No movie theaters = no ticket sales<\/b>
\nImax Corp. on Thursday reported a loss for the first quarter and revenue that was down significantly as a result of the global novel coronavirus pandemic.
The ongoing pandemic has had a severe impact on companies across the board and cinema exhibitors have been grossly impacted as chains around the world have been forced to shut down.
Imax reported a net loss of $49.4 million, or an adjusted per share loss of 48 cents, after reporting net income of $8.3 million, or 18 cents per share during the same quarter a year ago. Analysts following the stock via Yahoo Finance expected the company to report a loss per share of 14 cents.
Revenue for the quarter also took a big hit and was down 56% to $34.9 million, from $80.2 million reported in the same quarter a year ago. Analysts were expecting Imax to report revenue of $43.6 million.
\u201cImax is uniquely positioned to manage through a temporary shutdown of theaters as a result of strategic planning which led to our strong financial position, valuable brand, and vast global footprint,\u201d Imax CEO Richard Gelfond said in a statement. \u201cWhen global economies restart, and theaters reopen, we believe audiences will turn to strong, trusted brands like Imax. In 2019, Imax delivered a record year across global, international, and local language box office \u2014 underscoring the strength of our brand and product offering throughout an increasingly diverse geographic footprint.
\u201cWe are working closely with our studio partners to reshape our slate in the second half of 2020 and into 2021 \u2014 a period that is now scheduled to see an impressive offering of marquee blockbuster films,\u201d he continued. \u201cOperationally, we are focused on ensuring that we can support this rich content pipeline with our proprietary post-production process and our enhanced marketing capabilities. We continue to monitor the situation and carefully plan for the reopening of theaters in China when it is safe. We look forward to circumstances continuing to improve in the market and meeting strong audience demand for immersive filmmaking and entertainment experiences.\u201d
More to come\u2026<\/p>\n