Imax Swings to Loss, But Points to Box Office Recovery in China and Japan Etan Vlessing Beijing Wanda Imax Theater
Imax posted lower revenues during its fourth quarter, compared to pre-pandemic 2019, but an Asian box office resurgence helped the giant screen exhibitor offset a continuing hit to its North American theaters from the COVID-19 crisis.
On Thursday, Imax reported a loss attributable to shareholders at $21.2 million, compared to a year-earlier profit of $18.2 million, and the adjusted loss per share was 21 cents, compared with a 35 cents-per-share profit in 2019.
Overall quarterly revenue was $56 million, against $124.3 million a year earlier. During the most recent quarter, Imax, while held back by tentpole release delays and North American movie theaters operating at reduced capacity, saw big gains from the resurgence of the Asian film industry.