Pandemic Pushes Imax to $26 Million Second-Quarter Loss

variety.com:

Dave McNary Film ReporterCiting the impact of the COVID-19 pandemic, giant screen producer-exhibitor Imax has reported a $26 million second-quarter loss, or 44 cents a share, on revenues of $8.9 million.During the 2019 quarter, Imax had reported earnings of $11.4 million, or 19 cents a share, on revenues of $104.8 million.

Wall Street analysts had expected a loss of 52 cents a share.The company said the results reflect the closure of substantially all of the theaters in the company’s global network, which reduced technology network and maintenance revenue to essentially zero.

and The company accrued $3.2 million in payroll subsidies and tax credits from the Canadian and U.S. governments as part of their COVID-19 relief programs.