Imax swung to a first-quarter loss as cinema closures amid the novel coronavirus pandemic hit its results. Details:
Imax on Wednesday unveiled its first-quarter results, which were hit hard by movie theater closures due to the novel coronavirus pandemic.
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. Responding to the COVID-19 crisis, Imax is cutting costs and drawing a credit facility, ending the quarter with $352.3 million in cash and a $300 million credit line fully drawn.
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