National CineMedia, operator of the nation’s largest cinema advertising network, saw sales plunge and it swung into the red last quarter as more than half of all theaters were shuttered.
On a conference call, execs noted recent agreements to expand outside of cinemas and said the company will be announcing another, a big one, in few weeks.Total revenue fell 90% to $15.7 million.
The company swung to an operating loss of $21 million from a $73-million profit in the year-earlier quarter. A net loss of $35 million compared with a $19-million net income.
National CineMedia stock dipped more than 5% in after-hours trading.“Having now weathered the worst of the COVID-19 storm, I am confident that 2021 will be a year of rebirth for our cinema
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