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Mississauga, Ontario, Canada L5K 1B1
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IMAX CORPORATION REPORTS FOURTH-QUARTER AND FULL-YEAR 2017 RESULTS
|||Company achieved fourth-quarter global box office of $278 million, up 13% over the prior year.|
|||IMAX domestic box office increased 17% in the second half of 2017, compared to an industry decline of 6%.|
|||Installed 165 new IMAX® theater systems during 2017, bringing the Companys total commercial multiplex network to 1,272 theaters, 68% of which are in international markets.|
|||Company signed agreements for 170 new theater systems in 2017, resulting in year-end backlog of 494 new systems, plus five upgrades.|
|||SG&A, excluding stock-based compensation, was down 5% year-over-year to $90 million, following the Companys cost-reduction initiative.|
|||Over the four-day Presidents Day and Chinese New Year weekend, the Company achieved record February box office of $53 million, led by the release of Marvel Studios Black Panther and three local-language titles released in China.|
NEW YORK Feb. 27, 2018 IMAX Corporation (NYSE:IMAX) today reported fourth-quarter 2017 revenue of $125.6 million and net income attributable to common shareholders of $4.8 million, or $0.08 per diluted share, which includes a one-time tax charge of $9.3 million ($0.14 per diluted share) associated with the recent U.S. tax reform and a $2.5 million ($0.04 per diluted share) charge associated with the Companys cost reduction exercise announced in June. Full-year 2017 revenue was $380.8 million and net income attributable to common shareholders was $2.3 million, or $0.04 per diluted share, which includes the one-time tax charge of $9.3 million ($0.14 per diluted share) and total restructuring charge of $16.2 million ($0.25 per diluted share).
Adjusted net income attributable to common shareholders for the fourth quarter was $21.8 million, or $0.34 per diluted share. Full-year 2017 adjusted net income attributable to common shareholders was $40.5 million, or $0.62 per diluted share. For reconciliations of reported results to non-GAAP financial results, and for the definition and reconciliation of Adjusted EBITDA per Credit Facility, please see the end of this press release.
We saw tangible improvements to box office performance and operating leverage in the second half last year, largely the result of our implementing several initiatives aimed at refining our programming strategy and containing costs, said Richard L. Gelfond, IMAX CEO. IMAX domestic box office increased 17% in the second half, compared to an exhibitor industry decline of 6%. In international markets, we grew box office 14% over the same period. We believe this underscores the IMAX consumer value proposition for compelling content and highlights the importance of analyzing our results separately from the overall industrys. Moreover, our growing international presence in markets such as Japana market that housed our single strongest-performing theater last yearcontinued to contribute meaningfully to our overall results.
The following information was filed by Imax Corp (IMAX) on Tuesday, February 27, 2018 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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