbreak, which forced a closure of all Imax screens in China around six weeks before its giant-screen theaters were shuttered in.

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