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Cinemark Swings to $170M Quarterly Loss, Takes $19.5M Charge for Job, Theater Cuts

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hollywoodreporter.com
hollywoodreporter.comhollywoodreporter.com:

Cinema giant Cinemark Holdings swung to a loss for its second quarter due to the financial hit from the novel coronavirus pandemic.

The company, led by CEO Mark Zoradi, on Tuesday reported a loss of $170 million, compared with a year-ago profit of $101 million.

The latest quarter included a restructuring charge of $19.5 million due to "a permanent reduction in headcount and permanent closure of certain under-performing theaters." The company said it ended June with 5,977 screens. "The company’s financial results continue to be impacted by the COVID-19 pandemic," it said. "During late June 2020, the company opened five theaters in the US, showing library content, to test its new health and safety protocols. ....

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