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IMAX CORPORATION REPORTS FOURTH QUARTER AND FULL YEAR 2012 FINANCIAL RESULTS
Adjusted EPS increases 95% to $0.80 for full year; Q4 2012 adjusted EPS of $0.23
Full year revenues increase 20% to $284.3 million with fourth quarter revenues of $77.8 million
Network scale and global film portfolio drive approximately 50% box office growth in full year 2012
NEW YORK, NY February 21, 2013 IMAX Corporation (NYSE:IMAX; TSX:IMX) today reported its financial results for the fourth quarter of 2012, driven by continued theatre network growth and strong box office performance, derived from a diverse global film portfolio. Fourth quarter 2012 revenues were $77.8 million, adjusted EBITDA as calculated in accordance with the Companys Credit Facility was $27.4 million, adjusted net income was $15.7 million, or $0.23 per diluted share, and reported net income was $12.9 million, or $0.19 per diluted share.
Full year 2012 revenues were $284.3 million, adjusted EBITDA as calculated in accordance with the Companys Credit Facility was $106.8 million, adjusted net income was $54.3 million, or $0.80 per diluted share, and reported net income was $41.3 million, or $0.61 per diluted share. For reconciliations of adjusted net income to reported net income and for the definition of adjusted EBITDA and free cash flow, please see the tables at the end of this press release.
Our fourth quarter results once again demonstrated the operating leverage inherent in the IMAX business model and was a strong finish to a successful year for the Company, said IMAX Chief Executive Officer Richard L. Gelfond. We executed on all key fronts, with the combination of network expansion and an increasingly global portfolio approach to our film slate translating into solid financial results.
Network Growth Update
In the fourth quarter of 2012, the Company signed contracts for 38 theatre systems, of which 28 were systems in new theatre locations, and installed 46 theatre systems, of which 43 were systems in new theatre locations. For the full year of 2012, the Company signed contracts for 142 theatre systems, of which 121 were systems in new theatre locations, and installed 125 theatre systems, of which 107 were systems in new theatre locations.
The total IMAX® theatre network consisted of 731 systems as of Dec. 31, 2012, of which 598 were in commercial multiplexes. There were 276 theatre systems in backlog as of Dec. 31, 2012, compared to 263 theatre systems in backlog as of Dec. 31, 2011. For a breakdown of theatre system signings, installations and backlog by type, please see the end of this press release.
We believe the financial and strategic accomplishments of 2012 re-confirmed IMAXs position as a unique global player in the film industry and laid a solid foundation for long-term growth, Mr. Gelfond concluded. Our 2013 objectives are straight forward - continue to expand our footprint worldwide, maximize the scalability of our business and further leverage our differentiated end-to-end technology platform to enable more leading filmmakers and studios to create an entertainment experience that cannot be found anywhere else.
The following information was filed by Imax Corp (IMAX) on Thursday, February 21, 2013 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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