starbuxsux
9 years ago
IMAX Scores Record-Shattering Opening Weekend Box Office With Star Wars: The Force Awakens Grossing $48 Million In IMAX(R) Theatres Worldwide
3:21 PM ET 12/21/15 | PR Newswire
IMAX Corporation (NYSE:IMAX) today announced that Star Wars: The Force Awakens, released by The Walt Disney Studios, scored a record-setting opening weekend in IMAX(R) theatres with $48 million worldwide on 677 screens (excluding China), making it the Company's best-ever weekend at the global box office, beating Jurassic World's $44.1 million worldwide opening (which included China). The previous worldwide box-office record holder in IMAX - without China - was Marvel's Avengers: Age of Ultron, which earned $25.2 million during its opening weekend globally. Star Wars: The Force Awakens also set various other IMAX records including for both domestic and international openings.
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Domestically, Star Wars: The Force Awakens grossed a benchmark $30 million on 391 IMAX screens, of which 359 were record-breaking. The film trounced the previous North American IMAX opening weekend record of $20.9 million (Jurassic World) by roughly 50 percent.
International IMAX results for Star Wars: The Force Awakens reached a record $18 million on 276 IMAX screens - without the benefit of China - more than doubling the previous-best non-China day-and-date release of $8 million (Harry Potter and the Deathly Hallows - Part 2). Markets that saw record-setting openings include: U.K., France, Germany, Russia, Japan, the Netherlands, Austria, Denmark, Sweden, South Africa, Italy, Portugal, Brazil, Australia and New Zealand.
The IMAX network was at capacity with sell-out screenings all weekend as the film earned the highest single-day box-office gross for IMAX worldwide on Friday with $17.7 million. The previous best was Jurassic World with $13 million.
"Star Wars has become a global cultural phenomenon, and IMAX has benefitted, with new IMAX records set across our entire worldwide network and China still to come. We only wish we had more seats to meet the demand," said IMAX CEO Richard L. Gelfond. "Congratulations to Disney and Lucasfilm - we're extremely proud of the collaboration between our companies, which has resulted not only in this record-setting worldwide opening for Star Wars: The Force Awakens, but also in setting the stage for the franchise for years to come. With IMAX effectively playing two Star Wars films per year over the next several years, we believe it will add even greater visibility to our business."
"With numbers like this, it's clear that even casual viewers sought out a premium theatrical experience to see Star Wars: The Force Awakens, and in a weekend of incredible performances across the board, the folks at IMAX pulled out all the stops for a tremendous, record-setting debut for the format that has gone beyond anything we could've hoped," said Dave Hollis, Executive Vice President, Theatrical Distribution, The Walt Disney Studios.
"We always believed the worldwide opening for Star Wars: The Force Awakens was going to be strong, but these results have exceeded our expectations," said Greg Foster, Senior Executive Vice President, IMAX Corp. and CEO of IMAX Entertainment. "We extend a big congratulations to our friends and long-time partners J.J. Abrams, Kathleen Kennedy, Bryan Burk and all of our friends at Disney and Lucasfilm for this phenomenal achievement. The synergy created by fans of the Star Wars franchise, The IMAX Experience(R), and the support of our filmmaker, studio and exhibitor partners has manifested itself in a truly phenomenal way - creating a new cinema paradigm. With stellar reviews, incredibly strong word-of-mouth, and an open runway for many weeks in IMAX, we look forward to the film's continued global success - especially as it broadens to China on Jan. 9 - and elsewhere across our network well into February."
The IMAX(R) 3D release of Star Wars: The Force Awakens was shown in its digitally re-mastered format, which includes the image and sound quality of The IMAX Experience(R) with proprietary IMAX DMR(R) (Digital Re-mastering) technology. The crystal-clear images, coupled with IMAX's customized theatre geometry and powerful digital audio, create a unique environment that will make audiences feel as if they are in the movie.
About IMAX Corporation IMAX, an innovator in entertainment technology, combines proprietary software, architecture and equipment to create experiences that take you beyond the edge of your seat to a world you've never imagined. Top filmmakers and studios are utilizing IMAX theatres to connect with audiences in extraordinary ways, and, as such, IMAX's network is among the most important and successful theatrical distribution platforms for major event films around the globe.
IMAX is headquartered in New York, Toronto and Los Angeles, with offices in London, Tokyo, Shanghai and Beijing. As of September 30, 2015, there were 1,008 IMAX theatres (887 commercial multiplexes, 19 commercial destinations and 102 institutions) in 66 countries. On Oct. 8, 2015, shares of IMAX China, a subsidiary of IMAX Corp., began trading on the Hong Kong Stock Exchange under the stock code "HK.1970."
IMAX(R), IMAX(R) 3D, IMAX DMR(R), Experience It In IMAX(R), An IMAX 3D Experience(R), The IMAX Experience(R) and IMAX nXos(R) are trademarks of IMAX Corporation. More information about the Company can be found at www.imax.com. You may also connect with IMAX on Facebook (www.facebook.com/imax), Twitter (www.twitter.com/imax) and YouTube (www.youtube.com/imaxmovies).
This press release contains forward looking statements that are based on IMAX management's assumptions and existing information and involve certain risks and uncertainties which could cause actual results to differ materially from future results expressed or implied by such forward looking statements. These risks and uncertainties are discussed in IMAX's most recent Annual Report on Form 10-K and most recent Quarterly Reports on Form 10-Q.
For additional information please contact:
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Media: Investors: IMAX Corporation - New York IMAX Corporation - New York Ann Sommerlath Jessica Kourakos 212-821-0155 212-821-0110 asommerlath@imax.com jkourakos@imax.com Entertainment Media: Business Media: Principal Communications Group - Los Angeles Sloane & Company - New York Melissa Zukerman/Paul Pflug Whit Clay 323-658-1555 212-446-1864 melissa@pcommgroup.com wclay@sloanepr.com paul@pcommgroup.com
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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/imax-scores-record-shattering-opening-weekend-box-office-with-star-wars-the-force-awakens-grossing-48-million-in-imax-theatres-worldwide-300195973.html
SOURCE IMAX Corporation
starbuxsux
10 years ago
""THE HUNGER GAMES: MOCKINGJAY - PART 2"" SOARS INTO IMAX(R) 3D THEATERS STARTING NOVEMBER 20
Feb 06, 2015 09:00:00 (ET)
SANTA MONICA, Calif., Feb. 6, 2015 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX) and Lionsgate (NYSE: LGF), a premier next generation global content leader, today announced that The Hunger Games: Mockingjay -- Part 2, the next installment of the global blockbuster Hunger Games franchise, will be digitally re-mastered into the immersive IMAX(R) format and released in IMAX(R) 3D theaters domestically for the film's November 20(th) rollout.
"I'm thrilled Mockingjay -- Part 2 will be in IMAX theaters," said director Francis Lawrence. "Fans will now have the chance to see the film in any format they want, which is exciting; we recently saw the 3-D version of Mockingjay -- Part 1 before its release in China, and the new level of immersion was really fantastic."
"It's exciting to be back in The Hunger Games world and once again team up with our partners at Lionsgate, director Francis Lawrence and producers Nina Jacobson and Jon Kilik on what we believe will be a thrilling, action-packed finale to this blockbuster franchise," said Greg Foster, Senior Executive Vice President, IMAX Corp. and CEO of IMAX Entertainment. "The fan enthusiasm and cultural impact that this series has generated has been truly remarkable and we are thrilled to offer audiences the opportunity to experience the last chapter in IMAX 3D."
The IMAX(R) 3D version of The Hunger Games: Mockingjay -- Part 2 will be digitally re-mastered into the image and sound quality of The IMAX Experience(R) with proprietary IMAX(R) DMR (Digital Re-mastering) technology. The crystal-clear images, coupled with IMAX's customized theatre geometry and powerful digital audio, create a unique environment that will make audiences feel as if they are in the movie.
The blockbuster Hunger Games franchise has taken audiences by storm around the world, grossing more than $2.2 billion at the global box office, and it was the #1 movie of the year two years in a row domestically. The Hunger Games: Mockingjay -- Part 2 now brings the franchise to its powerful fourth chapter in which Katniss Everdeen (Jennifer Lawrence) now fully realizes the stakes are no longer just for survival -- they are for the future.
With the nation of Panem in a full scale war, Katniss confronts President Snow (Donald Sutherland) in the final showdown. Teamed with a group of her closest friends -- including Gale (Liam Hemsworth), Finnick (Sam Claflin), and Peeta (Josh Hutcherson) -- Katniss goes off on a mission with the unit from District 13 as they risk their lives to stage an assassination attempt on President Snow who has become increasingly obsessed with destroying her. The mortal traps, enemies, and moral choices that await Katniss will challenge her more than any arena she faced in The Hunger Games.
The Hunger Games: Mockingjay -- Part 2 is directed by Francis Lawrence from a screenplay by Peter Craig and Danny Strong and features an acclaimed cast including Academy Award(R) -winner Jennifer Lawrence, Josh Hutcherson, Liam Hemsworth, Woody Harrelson, Elizabeth Banks, Philip Seymour Hoffman, Jeffrey Wright, Willow Shields, Sam Claflin, Jena Malone with Stanley Tucci and Donald Sutherland reprising their original roles from The Hunger Games and The Hunger Games: Catching Fire. The impressive lineup is joined by The Hunger Games: Mockingjay -- Part 1 co-stars five-time Academy Award(R) -nominee Julianne Moore, Mahershala Ali, Natalie Dormer, Wes Chatham, Elden Henson and Evan Ross.
ABOUT THE HUNGER GAMES
The first three installments of the global blockbuster Hunger Games franchise have grossed more than $2.2 billion at the worldwide box office and counting. The last two installments of The Hunger Games franchise (Catching Fire and Mockingjay -- Part 1) have become the highest-grossing releases at the domestic box office each of the past two years, the first time ever for back-to-back sequels. The Hunger Games: Catching Fire also holds the record as the 10th highest-grossing domestic release of all time.
Based on Suzanne Collins' best-selling trilogy of books which has already sold more than 82 million copies around the world, The Hunger Games franchise continues to expand into exciting new lines of business. Lionsgate will launch a U.S. tour of "The Hunger Games: The Exhibition" in Summer 2015 and is teaming with Imagine Nation to bring The Hunger Games live theatrical experience to London in Summer 2016. Additionally, The Hunger Games Kabam video game launched in November 2014 as the #3-ranking game on Google worldwide.
The next installment of the record-breaking franchise, The Hunger Games: Mockingjay -- Part 2, will be released on November 20, 2015, directed by Francis Lawrence and starring Academy Award(R) winner Jennifer Lawrence, Josh Hutcherson, Liam Hemsworth and Woody Harrelson.
ABOUT LIONSGATE
Lionsgate is a premier next generation global content leader with a strong and diversified presence in motion picture production and distribution, television programming and syndication, home entertainment, digital distribution, channel platforms and international distribution and sales. The Company currently has more than 30 television shows on over 20 different networks spanning its primetime production, distribution and syndication businesses, including such critically-acclaimed hits as the multiple Emmy Award-winning Mad Men and Nurse Jackie, the comedy Anger Management, the broadcast network series Nashville, the syndication success The Wendy Williams Show and the critically-acclaimed hit series Orange is the New Black.
Its feature film business has been fueled by such recent successes as the blockbuster first three installments of The Hunger Games franchise, the first installment of the Divergent franchise, John Wick, Now You See Me, Roadside Attractions' A Most Wanted Man, Lionsgate/Codeblack Films' Addicted and Pantelion Films' Instructions Not Included, the highest-grossing Spanish-language film ever released in the U.S.
Lionsgate's home entertainment business is an industry leader in box office-to-DVD and box office-to-VOD revenue conversion rates. Lionsgate handles a prestigious and prolific library of approximately 16,000 motion picture and television titles that is an important source of recurring revenue and serves as the foundation for the growth of the Company's core businesses. The Lionsgate and Summit brands remain synonymous with original, daring, quality entertainment in markets around the world. www.lionsgate.com
ABOUT IMAX
IMAX, an innovator in entertainment technology, combines proprietary software, architecture and equipment to create experiences that take you beyond the edge of your seat to a world you've never imagined. Top filmmakers and studios are utilizing IMAX theatres to connect with audiences in extraordinary ways, and, as such, IMAX's network is among the most important and successful theatrical distribution platforms for major event films around the globe. IMAX is headquartered in New York, Toronto and Los Angeles, with offices in London, Tokyo, Shanghai and Beijing. As of September 30, 2014, there were 880 IMAX theatres (751 commercial multiplexes, 19 commercial destinations and 110 institutions) in 60 countries. IMAX(R), IMAX(R) 3D, IMAX DMR(R), Experience It In IMAX(R), An IMAX 3D Experience(R), The IMAX Experience(R) and IMAX Is Believing(R) are trademarks of IMAX Corporation. More information about the Company can be found at www.imax.com. You may also connect with IMAX on Facebook (www.facebook.com/imax), Twitter (www.twitter.com/imax) and YouTube (www.youtube.com/imaxmovies).
Lionsgate
Contact: Julie Fontaine
310-255-4970
jfontaine@lionsgate.com
IMAX Corporation
Contact: Ann Sommerlath
212-821-0155
asommerlath@imax.com
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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/the-hunger-games-mockingjay--part-2-soars-into-imax-3d-theaters-starting-november-20-300032040.html
SOURCE Lionsgate
/Web site: http://www.lionsgate.com
(END) Dow Jones Newswires
February 06, 2015 09:00 ET (14:00 GMT)
starbuxsux
11 years ago
IMAX Corporation Reports First Quarter 2014 Financial Results
7:00 AM ET 4/24/14 | PR Newswire
IMAX Corporation (NYSE: IMAX; TSX: IMX) today reported first quarter 2014 revenues of $48.2 million, adjusted EBITDA as calculated in accordance with the Company's credit facility of $12.6 million, adjusted net income of $3.3 million, or $0.05 per diluted share, and reported net income of $0.6 million, or $0.01 per diluted share.
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"We made significant progress towards our long-term goals this quarter through our multi-picture agreement with Disney and our recently announced transaction with investors in IMAX China. We also had a very strong signings quarter, with 36 new theatres signed, driven by a robust 23 signings in strategically-important Europe," said Richard L. Gelfond, IMAX CEO. "While first-quarter box office is traditionally the softest of the year, just a few weeks into the second quarter, we are encouraged by the strong international opening of The Amazing Spider-Man 2 - just one of the many highly anticipated movies in our portfolio of films for the remainder of year."
Network Growth Update
The total IMAX(R) theatre network consisted of 840 systems as of March 31, 2014, of which 707 were in commercial multiplexes. There were 431 theatres in backlog as of March 31, 2014, compared to 283 in backlog as of March 31, 2013. In the first quarter of 2014, the Company signed contracts for 36 theatres, of which 35 were for new locations and 1 was for an upgrade. In the quarter, the Company installed 10 theatres, of which 8 were for new theatre locations. For a breakdown of theatre system signings, installations, network and backlog by type, please see the end of this press release.
"The significant level of interest in our business worldwide is promising and underscores how the IMAX brand has become synonymous with the ultimate way to experience blockbuster films," stated Mr. Gelfond. "We are excited for what the future holds for IMAX. We believe that our network growth, the continued commitment from our partners and our consumers' enthusiasm globally, combined with our portfolio of films in 2014 and beyond, will continue to solidify our position as a unique and dominant player in the global entertainment industry."
First-Quarter Segment Results
-- Revenue from sales and sales-type leases was $4.5 million in the first quarter of 2014, compared to $9.8 million in the first quarter of 2013, primarily reflecting the installation of 3 full, new theatre systems under sales and sales-type lease arrangements in the most recent first quarter, compared to the 6 sales and sales-type theatres the Company installed in the first quarter of 2013. In addition, there were 2 digital system upgrades (1 sales-type and 1 joint revenue-sharing) in existing locations in the first quarter of 2014, compared to 7 upgrades (all sales-type) in the first quarter of 2013.
-- Revenue from joint revenue-sharing arrangements was $10.9 million in the quarter, compared to $9.4 million in the prior-year period. During the quarter, the Company installed 5 new theatres under joint revenue-sharing arrangements, compared to 4 in the year-ago period. The Company had 388 theatres operating under joint revenue-sharing arrangements as of March 31, 2014, as compared to 319 theatres one year prior.
-- Production and IMAX DMR(R) (Digital Re-Mastering) revenues were $15.2 million in the first quarter of 2014, compared to $14.4 million in the first quarter of 2013. Gross box office from DMR titles was $138.5 million in the first quarter of 2014, compared to $128.7 million in the prior-year period. The average global DMR box office per screen in the first quarter of 2014 was $197,000 compared to $212,900 in the prior-year period.
Conference Call
The Company will host a conference call today at 8:30 AM ET to discuss its first quarter 2014 financial results. To access the call via telephone, interested parties in the US and Canada should dial (800) 820-0231 approximately 5 to 10 minutes before it begins. International callers should dial (416) 640-5926. The participant passcode for the call is 2860379. This call is also being webcast by Thomson Financial and can be accessed on the 'Investor Relations' section of www.imax.com. A replay of the call will be available via webcast on the 'Investor Relations' section of www.imax.com or via telephone by dialing (888) 203-1112 (US and Canada), or (647) 436-0148 (international). The Conference ID for the telephone replay is 2860379.
About IMAX Corporation
IMAX, an innovator in entertainment technology, combines proprietary software, architecture and equipment to create experiences that take you beyond the edge of your seat to a world you've never imagined. Top filmmakers and studios are utilizing IMAX theatres to connect with audiences in extraordinary ways, and, as such, IMAX's network is among the most important and successful theatrical distribution platforms for major event films around the globe.
IMAX is headquartered in New York, Toronto and Los Angeles, with offices in London, Tokyo, Shanghai and Beijing. As of March 31, 2014, there were 840 IMAX theatres (707 commercial multiplexes, 18 commercial destinations and 115 institutions) in 57 countries.
IMAX(R), IMAX(R) 3D, IMAX DMR(R), Experience It In IMAX(R), An IMAX 3D Experience(R), The IMAX Experience(R), IMAX Is Believing(R) and IMAX nXos(R) are trademarks of IMAX Corporation. More information about the Company can be found at www.imax.com. You may also connect with IMAX on Facebook (www.facebook.com/imax), Twitter (www.twitter.com/imax) and YouTube (www.youtube.com/imaxmovies).
This press release contains forward looking statements that are based on IMAX management's assumptions and existing information and involve certain risks and uncertainties which could cause actual results to differ materially from future results expressed or implied by such forward looking statements. Important factors that could affect these statements include, but are not limited to, general economic, market or business conditions; the opportunities (or lack thereof) that may be presented to and pursued by the Company; the performance of IMAX DMR films; competitive actions by other companies; conditions in the in-home and out-of-home entertainment industries; the signing of theater system agreements; changes in laws or regulations; conditions, changes and developments in the commercial exhibition industry; the failure to convert theater system backlog into revenue; risks associated with investments and operations in foreign jurisdictions and any future international expansion, including those related to economic, political and regulatory policies of local governments and laws and policies of the United States and Canada; risks related to the Company's growth and operations in China; the failure to respond to change and advancements in digital technology; risks related to the acquisition of AMC Entertainment Holdings, Inc. by Dalian Wanda Group Co., Ltd.; risks related to new business initiatives; the potential impact of increased competition in the markets within which the Company operates; risks related to the Company's inability to protect the Company's intellectual property; risks related to Eastman Kodak bankruptcy and the possibility of constrained film supply; risks related to the Company's implementation of a new enterprise resource planning system; risks related to the Company's prior restatements and the related litigation; and other factors, many of which are beyond the control of the Company. These factors, other risks and uncertainties and financial details are discussed in IMAX's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
For additional information please contact:
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Investors: Media: IMAX Corporation, New York IMAX Corporation, New York Teri Loxam Ann Sommerlath 212-821-0100 212-821-0155 tloxam@imax.com asommerlath@imax.com Business Media: Entertainment Media: Sloane & Company, New York Principal Communications Group, Los Angeles Whit Clay Melissa Zuckerman/Paul Pflug 212-446-1864 323-658-1555 wclay@sloanepr.com melissa@pcommgroup.com paul@pcommgroup.com
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Additional Information Signings and Installations Mar. 31, 2014 Three Months Ended Mar. 31, Theatre Signings: 2014 2013 Full new sales and sales-type lease arrangements 32 (1) 14 (1) New joint revenue sharing arrangements 3 3 Total new theatres 35 17 Upgrades of IMAX theatre systems 1 8 (2)(3) Total Theatre Signings 36 25 Three Months Ended Mar. 31, Theatre Installations: 2014 2013 Full new sales and sales-type lease arrangements 3 6 New joint revenue sharing arrangements 5 4 Total new theatres 8 10 Upgrades of IMAX theatre systems 2 7 (2) Total Theatre Installations 10 17 As of Mar. 31, Theatre Backlog: 2014 2013 New sales and sales-type lease arrangements 151 135 New joint revenue sharing arrangements 257 136 Total new theatres 408 271 Upgrades of IMAX theatre systems 23 12 Total Theatres in Backlog 431 (4) 283 (5) As of Mar. 31, Theatre Network: 2014 2013 Commercial Multiplex Theatres: Sales and sales-type lease arrangements 319 287 Joint revenue sharing arrangements 388 319 Total Commercial Multiplex Theatres 707 606 Commercial Destination Theatres 18 19 Institutional Theatres 115 113 Total IMAX Theatre Network 840 738
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(1) Includes three signings which replaced theaters under an existing arrangement in backlog (2013 - one). (2) Includes upgrades to xenon-based digital systems under short-term operating lease arrangements (2 signings, 2 installations). (3) Includes installation of laser-based digital systems in existing theater (2 signings). (4) Includes 23 upgrades to a digital theater system, in an existing IMAX theater location (3 xenon and 20 laser, of which 4 are under joint revenue sharing arrangements). (5) Includes 12 upgrades to a digital theater system, in an existing IMAX theater location (5 xenon and 7 laser).
Additional Information (continued)
2014 DMR Films:
To date, IMAX has announced 19 titles so far to be released in 2014. The Company released 38 titles in 2013. The Company remains in discussions with virtually every major studio regarding future titles and expects the total number of titles in 2014 to be similar to that in 2013.
-- Jack Ryan: Shadow Recruit: The IMAX Experience (Paramount Pictures, January 2014);
-- I, Frankenstein: An IMAX 3D Experience (Lionsgate, January 2014);
-- The Monkey King: The IMAX Experience (Global Star Productions, January 2014, China only);
-- Robocop: The IMAX Experience (Metro-Goldwyn-Mayer Studios, Inc., February 2014);
-- 300: Rise of an Empire: An IMAX 3D Experience (Warner Bros. Pictures, March 2014);
-- Need for Speed: An IMAX 3D Experience (Walt Disney Studios, March 2014, select international markets);
-- Divergent: The IMAX Experience (Summit Entertainment, March 2014);
-- Noah: The IMAX Experience (Paramount Pictures, March 2014);
-- Captain America: The Winter Soldier: An IMAX 3D Experience (Marvel Entertainment, April 2014);
-- Transcendence: The IMAX Experience (Warner Bros. Pictures, April 2014);
-- The Amazing Spider-Man 2: An IMAX 3D Experience (Sony Pictures, May 2014);
-- Godzilla: An IMAX 3D Experience (Warner Bros. Pictures, May 2014);
-- Maleficent: An IMAX 3D Experience (Walt Disney Studios, May 2014);
-- Edge of Tomorrow: An IMAX 3D Experience (Warner Bros. Pictures, June 2014);
-- How to Train Your Dragon 2: An IMAX 3D Experience (DreamWorks Animation, June 2014, select international markets);
-- Transformers: Age of Extinction: An IMAX 3D Experience (Paramount Pictures, June 2014);
-- Guardians of the Galaxy: An IMAX 3D Experience (Walt Disney Studios, August 2014);
-- Interstellar: The IMAX Experience (Paramount Pictures and Warner Bros. Pictures, November 2014); and
-- The Hobbit: There and Back Again: An IMAX 3D Experience (Warner Bros. Pictures, December 2014).
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IMAX CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS In accordance with United States Generally Accepted Accounting Principles (In thousands of U.S. dollars, except per share amounts) (Unaudited) Three Months Ended March 31, 2014 2013 Revenues Equipment and product sales $ 6,354 $ 10,679 Services 28,872 26,656 Rentals 10,791 9,972 Finance income 2,180 1,984 Other - 375 48,197 49,666 Costs and expenses applicable to revenues Equipment and product sales 3,719 5,059 Services 14,350 14,964 Rentals 3,720 3,453 Other - - 21,789 23,476 Gross margin 26,408 26,190 Selling, general and administrative expenses 21,312 19,661 (including share-based compensation expense of $3.2 million for the three months ended March 31, 2014 (2013 - expense of $2.8 million)) Gain on curtailment of postretirement benefit plan - (2,185) Research and development 3,599 3,634 Amortization of intangibles 402 364 Receivable provisions, net of recoveries 287 - Income from operations 808 4,716 Interest income 16 13 Interest expense (266) (345) Income from operations before income taxes 558 4,384 Provision for income taxes (72) (1,203) Loss from equity-accounted investments, net of tax (262) (220) Income from continuing operations 224 2,961 Net income (loss) from discontinued operations, net of tax 355 (100) Net income $ 579 $ 2,861 Net income per share - basic & diluted: Net income per share from continuing operations $ - $ 0.04 Net income per share from discontinued operations 0.01 - $ 0.01 $ 0.04 Weighted average number of shares outstanding (000's): Basic 67,908 66,646 Fully Diluted 69,321 68,690 Additional Disclosure: Depreciation and amortization(1) $ 7,555 $ 8,591
(1) Includes $0.1 million of amortization of deferred financing costs charged to interest expense for the three months ended March 31, 2014, respectively (2013 - $0.1 million).
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IMAX CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS In accordance with United States Generally Accepted Accounting Principles (in thousands of U.S. dollars) (Unaudited) As at As at March 31, December 31, 2014 2013 Assets Cash and cash equivalents $ 29,692 $ 29,546 Accounts receivable, net of allowance for doubtful accounts of $838 (December 31, 2013 -- $887) 59,942 73,074 Financing receivables 103,752 107,110 Inventories 13,798 9,825 Prepaid expenses 4,641 3,602 Film assets 6,714 7,076 Property, plant and equipment 141,875 132,847 Other assets 27,173 27,034 Deferred income taxes 24,402 24,259 Other intangible assets 27,230 27,745 Goodwill 39,027 39,027 Total assets $ 478,246 $ 481,145 Liabilities Accounts payable $ 14,319 $ 19,396 Accrued and other liabilities 57,745 65,232 Deferred revenue 83,409 76,932 Total liabilities 155,473 161,560 Commitments and contingencies Shareholders' equity Capital stock, common shares -- no par value. Authorized -- unlimited number. Issued and outstanding -- 67,957,167 (December 31, 2013 -- 67,841,233) 328,685 327,313 Other equity 38,216 36,452 Accumulated deficit (42,472) (43,051) Accumulated other comprehensive loss (1,656) (1,129) Total shareholders' equity 322,773 319,585 Total liabilities and shareholders' equity $ 478,246 $ 481,145
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IMAX CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS In accordance with United States Generally Accepted Accounting Principles (In thousands of U.S. dollars) (Unaudited) Three Months Ended March 31, 2014 2013 Cash provided by (used in): Operating Activities Net income $ 579 $ 2,861 Net (income) loss from discontinued operations (355) 100 Adjustments to reconcile net income to cash from operations: Depreciation and amortization 7,555 8,591 Write-downs, net of recoveries 518 - Change in deferred income taxes (75) 904 Stock and other non-cash compensation 3,281 3,000 Gain on curtailment of postretirement benefit plan - (2,185) Unrealized foreign currency exchange loss 646 189 Loss from equity-accounted investments 346 220 Investment in film assets (1,888) (3,866) Changes in other non-cash operating assets and liabilities 2,755 (10,703) Net cash provided by (used in) operating activities from discontinued operations 572 (100) Net cash provided by (used in) operating activities 13,934 (989) Investing Activities Purchase of property, plant and equipment (7,927) (3,315) Investment in joint revenue sharing equipment (5,506) (8,717) Acquisition of other intangible assets (287) (778) Net cash used in investing activities (13,720) (12,810) Financing Activities Common shares issued - stock options exercised 742 2,485 Settlement of restricted share units (789) - Increase in bank indebtedness - 12,000 Repayment of bank indebtedness - (5,000) Credit facility amendment fees paid - (1,881) Net cash (used in) provided by financing activities (47) 7,604 Effects of exchange rate changes on cash (21) 17 Increase (decrease) in cash and cash equivalents during the period 146 (6,178) Cash and cash equivalents, beginning of period 29,546 21,336 Cash and cash equivalents, end of period $ 29,692 $ 15,158
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IMAX CORPORATION SELECTED FINANCIAL DATA In accordance with United States Generally Accepted Accounting Principles (in thousands of U.S. dollars) The Company has seven reportable segments identified by category of product sold or service provided: IMAX systems; theater system maintenance; joint revenue sharing arrangements; film production and IMAX DMR; film distribution; film post-production; and other. The IMAX systems segment designs, manufactures, sells or leases IMAX theater projection system equipment. The theater system maintenance segment maintains IMAX theater projection system equipment in the IMAX theater network. The joint revenue sharing arrangements segment provides IMAX theater projection system equipment to an exhibitor in exchange for a share of box-office and concession revenues. The film production and IMAX DMR segment produces films and performs film re-mastering services. The film distribution segment distributes films for which the Company has distribution rights. The film post-production segment provides film post-production and film print services. The other segment includes certain IMAX theaters that the Company owns and operates, camera rentals and other miscellaneous items.
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Three Months Ended March 31, 2014 2013 Revenue IMAX Theater Systems IMAX Systems Sales and sales-type leases $ 4,507 $ 9,796 Ongoing rent, fees, and finance income 3,253 2,942 Other 1,512 1,780 9,272 14,518 Theater system maintenance 8,195 7,789 Joint revenue sharing arrangements 10,856 9,376 Film Production and IMAX DMR 15,185 14,355 Film distribution and post-production 4,689 3,628 19,874 17,983 Total $ 48,197 $ 49,666 Gross margins IMAX Theater Systems IMAX systems(1) Sales and sales-type leases $ 1,659 $ 5,284 Ongoing rent, fees, and finance income 3,114 2,907 Other (438) (198) 4,335 7,993 Theater system maintenance 3,001 3,054 Joint revenue sharing arrangements(1) 7,283 6,159 Film Production and IMAX DMR(1) 11,074 9,213 Film distribution and post-production 715 (229) 11,789 8,984 Total $ 26,408 $ 26,190
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(1) IMAX systems include marketing and commission costs of $0.2 million for the three months ended March 31, 2014 (2013 -- $0.3 million). Joint revenue sharing arrangements segment margins include advertising, marketing and commission costs of $0.2 million for the three months ended March 31, 2014 (2013 -- $0.2 million). Production and DMR segment margins include marketing costs of $1.1 million for the three months ended March 31, 2014 (2013 -- $0.9 million). Distribution segment margins include marketing costs of $0.2 million for the three months ended March 31, 2014 (2013 -- $0.1 million).
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IMAX CORPORATION OTHER INFORMATION (in thousands of U.S. dollars) Non-GAAP Financial Measures: In this release, the Company presents adjusted EBITDA, adjusted net income and adjusted net income per diluted share as supplemental measures of performance of the Company, which are not recognized under United States generally accepted accounting principles ("GAAP"). The Company presents adjusted EBITDA, adjusted net income and adjusted net income per diluted share because it believes that they are important supplemental measures of its comparable controllable operating performance and it wants to ensure that its investors fully understand the impact of its stock-based compensation (net of any related tax impact) on its net income. Management uses these measures to review operating performance on a comparable basis from period to period. However, these non-GAAP measures may not be comparable to similarly titled amounts reported by other companies. Adjusted EBITDA, adjusted net income and adjusted net income per diluted share should be considered in addition to, and not as a substitute for, net income and other measures of financial performance reported in accordance with GAAP. Adjusted EBITDA is calculated on a basis consistent with the Company's Credit Facility, which refers to Adjusted EBITDA as EBITDA. The Credit Facility provides that the Company will be required to maintain a Fixed Charge Coverage Ratio (as defined in the Credit Agreement) of not less than 1.1:1. The Company will also be required to maintain minimum EBITDA (as defined in the Credit Agreement) of $90.0 million on December 31, 2014, which requirement increases to $100.0 million on December 31, 2015. The Company must also maintain a Maximum Total Leverage Ratio (as defined in the Credit Agreement) of 2.00:1 on December 31, 2014, which requirement decreases to 1.75:1 on December 31, 2015. The ratio of total debt to EBITDA was nil:1 as at March 31, 2014, where Total Debt (as defined in the Credit Agreement) is the sum of all obligations evidenced by notes, bonds, debentures or similar instruments and was $nil. EBITDA is calculated as follows:
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3 months ended 12 months ended March 31, 2014 March 31, 2014 (In thousands of U.S Dollars) Net income $ 579 $ 41,833 Add: Loss from equity accounted investments 262 2,799 Provision for income taxes(1) 289 15,607 Interest expense, net of interest income 250 1,209 Depreciation and amortization, including film asset amortization 7,424 35,616 Write-downs net of recoveries including asset impairments and receivable provisions 518 1,854 Stock and other non-cash compensation 3,281 12,966 $ 12,603 $ 111,884
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(1) Includes a tax provision in discontinued operations of $0.2 million and $0.1 million for the three and twelve months ended March 31, 2014, respectively.
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IMAX CORPORATION OTHER INFORMATION (in thousands of U.S. dollars) Adjusted Net Income and Adjusted Diluted Per Share Calculations - Quarter Ended March 31, 2014 vs. 2013: The Company reported net income of $0.6 million or $0.01 per basic and diluted share for the first quarter of 2014, as compared to net income of $2.9 million or $0.04 per basic share and diluted share for the first quarter of 2013. Net income for the first quarter of 2014 includes a $3.2 million charge, or $0.05 per diluted share, for stock-based compensation (2013 - $2.8 million or $0.04 per diluted share). Adjusted net income, which consists of net income excluding stock-based compensation expense and the related tax impact, was $3.3 million, or $0.05 per diluted share, in the first quarter of 2014, as compared to adjusted net income of $5.6 million, or $0.08 per diluted share, for the first quarter of 2013. A reconciliation of net income, the most directly comparable U.S. GAAP measure, to adjusted net income and adjusted net income per diluted share is presented in the table below:
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Three Months Ended Three Months Ended March 31, 2014 March 31, 2013 Net Income Diluted EPS Net Income Diluted EPS Reported net income $ 579 $ 0.01 $ 2,861 $ 0.04 Adjustments: Stock-based compensation 3,188 0.05 2,808 0.04 Tax expense on items listed above (515) (0.01) (105) - Adjusted net income $ 3,252 $ 0.05 $ 5,564 $ 0.08 Weighted average diluted shares outstanding 69,321 68,690
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Free Cash Flow: Free cash flow is defined as cash provided by operating activities minus cash used in investing activities (from the consolidated statements of cash flows). Cash provided by operating activities consist of net income, plus depreciation and amortization, plus the change in deferred income taxes, plus other non-cash items, plus changes in working capital, less investment in film assets, plus other changes in operating assets and liabilities. Cash used in investing activities includes capital expenditures, acquisitions and other cash used in investing activities. Management views free cash flow, a non-GAAP measure, as a measure of the Company's after-tax cash flow available to reduce debt, add to cash balances, and fund other financing activities. A reconciliation of cash provided by operating activities to free cash flow is presented in the table below:
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For the 3 months ended March 31, 2014 (In thousands of U.S. Dollars) Net cash provided by operating activities $ 13,934 Net cash (used in) investing activities (13,720) Free cash flow $ 214
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SOURCE IMAX Corporation
starbuxsux
11 years ago
IMAX Sells 20 Percent Stake In IMAX China To Strategic Chinese Investors
6:00 AM ET 4/8/14 | PR Newswire
IMAX Corporation (NYSE:IMAX; TSX:IMX) today announced the investment in its Greater China business by CMC Capital Partners (CMC), China's leading investment fund that is run by Ruigang Li and focused on media and entertainment, and FountainVest Partners (FountainVest), a leading China-focused private equity firm. The investment provides for the sale and issuance of 20 percent of the shares in IMAX China (Holding), Inc., with the intent of further strengthening IMAX's competitive position in China.
http://photos.prnewswire.com/prnvar/20111107/MM01969LOGO
The purchase price for the 20 percent investment is $80 million, to be paid by the investors in two equal installments. The first installment is expected to close today and the second installment will close in early 2015. IMAX China will continue to be a consolidated subsidiary of IMAX Corp.
By introducing Chinese ownership into its China subsidiary, IMAX expects the transaction to lead to an eventual initial public offering of IMAX China. Some of the key goals of the transaction include the continued expansion of IMAX's theatre network in China, the sustained performance in the marketplace of IMAX's Hollywood and Chinese titles, and the further strengthening of government and industry relationships within China, all of which, the Company believes, will benefit from the strong presence of the investors, including Ruigang Li's knowledge of the Chinese media and entertainment industry.
"China is an enormously complex market in which we have accomplished quite a bit over the last 15 years," said IMAX Corp. CEO Richard L. Gelfond. "At this juncture, it makes sense to bring in Chinese investors to help us better address local market dynamics and further optimize our business in China, including both our core theatre business as well as new business initiatives such as the home theatre joint venture we announced last year with TCL. We believe Ruigang Li and CMC, as well as FountainVest, are ideal partners whose status, leadership and expertise will be invaluable in helping us accomplish these goals.
"We expect this strategic alliance, along with the strength of our existing relationships with Chinese partners like Wanda and TCL, will help us usher in the next phase of growth for IMAX in China," Gelfond continued. "Today's agreement represents a joint commitment to further develop China's movie industry by offering premium entertainment experiences, fostering the development of Chinese content and continually focusing on innovation."
"China's movie and entertainment industry is at a critical point of its development," Ruigang Li, Chairman of CMC Capital Partners said. "As the preeminent investment platform in China dedicated to the media and entertainment sector, CMC is excited to be able to forge this strategic alliance with IMAX - the world's leading innovator of entertainment technology under the leadership of CEO Richard L. Gelfond. Based on our common understanding of market opportunities, industry evolution trends, and effective strategy, CMC and FountainVest look forward to working together with IMAX towards accelerating the growth of China's movie and entertainment sector and increasing the presence of premium China entertainment content throughout the global market."
IMAX already enjoys strong brand recognition as a leading premium entertainment option in the Chinese market, and has become the preferred way to experience both Chinese and Hollywood blockbusters in the region. In the last several years, China has enjoyed robust economic growth and a consumer spending boom, as well as regulatory policies supportive of growth in the cinema and film sectors. Assisted by these trends, IMAX's screen count in China has doubled since 2011 to 173 screens open with an additional 237 in backlog as of Dec. 31, 2013.
Through its subsidiaries, IMAX China will continue to have the right to conduct the IMAX business in Greater China. A nine-member Board of Directors will be established for IMAX China comprising six IMAX executives, one representative each from CMC and FountainVest and an independent member to be nominated by the newly formed board.
The Raine Group LLC acted as exclusive financial adviser to IMAX for the transaction.
Conference Call The Company will host a conference call today at 8:00 AM ET to discuss this transaction. To access the call via telephone, interested parties in the US and Canada should dial (800) 820-0231 approximately 5 to 10 minutes before the call begins. International callers should dial (416) 640-5926. The conference ID for the call is 8935125. A replay of the call will be available via webcast on the 'Investor Relations' section of www.imax.com or via telephone by dialing (888) 203-1112 (US and Canada), or (647) 436-0148 (international). The Conference ID for the telephone replay is 8935125.
About CMC Capital Partners CMC Capital Partners is the first media-and-entertainment-sector-focused fund approved by the NDRC (National Development and Reform Commission) to dedicate to media and entertainment investments in China and global markets. Ruigang Li is the Chairman. CMC has made a series of successful investments which have caught the keen attention of the media and entertainment industry within China and internationally. CMC acquired the controlling stake in Star China, formerly News Corporation's China assets, which include three nationally and regionally distributed TV channels - Star (Xing Kong), Star (Xing Kong) International and Channel V (China) - as well as the largest contemporary Chinese language film library Fortune Star. Canxing under Star China is now the #1 TV production brand and created a series of top TV entertainment shows including The Voice of China and China's Got Talent, achieving record-setting ratings and commercial returns. CMC earlier announced that it together with Star China management team will acquire 21 Century Fox's entire stake in Star China. CMC set up the joint venture Oriental DreamWorks (ODW) in a partnership with Hollywood animation powerhouse DreamWorks Animation. The JV is well positioned to be China's leading family entertainment brand with animation-centered businesses to encompass production and distribution of feature films and TV programming for China and global markets, consumer product licensing, gaming, live entertainment and location-based entertainment. CMC also launched TVB China, a joint venture with the Hong Kong-based TVB - one of the world's largest Chinese-language TV content supplier and broadcaster - to dedicate to building a media and entertainment group with content-based comprehensive business scope. CMC invested in OCJ, China's #1 TV shopping business with a customer base of 30 million households. CMC's investment portfolio also covers sectors such as advertising, film, sports, gaming and Internet. CMC has strategic partnerships with global leaders in content creation including Time Warner and RatPac.
About FountainVest Partners FountainVest is a leading China-focused private equity firm. FountainVest focuses on long term oriented investments and targets high growth industry leaders in China in the consumer, media and technology, and new industrial and healthcare sectors. FountainVest works closely with management teams to create value in the areas of strategy, operations, finance, industry consolidation and governance.
About IMAX Corporation IMAX, an innovator in entertainment technology, combines proprietary software, architecture and equipment to create experiences that take you beyond the edge of your seat to a world you've never imagined. Top filmmakers and studios are utilizing IMAX theatres to connect with audiences in extraordinary ways, and, as such, IMAX's network is among the most important and successful theatrical distribution platforms for major event films around the globe.
IMAX is headquartered in New York, Toronto and Los Angeles, with offices in London, Tokyo, Shanghai and Beijing. As of Dec. 31, 2013, there were 837 IMAX theatres (701 commercial multiplexes, 19 commercial destinations and 117 institutions) in 57 countries.
IMAX(R), IMAX(R) 3D, IMAX DMR(R), Experience It In IMAX(R), An IMAX 3D Experience(R), The IMAX Experience(R), IMAX Is Believing(R) and IMAX nXos(R) are trademarks of IMAX Corporation. More information about the Company can be found at www.imax.com. You may also connect with IMAX on Facebook (www.facebook.com/imax), Twitter (www.twitter.com/imax) and YouTube (www.youtube.com/imaxmovies).
This press release contains forward looking statements that are based on IMAX management's assumptions and existing information and involve certain risks and uncertainties which could cause actual results to differ materially from future results expressed or implied by such forward looking statements. These risks and uncertainties are discussed in IMAX's most recent Annual Report on Form 10-K and most recent Quarterly Reports on Form 10-Q.
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For additional information please contact: Investors: Media: IMAX Corporation, New York IMAX Corporation, New York Teri Loxam Ann Sommerlath 212-821-0110 212-821-0155 tloxam@imax.com asommerlath@imax.com Business Media: IMAX Corporation, China Sloane & Company, New York Huijuan Wu Whit Clay Mobile: +86 13701060779 212-446-1864 Office no. 021 2315 7161 wclay@sloanepr.com cawu@imax.com
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SOURCE IMAX Corporation
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