Brent Lang Executive Editor of Film and MediaImax’s quarterly revenue beat Wall Street’s expectations even as its losses were steeper than expected.
The theater company reported revenues of $56 million, a 55% drop from the prior-year quarter’s revenues of $124.3 million. It also logged a net loss attributable to common shareholders of $21.2 million, or 36 cents per diluted share.
That’s down from a profit of $18.2 million or 29 cents per share in the prior-year period, a time before coronavirus upended moviegoing.Imax was projected to record a loss of 20 cents on revenue of $47.14 million.
The company attributed its stronger than expected sales to the return of moviegoing in China and Japan. Movies like “Detective Chinatown 3” have done.
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