Brent Lang China Japan city Chinatown film Covid-19 reports LIFT Brent Lang China Japan city Chinatown

Imax Revenues Get Lift From China Moviegoing Revival, but COVID-19 Takes a Toll

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variety.com

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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