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New Delhi, Jun 9: Multiplex operator PVR on Monday said it has cut salary across various levels, laid off employees and deferred increments during the lockdown to mitigate adverse impact of COVID-19 on the business.

The company said at present it is not generating any revenue from exhibition business and related activities as cinemas across the country are shut following the directions from the regulatory authorities.

According to the company, closure of screens during the lockdown will have a significant negative impact on profitability and liquidity.

PVR has taken measures to reduce its personnel cost, including salary cuts across various levels in the organisation during the lockdown along with "reduction in headcount by way of layoffs/retrenchment" to mitigate the adverse impact of COVID-19 on the business.

Moreover, the board of the company, in its meeting held on Monday has also approved plan to raise Rs 300 crore through rights issue.

"Since Cinema Exhibition is the only business segment, company is currently not generating any revenue from admissions, food and beverage sales or other revenue and cash flow from operations," said PVR in an update.

Beginning from March 11, PVR started closing its screens in accordance with the order passed by various regulatory authorities and within a few days most of our cinemas across the country were shut down, it added.

The company will continue to incur committed cash outflows, including employee salary pay-outs, other overheads as well as payments for older working capital.

"This has and will have a significant negative impact on profitability and liquidity during lockdown and even thereafter till business comes to normalcy," it added.

Further, once the cinemas are re-opened, we may not be able to run our cinemas at normal capacity utilisation levels on account of social distancing measures that cinemas may be required to follow as well as health concerns that the patrons may have, the multiplex operator said.

"On account of this, our revenue and cash flow generation may be impeded even once we are allowed to restart operations," it added.

The company has also deferred decision on on increments to reduce its cost, it added.

PVR has also written to developers for waiving rental and CAM (Common Area Maintenance) charges for the lockdown period.

It is in discussion with developers for reducing rentals post re-opening and has invoked force majeure clause in its agreements with them.

Besides, the company has raised additional borrowings from existing bankers to shore up liquidity.

"As of March 31, 2020 the company had cash and bank balance of Rs 316 crore. As on June 7, 2020 cash and bank balance is Rs 227 crore (including undrawn bank lines)," it added.

Over reopening of theatres, PVR said that the government has come out with a phase-wise schedule.

In these guidelines cinema halls have been kept in the third phase of re-opening, where dates will be decided based on assessment of the situation.

"We are in continuous engagement with all regulatory authorities and hope to receive the necessary permissions for restarting opening in the near future," it added.

Currently PVR operates 845 screens in 176 properties in 71 cities.

Washington, Jul 26: Regis Philbin, the iconic television personality best-known for his hosting duties on 'Live!' with co-hosts Kathie Lee Gifford and Kelly Ripa, and 'Who Wants to Be a Millionaire,' has died. The beloved star was 88.

According to People Magazine, the longtime television host died on July 24. His family shared a statement on Saturday, "We are deeply saddened to share that our beloved Regis Philbin passed away last night of natural causes, one month shy of his 89th birthday,"
"His family and friends are forever grateful for the time we got to spend with him - for his warmth, his legendary sense of humour, and his singular ability to make every day into something worth talking about. 

We thank his fans and admirers for their incredible support over his 60-year career and ask for privacy as we mourn his loss," the Philbin family says.

Philbin began his iconic career in 1988, as the host of 'Live! with Regis and Kathie Lee' alongside TV presenter Kathie Lee Gifford. After 15 years, Gifford left the ABC show but the pair remained close after her departure.

In 2001, the franchise became 'Live! with Regis and Kelly', co-starring Kelly Ripa before he left in 2011 after 23 years on-air.

From 1999 to 2002, Philbin also served as the original host of the widely popular game show 'Who Wants to Be a Millionaire.' In addition, the New York City native's hosting credits include 'Million Dollar Password', the first season of 'America's Got Talent', as well as a reoccurring co-host seat on 'Rachael Ray'.

Born on August 25, 1931, Philbin was raised in the Bronx and graduated from Cardinal Hayes High School in 1949 before attending the University of Notre Dame, where he earned a sociology degree in 1953.

After serving in the Navy, Philbin began his career in show business as a writer and made his way in front of the camera in 1961 with a local talk show in San Diego called 'The Regis Philbin Show'. Then in 1967, he became widely known as Joey Bishop's sidekick on 'The Joey Bishop Show'.

After a string of local talk shows, including 'A.M. Los Angeles' and 'Regis Philbin's Saturday Night in St. Louis', the star moved to New York in 1983 to host 'The Morning Show', which was renamed three years later as 'Live! with Regis and Kathie Lee'.

His accolades include Daytime Emmy Awards for outstanding talk show host for 'Live!' in 2001 and 2011 as well as an outstanding game show host for 'Who Wants to Be a Millionaire'. He also received a Hollywood Walk of Fame in 2003 and a Lifetime Achievement Award from the Daytime Emmy Awards in 2008.

Throughout his career, Philbin had various health issues. He underwent an angioplasty in 1993, followed by triple bypass surgery due to plaque in his arteries in March 2007. In December 2009, the television personality had his hip replaced.

Married twice, Philbin is survived by daughters J.J. Philbin and Joanna Philbin, whom he shared with his wife of 50 years, Joy Philbin. He was also father to daughter Amy Philbin, whom he shared with his first wife Catherine Faylen. Philbin and Faylen had another child, son Daniel Philbin, who died in 2014.