Imax Q3 Revenue Down 56% Due to Closures

Imax referenced a “resurgent box office in Asia” in a Thursday Q3 earnings report showing revenue plunged 56% year on year to $37.3 million. It cited COVID-19-related closures for most of the company’s theater network through part of the quarter ended Sept. 30. Results reflected “notable non-cash items related to COVID-19 driven uncertainty, the delay of Hollywood releases, and the reclosure of theaters in some markets.” Imax technology sales and maintenance revenue fell 37% to $23.7 million. Five fewer sales and sales-type lease installations resulted in lower Imax system revenue. Maintenance revenue dropped to $5.9 million due to pandemic-related closures.