- Revenues of $85.1 million and Adjusted EBITDA of $26.3 million, up approximately 40% and 50% over the third quarter of last year, respectively
- IMAX increases theatre installation outlook for full-year 2015 to approximately 130 new systems
- Company buys back 1 million shares of IMAX stock in the third quarter, at an average price of $34.25
- IMAX Corp. successfully completes IPO of IMAX China, raising net proceeds of $162 million to be reported on IMAX Corp.'s consolidated balance sheet
October 28, 2015—IMAX Corporation (NYSE: IMAX) today reported third quarter 2015 revenues of $85.1 million, adjusted EBITDA as calculated in accordance with the Company's credit facility of $26.3 million, adjusted net income after non-controlling interest of $12.0 million, or $0.17 per diluted share, and reported net income after non-controlling interest of $8.6 million, or $0.12 per diluted share. The Company also reported a third quarter global per-screen average of $220,500.
"In addition to our strong third-quarter financial results, over the last few months we have accomplished several important strategic and financial objectives," said Richard L. Gelfond, CEO of IMAX Corporation. "We successfully listed shares of IMAX China on the Hong Kong Stock Exchange, we bought back 1 million shares of IMAX Corporation's stock at an average price of $34.25 and we have been installing IMAX theatre systems at an accelerated pace around the globe."
Network Growth Update
The total IMAX® theatre network consisted of 1,008 systems as of September 30, 2015, of which 887 were located in commercial multiplexes. In the quarter, the Company installed 44 theatres, 34 of which were for new theatre locations, and signed contracts for 35 IMAX theatre systems, of which 33 were for new locations and 2 were for upgrades. As of September 30, 2015, there were 384 theatres in backlog compared to 397 as of December 31, 2014, and 439 as of September 30, 2014. For a breakdown of theatre system signings, installations, network and backlog by type, please see the tables at the end of this press release.
Gelfond concluded, "We look forward to the upcoming releases of the latest Bond installment, Spectre, the final Hunger Games chapter and, of course, the much-anticipated Star Wars. We believe the combination of our network growth, heightened levels of demand for The IMAX Experience® and our strong balance sheet will enable us to capitalize on the upcoming fourth quarter film slate as well as the exciting film slates of 2016 and 2017."
Third-Quarter Segment Results
- Revenue from sales and sales-type leases was $26.6 million in the third quarter of 2015, compared to $6.6 million in the third quarter of 2014, primarily reflecting the installation of 12 full theatre systems under sales and sales-type lease arrangements in the most recent third quarter, compared to the 6 sales-type theatres the Company installed in the prior-year period. In addition, there were 8 upgrades (7 laser and 1 xenon) in existing locations in the third quarter of 2015, compared to no upgrades in the third quarter of 2014.
- Revenue from joint revenue-sharing arrangements was $19.8 million in the quarter, compared to $15.2 million in the prior-year period. During the quarter, the Company installed 22 new theatres under joint revenue-sharing arrangements, compared to 14 in the same period in 2014. Of these installations, 8 were for hybrid joint revenue-sharing compared to 5 hybrid joint revenue-sharing installations in the prior year. The Company had 498 theatres operating under joint revenue-sharing arrangements as of September 30, 2015, as compared to 422 joint-venture theatres one year prior.
- Production and IMAX DMR® (Digital Re-Mastering) revenues were $20.9 million in the third quarter of 2015, compared to $18.4 million in the third quarter of 2014. Gross box office from DMR titles was $189.8 million in the third quarter of 2015, compared to $169.0 million in the prior-year period. The average global DMR box office per screen in the third quarter of 2014 was $220,500 compared to $227,900 in the prior-year period.
The Company will host a conference call today at 4:30 PM ET to discuss its third quarter 2015 financial results. To access the call via telephone, interested parties in the US and Canada should dial (800) 524-8850 approximately 5 to 10 minutes before the call begins. International callers should dial (416) 204-9702. The conference ID for the call is 252835. 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 252835.
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®, IMAX® 3D, IMAX DMR®, Experience It In IMAX®, An IMAX 3D Experience®, The IMAX Experience®, IMAX Is Believing® and IMAX nXos® 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).
Source: IMAX Corporation