Texas-based Cinemark, the third-largest U.S. chain after AMC and Regal, made the disclosure on Friday in an 8-K filing with the Securities and Exchange Commission. It plans to report its earnings no later than June 12.
“The COVID-19 pandemic has had an unprecedented impact on the Company’s business and operations,” the filing said. “Among measures we have taken to endure the impact of the pandemic, we have furloughed 50% of our headquarter employees and reduced the work hours of the remaining employees due to a 50% pay reduction. Additionally, we have temporarily closed our corporate headquarters and issued a work-from-home policy for the safety of our employees and their families, following protective actions taken by state and local governments to control the spread of the pandemic.”
“The above measures have in turn caused a delay in the preparation of our First Quarter Form 10-Q,” Cinemark said. “We are working on a remote basis to complete and file the First Quarter Form 10-Q as expeditiously as possible under the circumstances.”
Cinemark reported fourth-quarter earnings on Feb. 21 that came in under Wall Street estimates with earnings of 22 cents a share and revenues of $788.8 million, down $10 million from the same 2018 quarter.
AMC Entertainment Holdings has also opted to delay filing its financial reports due to the coronavirus pandemic, which has resulted in the exhibitor closing all its theaters. In an 8-K SEC filing on April 29, the company said it will delay filing its first-quarter results and its proxy until June.