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IMAX CORPORATION
EXHIBIT 99.1
IMAX CORPORATION
2525 Speakman Drive
Mississauga, Ontario, Canada L5K 1B1
Tel: (905) 403-6500 Fax: (905) 403-6450
www.imax.com
IMAX CORPORATION REPORTS THIRD QUARTER 2018 RESULTS
Strategic Focus on Core Business Drives Strong Net Income Jump
HIGHLIGHTS
| Delivered Q3 2018 earnings per share of $0.08, compared to a loss per share of $0.01 last year. Adjusted net income per share was $0.14, compared to $0.08 in Q3 2017. |
| Strong box office, continued cost discipline and focus on the core business helped drive a 670-basis point increase in operating margins, the Companys third consecutive quarter of margin expansion. |
| Greater China box office increased 30.5% in the third quarter, compared to last year, driven by compelling slate of Hollywood and Chinese local language blockbusters. |
| Since launching its best-in-class IMAX with Laser product in April, the Company has signed agreements for more than 200 systems from exhibitors around the world. |
NEW YORK October 25, 2018 IMAX Corporation (NYSE:IMAX) today reported third quarter 2018 revenues of $82.1 million, gross profit of $42.2 million and net income attributable to common shareholders of $5.0 million, or $0.08 per diluted share. Adjusted net income attributable to common shareholders for the third quarter was $9.0 million, or $0.14 per diluted share. Adjusted EBITDA was $25.8 million. For reconciliations of reported results to non-GAAP financial results, and for the definition and reconciliation of Adjusted EBITDA, please see the end of this press release.
Our momentum from the first half of 2018 continued into the third quarter. Compelling blockbuster content from Hollywood and China, coupled with our ongoing focus on controlling costs helped drive our third consecutive quarter of operating margin expansion, said IMAX CEO Richard L. Gelfond. Looking ahead, we expect many of the factors contributing to our strong performance this year to benefit the Company into 2019 and beyond including the rapidly evolving media landscape. The convergence of streaming and traditional media platforms creates interesting opportunities for IMAX.
We are increasingly seeing content creators seeking to attract top filmmakers, eventize the launch of new content and broaden the consumer reach of that content. Our 1,400-plus theatre network across nearly 80 countries affords filmmakers the opportunity to launch their content in a highly-differentiated, premium format. We are in active discussions across these converging platforms and believe IMAX has a unique opportunity to influence the emerging trends in our industry and be a direct beneficiary of the evolving landscape.
Third Quarter 2018 Results
Network Update
During the quarter, the Company installed 37 theater systems, 36 of which were for new theater locations. The total IMAX® theater network consisted of 1,443 systems as of September 30, 2018, of which 1,346 were in commercial multiplexes. There were 635 theaters in backlog as of September 30, 2018, compared to the 545 in backlog as of September 30, 2017.
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The gross margin from joint revenue sharing arrangements increased by 18.5% to $39.4 million in the nine months ended September 30, 2018 from $33.3 million in the nine months ended September 30, 2017.
In the third quarter of 2017, an expense of $3.4 million was recognized which was comprised of costs incurred to exit an existing operating lease, employee severance costs, costs of consolidating facilities and contract termination costs.
Net cash used in investing activities amounted to $33.3 million in the nine months ended September 30, 2018, which includes an investment in joint revenue sharing equipment of $22.7 million, purchases of $7.4 million in property, plant and equipment and an investment in other intangible assets of $3.2 million, primarily related to expanding the functionality of the Companys enterprise resource planning system.
The Retirement Plan is subject to a vesting schedule based on continued employment with the Company, and will vest in 25% increments on July 2 of 2019, 2022, 2025 and 2027, but will vest in full if Mr. Fosters employment terminates under specified circumstances, including if the Company terminates his employment without cause, if he resigns for good reason, or if the Company does not offer to renew Mr. Fosters employment on terms substantially similar to those set forth in his current employment agreement and, as a result, Mr. Foster incurs a separation from service.
The Company also intends to continue research and development in other areas considered important to the Companys continued commercial success, including further improving the reliability of its projectors, developing more IMAX cameras, enhancing the Companys image quality, expanding the applicability of the Companys digital technology, in both theater and home entertainment, improvements to the DMR process and the ability to deliver DMR releases digitally to its theater network, without the requirement for hard drives.
The Company also intends to...Read more
The gross margin from joint...Read more
Contingent rent revenues from joint...Read more
Variable consideration of $0.8 million...Read more
Variable consideration of $4.1 million...Read more
As at September 30, 2018,...Read more
Theater business gross margin decreased...Read more
Gross box office generated by...Read more
In 2017, the Company reviewed...Read more
The Company ended the current...Read more
A reconciliation of net income...Read more
A reconciliation of net income...Read more
Theater business gross margin increased...Read more
a decrease of $2.8 million...Read more
Risks associated with the Companys...Read more
Gross margin for ongoing fees...Read more
Gross margin for ongoing rent...Read more
Under the previous recognition standard,...Read more
Restructuring charges for the nine...Read more
Film distribution and post-production revenues...Read more
In 2017, the Companys Board...Read more
Staff costs presented above are...Read more
Staff costs presented above are...Read more
Research and development expenses decreased...Read more
Research and development expenses decreased...Read more
This contingent rent, which is...Read more
Subsequent to September 30, 2018,...Read more
Effective January 1, 2018, the...Read more
As a result of including...Read more
As a result of including...Read more
Network business revenue increased by...Read more
a decrease of $22.7 million...Read more
The Credit Facility, coupled with...Read more
In the nine months ended...Read more
The Companys significant streams of...Read more
In the third quarter of...Read more
Adjusted EBITDA per Credit Facility...Read more
Both of these contract provisions...Read more
Specifically, the Company has concluded...Read more
Other theater revenue increased to...Read more
Other theater revenue increased to...Read more
The effective interest rate for...Read more
an increase of $21.8 million...Read more
The decrease in revenue is...Read more
IMAX DMR revenues increased 11.0%...Read more
In addition, the Company presents...Read more
Contingent rent revenues from joint...Read more
an increase of $0.2 million...Read more
Theater system maintenance revenue increased...Read more
Maintenance revenue continues to grow...Read more
Theater system maintenance revenue increased...Read more
Maintenance revenue continues to grow...Read more
Maintenance margins vary depending on...Read more
Maintenance margins vary depending on...Read more
Contingent rent of $0.8 million...Read more
Contingent rent of $2.6 million...Read more
IMAX systems revenue in theater...Read more
The increase is due to...Read more
The increase is due to...Read more
Selling, general and administrative expenses...Read more
Selling, general and administrative expenses...Read more
Under the Playa Vista Loan,...Read more
Effective January 1, 2018, upon...Read more
ASC Topic 606 requires variable...Read more
Management uses these measures for...Read more
The arrangements for the sale...Read more
Upon adoption of the new...Read more
Upon adoption of the new...Read more
Contingent rent revenue is no...Read more
Contingent rent revenue is no...Read more
an increase of $3.5 million...Read more
The Company has a postretirement...Read more
the success of new business...Read more
Selling, general and administrative expenses,...Read more
Without the presentation of these...Read more
The new standard requires the...Read more
The performance of the new...Read more
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Ticker: IMAX
CIK: 921582
Form Type: 10-Q Quarterly Report
Accession Number: 0001193125-18-307664
Submitted to the SEC: Thu Oct 25 2018 3:35:49 PM EST
Accepted by the SEC: Thu Oct 25 2018
Period: Sunday, September 30, 2018
Industry: Photographic Equipment And Supplies