Imax swung to a net loss of $49 million from a profit of $8 million the year before. It posted $35 million in revenue for the three months ended in March. However, the company said a solid balance sheet and ample cash puts it in a strong position to operate “through this historic period of COVID-19-driven theater closures.”
“In response to the virus, the company has implemented cost reductions and drew on its revolver, ending the quarter with $352.3 million in consolidated cash and its $300 million revolver fully drawn. It estimates a monthly cash burn rate of approximately $10 million and remains confident in its ability to operate through an extended business shut down and a zero revenue environment,” it said.
Imax is actively preparing to reopen to what is projected to be an IMAX-friendly second-half release slate. CEO Rich Gelfond and other executives will provide more details on a conference call the discuss the numbers this morning.
I got a feeling we will be back in theaters by August with proper safety procedures.
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