Cinema giant Cinemark swung to a second-quarter loss amid the coronavirus pandemic and recorded a restructuring charge of $19.5 million for 'a permanent reduction in headcount and permanent closure of certain under-performing theaters.' Details:
"We are thrilled that 97 percent of guests surveyed have expressed high satisfaction with how Cinemark is protecting their health and safety," said CEO Mark Zoradi.
The company, led by CEO Mark Zoradi, on Tuesday reported a loss of $170 million, compared with a year-ago profit of $101 million. The latest quarter included a restructuring charge of $19.5 million due to "a permanent reduction in headcount and permanent closure of certain under-performing theaters." The company said it ended June with 5,977 screens.
Total revenue for the quarter dropped from $957.8 million to $9.0 million, which also included "the amortization of deferred National Cinemedia screen advertising advances," the firm said.
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