NEW YORK — Imax Corp. said Friday that net losses narrowed to $13.8 million from $59.3 million in the first quarter due in part to restructuring that itself cost nearly $11 million.
Revenue at the Toronto-based group plunged 36% to $16.3 million.
“While the company’s earnings for the quarter are disappointing, they are consistent with our expectations given the current environment,” said co-CEOs Richard Gelfond and Bradley Wechsler said in a statement.
“We are making progress in advancing our strategy of attracting Hollywood film content, developing new digital markets and revenue streams and returning Imax to profitability in 2002,” they added.
The struggling Imax laid off 15% of its workforce, or about 130 people, in February and consolidated its manufacturing facilities. Company had put itself on the block in the hopes of finder a deeper pocketed parent, but no buyer emerged.
Company specializes in film and digital imaging technologies, including the giant screen format for which it’s best known. It’s been hard hit by the dramatic downturn in the exhibition biz.
There are 225 Imax theaters in 30 countries around the world. Last month, Imax inked a deal with Sweden’s DHJ Media to develop and install digital systems to replace traditional poster advertising. The London Underground is the first client.
Badly battered Imax shares eased 0.75% Friday to $2.66 — a long way from its 52-week high of over $29 last August.