12:02 PM EDT, 08/09/2024 (MT Newswires) -- Cineplex ( CPXGF ) said Friday it swung to a loss in the second quarter on a 25% drop in revenue.

The movie-theater operator booked a loss of $21.4 million, or $0.33 per share, compared to a profit of $176.5 million, or $2.79 per share, in the second quarter of 2023.

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," chief executive 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 ) shares were last seen up $0.40 to $9.37 on the Toronto Stock Exchange.

Price: 9.40, Change: +0.43, Percent Change: +4.79