Dade Hayes Finance EditorExecutives at Cinemark, the No. 3 U.S. exhibitor, believe they have sufficient cash to last “well into 2021” even if theaters remain closed due to COVID-19.The forecast came during an earnings call with Wall Street analysts Tuesday to discuss second-quarter numbers.
Earlier in the morning, company reported second-quarter results revealing the severe toll taken by the pandemic. Ticket buyers numbered only in the thousands and nearly all of the reported $9 million in revenue came via pre-paid advertising deals with National CineMedia.COO and CFO Sean Gamble said the company’s cash balance as of July 31 was about $525 million and it is burning about $50 million a month.
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