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IMAX CORPORATION REPORTS FOURTH QUARTER AND FULL YEAR 2011 FINANCIAL RESULTS
Company Reports Q4 2011 Revenues of $66.7 million; Adjusted EPS of $0.14
Record Level of Theatre Openings in 2011 Results in Year-over-Year Commercial Network Growth of 33%
Company Signs 200+ Theatres for Second Year in a Row
2012 Begins with the Addition of Several Titles to the Film Slate and Progress Across Key International Growth Initiatives
NEW YORK, NY February 23, 2012 IMAX Corporation (NYSE:IMAX; TSX:IMX) today reported fourth quarter 2011 revenues of $66.7 million, adjusted net income of $9.2 million, or $0.14 per diluted share, reported net income of $6.3 million, or $0.09 per diluted share, and adjusted EBITDA as calculated in accordance with the Companys Credit Facility of $21.1 million. For reconciliations of adjusted net income to reported net income and for the definition of adjusted EBITDA, please see the tables at the end of this press release.
Our fourth quarter financial results came in as expected and the year ended on a positive note with the success of Paramounts Mission: Impossible Ghost Protocol, which was released five days early in IMAX, said IMAX Chief Executive Officer Richard L. Gelfond. Overall, 2011 was highly productive from a strategic perspective. In addition to the success of Mission: Impossible, we made progress toward introducing best-in-class laser based projection technology, and grew our commercial network by 33%, installing a record 170 IMAX® theatre systems. This strategic momentum has carried into 2012, as the recent WTO agreement with China, highlighting IMAX, should enhance programming flexibility in our biggest international market, and we have also made early progress toward igniting network growth in Latin America and Europe. While we are disappointed that 2011 did not meet our financial objectives, in 2012, we believe we are positioning ourselves for both financial and strategic success, through our continued focus on differentiation, executing on network growth, and creating a compelling film slate.
Network Growth Update
2011 marked the second year in a row in which IMAX signed contracts for over 200 theatre systems, and a record year for both new theatre signings and installations. The Company signed contracts for a total of 209 theatre systems in 2011 and installed 170 theatre systems. In the fourth quarter of 2011, the Company signed contracts for 26 theatre systems and installed a record 57 theatre systems. As of December 31, 2011, there were a total of 497 IMAX theatres installed in commercial multiplexes, which represents a 33% increase from the 373 theatres installed as of December 31, 2010. There were 263 theatre systems in backlog as of December 31, 2011, compared to 224 systems in backlog as of December 31, 2010. For a breakdown of system signings, installations and backlog by type, please see the end of this press release.
The rapid expansion of our network in 2011 was mostly driven by continued success in China, Russia and North America, said Mr. Gelfond. In 2012, we are increasingly focused on igniting our growth in underpenetrated markets like South America, Western Europe and India. Our restructured master license agreement in South America is resulting in increased activity in that region of the world and we look forward to the opening of four new IMAX theatres in Brazil in the first half of this year. In addition, we believe the hiring of Andrew Cripps to lead our sales effort in EMEA should be a catalyst for our business in Western Europe, and our recent announcement of new IMAX theatres coming to India should contribute to our ability to release Bollywood titles in IMAX. All of these efforts should accelerate the expansion of our network in these strategically important regions of the world.
The following information was filed by Imax Corp (IMAX) on Thursday, February 23, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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