The Globe and Mail reports in its Friday, May 8, edition that Cineplex says it is delaying the release of its first quarter financial results as it focuses on the business impact of COVID-19.
A Canadian Press dispatch to The Globe reports that the country's largest movie-theatre chain outlined plans to utilize temporary blanket relief provided by the Canadian Securities Administrators that gives the company an extension of up to 45 days for its filings.
Cineplex says it now plans to report its quarterly results for the period ended March 31 by no later than June 29, which is a day before its $2.8-billion acquisition by Britain-based Cineworld PLC expires.
The purchase of Cineplex is still subject to various conditions, including Investment Canada Act approval, before the deadline.
Cineplex, like nearly all movie exhibitors, has faced a virtual shutdown since mid-March.
The company says it expects the COVID-19 pandemic will have a materially negative impact on its business for "at least" the first half of 2020. The company noted, however, that uncertainty concerning the extent of the viral spread, duration of severity and government restrictions make it impossible to quantify the financial hit.
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