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RealD on Monday said it is exploring “a full range of strategic alternatives” that presumably would include seeking a buyer for the provider of 3D technology for films.
The company also said it lost $11.3 million in its fiscal third quarter, compared to a loss of $271,000 in the same quarter last year. Revenue fell to $32.6 million, down from $55.4 million a year earlier.
The financial results and news that the company could be for sale comes a few days after announcing that Lionsgate will release a 3D version of The Hunger Games: Mockingjay, Part 2 on Nov. 20 using RealD’s system.
Just three months ago, RealD turned down an offer from Starboard Value to be acquired for $12 a share and taken private. On that day, the stock traded at $11.61, but on Monday the shares closed at $11.03.
RealD said Monday it has engaged Moelis & Co. as its financial advisor.
“We believe that a full review of strategic alternatives will allow us to determine the best path forward for RealD and our shareholders,” said CEO Michael Lewis on Monday. “We have a robust IP portfolio, the leading 3D cinema platform worldwide, consisting of over 26,000 screens, and an exciting 2015 and 2016 film slate.”
The company’s 3D releases currently in theaters include Jupiter Ascending and The SpongeBob Movie: Sponge Out of Water. Upcoming releases include Insurgent, Home, Jurassic World, San Andreas, Terminator Genisys, Ant-Man, The Fantastic Four and Mad Max: Fury Road.
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