Exhibit 99.1

 

LOGO

IMAX CORPORATION REPORTS FIRST QUARTER

2020 RESULTS

HIGHLIGHTS

 

   

A solid balance sheet and ample cash puts the Company in a strong position to operate through this historic period of COVID-19-driven theater closures

 

   

In response to COVID-19, the Company has implemented cost reductions and drew on its revolver, ending the quarter with $352.3 million in consolidated cash and its $300 million revolver fully drawn

 

   

The Company estimates a monthly cash burn rate of approximately $10 million and remains confident in its ability to operate through an extended business shut down and a zero revenue environment

 

   

First quarter 2020 revenue decreased 56.5% versus 2019 to $34.9 million

 

   

First quarter 2020 net (loss) attributable to common shareholders was ($49.4) million. Non-GAAP adjusted EBITDA (loss) was ($4.4) million versus $28.5 million in the prior-year period

 

   

The Company is actively preparing to reopen to what is projected to be an IMAX-friendly second-half release slate

 

     Three Months Ended
March 31,
 
In millions except per share data    2020     2019     YoY %  
                 Change  

Total Revenue

   $     34.9     $     80.2       (56.5 %) 

Gross Margin

   $ 5.1     $ 45.1       (88.7 %) 

Gross Margin (%)

     14.6     56.3  

Net (Loss) Income(1)

   $ (49.4   $ 8.3       N/A  

Diluted Net (Loss) Income Per Share(1)

   $ (0.82   $ 0.13       N/A  

Adj. Net (Loss) Income Per Share(1)(2)

   $ (0.48   $ 0.18       N/A  

Adjusted EBITDA(2)

   $ (4.4   $ 28.5       N/A  

Adj. EBITDA Margin (%)(2)

     (13.1 %)      39.8     N/A  

(1) Attributable to common shareholders

(2) Non-GAAP Financial Measure

      

Note: For the definition and reconciliations of reported results to non-GAAP financial results, please refer to the discussion of non-GAAP financial measures at the end of this earnings release.

NEW YORK – April 30, 2020 IMAX Corporation (NYSE:IMAX) today reported first quarter 2020 revenues of $34.9 million, gross margin of $5.1 million, and a net (loss) attributable to common shareholders of ($49.4) million, or ($0.82) per diluted share. First quarter non-GAAP adjusted net loss attributable to common shareholders was ($28.7) million, or ($0.48) per diluted share. For reconciliations of reported results to non-GAAP financial results, please see the end of this press release.

 

1


The following information was filed by Imax Corp (IMAX) on Thursday, April 30, 2020 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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