Imax has lost $26 million due to coronavirus closures
has reported a $26 million second-quarter loss, or 44 cents a share, on revenues of $8.9 million.
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.
Gelfond noted “early signs” of progress, with approximately 40% of its network currently generating revenue, including 409 Imax theaters in China, which are scheduled to debut Hollywood and local language films over coming weeks. He said the South Korean blockbuster “” continues to perform well across markets in Asia and Europe, drawing $26.5 million in global box office despite capacity limitations and highlighting demand among moviegoers in lower-risk markets.
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