Imax Takes Pandemic Hit With Steep Second-Quarter Loss

The giant screen exhibitor says it’s looking beyond tentpole release delays and an uncertain China reopening to making the most of the global release window into 2021 and beyond.

Giant screen exhibitor Imax has unveiled its second-quarter financials, the first fully impacted by the coronavirus pandemic.

On Tuesday, Imax reported a loss of $26 million attributable to shareholders, compared to a year-earlier $11.4 million profit.

The adjusted loss per share for the second quarter was 44 cents, compared to per-share earnings of 32 cents in 2019, and the quarterly revenue was $8.9 million, down 92 percent from $104.8 million in 2019. During the latest financial quarter, virtually all the theaters in Imax’s global network were closed down by the COVID-19 pandemic.

Read the full scoop on IMAX at Hollywood Reporter

Author: remakeorama

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