National Movie Theater Advertising suffered a loss this quarter due to a particular decline in revenue, as primary film networks face a reopening amid the new coronavirus pandemic.
The company reported a net loss of $13.8 million, or 18 cents according to the stake, compared to a profit of $8.9 million a year earlier, or 11 cents according to the share. Revenue in the quarter is $4 million, 96% less than the previous year’s $110.2 million, following the close of theaters in mid-March, which now faces a dubious reopening in the United States.
“Almost all of these closures continued in the company’s 2020 quarter and remain closed to the date of this press release. As a result of these closures, the company was unable to promote it in theaters and did not return from the theater. in the 3 months ended June 25, 2020,” National Cinemedia reported on Monday.
The reopening of movie theaters has been confusing due to the mess of Hollywood studios through a recent increase in COVID-19 cases, which has pushed back tents like Disney’s Mulan and Warner Bros. Mr. Principle.
National Cinemedia CEO Tom Lesinski said in a statement that his company had enough money to cope with lengthy closures of the local multiplex, but the same cannot be said for all major channels on which the company advertises.
“We believe that the fairgrounds industry has traditionally evolved well during recessions, and control remains optimistic, but cannot guarantee, that the founding and affiliated members of the network will recover and that attendance figures benefit from the repressed social call in the form of State, Local and Other Restrictions. Social estrangement orders are being cut and other people seek solidarity to return to normal,” National Cinemedia said in a statement.
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