Revenues at the exhibitor plunged 56.9% to $37.3 million, down from $86.4 million in the year-ago period. Imax reported a loss of $47.2 million or 80 cents a share versus a profit of $9 million or 15 cents a share in the same quarter of 2019. Adjusted for one-time gains and costs, losses clocked in at 75 cents per share.
For the third quarter, Imax beat consensus estimates for revenue, but its earnings missed the mark. The consensus earnings per share estimate was a loss of 31 cents. Wall Street predicted revenues of $31.6 million for the company.
Imax unveiled its earnings in the midst of a pandemic that has decimated the exhibition industry and left studios hesitant to release the kind of big-budget superhero movies that have dominated the box office in recent years. That’s bad news for Imax,