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Imax Earnings Sag Due to Coronavirus Closures

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Imax Corporation posted a loss of $49.4 million in the first quarter of 2020, as theater closures — due to the coronavirus pandemic — were a drag on earnings. In the prior-year quarter,…

pandemic — were a drag on earnings. In the prior-year quarter, Imax had reported a profit of $8 million. Revenues for the company also sank to $34.9 million, a sharp drop from the $80.2 million the big-screen company had logged in the year-ago period. That resulted in a loss of 48 cents a share. The declines are further evidence of how hard-hit the exhibition sector has been by the public health crisis roiling the world.

Imax felt the impact from closed theaters before other exhibition companies, because the company is heavily dependent on China, where the coronavirus epidemic raged for much of January, a full month before it halted daily life in the U.S. Those closures have also left studios pushing back the releases of blockbusters, such as “Wonder Woman 1984” and “No Time to Die,” that fuel Imax’s core business of showcasing special-effects heavy spectacles and franchise fare.

Imax said theater owners are taking the lead when it comes to re-opening cinemas. Imax licenses its technology to theater chains. However, the company said it is in discussions about how to safely return to business.

 

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