07:31 AM EDT, 08/09/2024 (MT Newswires) -- Cineplex ( CPXGF ) said Friday that it swung to a net loss in the second quarter following a 25% drop in revenue.

The movie theater operator booked a net loss of $21.4 million, or $0.33 per share, compared to a net profit of $176.5 million, or $2.79 per share.

Revenue dropped to $277.3 million from $367.9 million as theater attendance sank by almost a third to 8.7 million.

Adjusted EBITDA fell 52% to $42.5 million.

"As anticipated, the exhibition industry faced challenges in the first half of the year due to the prolonged impact of the Hollywood strikes, but with the two consecutive box office months of June and July over 90% of pre-pandemic levels, it is clear these challenges are firmly behind us," President and CEO Ellis Jacob said.

The company also announced a normal course issuer bid for up to 10% of its public float over a 12-month period.

Cineplex ( CPXGF ) said the board believes the company's share price is undervalued and repurchasing the shares is in the best interests of the company and its shareholders.