Exhibit 99.1

 

 

 

 

IMAX CORPORATION REPORTS SECOND QUARTER

2020 RESULTS

 

HIGHLIGHTS

 

409 IMAX® theaters reopened in China over the July 24th weekend. The Company now has 624 theaters or approximately 40% of its global network generating revenue and is ready to benefit from an IMAX-friendly slate

 

A strong balance sheet, with $319 million in consolidated cash as of June 30, 2020, and an amended credit agreement, with covenant flexibilty through Q3 2021, positions the Company well to manage through the ongoing COVID-19 related challenges

 

Cost reduction measures taken at the outset of the pandemic reduced the Company’s average monthly cash burn to approximately $10 million, as demonstrated by the second quarter and in line with previous guidance

 

IMAX signed agreements to add 29 theater systems, headlined by the international 17-theater CGV and 10-theater Wanda deals, demonstrating continued global demand for The IMAX Experience® from existing partners in established markets

 

As a result of the global pandemic, second quarter 2020 revenue decreased 92% versus 2019 to $8.9 million. Second quarter 2020 net (loss) attributable to common shareholders was ($26) million. Non-GAAP adjusted EBITDA (loss) was ($18.5) million versus $41.4 million in the prior-year period

 

 

 

Three Months Ended

 

 

 

June 30,

 

In thousands except per share data

 

2020

 

 

2019

 

 

YoY %

Change

 

Total Revenue

 

$

8.9

 

 

$

104.8

 

 

 

(91.6

%)

 

 

 

 

 

 

 

 

 

 

 

 

 

(Margin Loss) Gross Margin

 

$

(7.7

)

 

$

59.6

 

 

 

(112.9

%)

(Margin Loss) Gross Margin (%)

 

 

(86.8

%)

 

 

56.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (Loss) income attributable to common shareholders

 

$

(26.0

)

 

$

11.4

 

 

N/A

 

Diluted Net (Loss) income per share attributable to common shareholders

 

$

(0.44

)

 

$

0.19

 

 

N/A

 

Adjusted Net (Loss) Income(1)

 

$

(26.1

)

 

$

19.7

 

 

N/A

 

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

 

$

(0.44

)

 

$

0.32

 

 

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA per Credit Facility attributable to common shareholders(1)

 

$

(18.5

)

 

$

41.4

 

 

N/A

 

Adj. EBITDA Margin attributable to common shareholders (%) (1)

 

 

(219.3

%)

 

 

43.8

%

 

N/A

 

_____________

(1)

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.

1


The following information was filed by Imax Corp (IMAX) on Tuesday, July 28, 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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