Iwerks Expects to Report Loss in 4th Quarter
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Iwerks Entertainment Inc., a Burbank supplier of special-format movie theaters and virtual-reality attractions, said it expects to report a loss for its fiscal fourth quarter ending Thursday.
The company previously said it anticipated breaking even or making a small profit for the quarter.
Iwerks attributed the expected loss to development of its Cinetropolis complexes, which will combine large-screen and motion-simulation theaters under one roof with virtual-reality rides, restaurants and shops. It also cited higher costs of installing a new giant-screen theater system and its virtual-reality product.
Separately, Iwerks said it sold three big-screen theaters worth a total of $2.7 million. The buyers are the Arizona Museum of Science & Technology in Phoenix, the Chicago Navy Pier and the Orlando Science Center.
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