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Cinemark Holdings, the nation’s third largest exhibitor will delay reporting its financials for the quarter ended in March. It said in an SEC filing Friday that it plans to report by June 11.
The company said it was impossibe to get the numbers and paperwork ready in time given the enormous disruption to its business caused by the coronavirus pandemic.
“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 company said in the filing. “The above measures have in turn caused a delay in the preparation of our First Quarter Form 10-Q. We are working on a remote basis to complete and file the First Quarter Form 10-Q as expeditiously as possible under the circumstances.”
The SEC is letting companies delay filing although not many large players in media and entertainment have done it. A major exception is AMC Entertainment, which said last month it would delay both its proxy and its first-quarter filings until June. The exhibition buiness, which is receiving zero revenue with all theaters shuttered, has been the hadest hit of any.