In-theater advertising firm National CineMedia has swung to a second-quarter loss on sharply lower revenues as major cinema chains face an uncertain reopening amid the novel coronavirus pandemic.
The company recorded a net loss of $13.8 million, or 18 cents per share, against a year-earlier profit of $8.9 million, or 11 cent per share.
Revenue for the quarter was $4 million, down 96 percent against a year-earlier $110.2 million, following the mid-March shuttering of theater circuits, which now face an uncertain reopening across the U.S. "Almost all of these closures continued throughout the entirety of the company’s second quarter of 2020 and remain closed as of the date of this press release.
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