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July 26, 2017—IMAX Corporation today reported second-quarter 2017 revenue of $87.8 million and a net loss attributable to common shareholders of $1.7 million, or $0.03 per diluted share. "We continue to focus our efforts on driving operating leverage and increasing the profitability of our Company," said Gelfond. "While growing the network is the most powerful factor in earnings growth long-term, we are also implementing strategies aimed at increasing the revenue productivity of our current network, while also reducing our cost structure. On the expense side, we streamlined our cost structure, shaving $20 million in annualized costs, which increases profitability and enables us to scale more efficiently. We are also identifying means to increase the revenue productivity of our theaters. For example, we are working with our exhibitor partners to reseat a number of our theaters with new, premium seats. On the film side, we are aiming to play more 2D-version of films domestically, given the clear preference from consumers for 2D, particularly in North America. We also intend to shorten the length of play that we allot many films, which helps keep the content on screen fresh." Gelfond concluded, "We believe our focus on network growth, coupled with strategies to increase our revenue productivity while also reducing our cost structure, should facilitate meaningful value creation long-term."
January 18, 2017—We regret to report that IMAX Technical Services legend Russell “Russ” Cardinell died January 2, 2017, at the age of 75. Russ was instrumental in training and coaching IMAX projectionists from around the world and was deeply respected for his passion and dedication to the film business. He was born into a family of film projectionists and technicians and dedicated his whole life to ensuring that theater patrons experienced the highest quality presentations possible. Russ was also a proud member of the Canadian Armed Forces.
January 10, 2017—IMAX has opened a virtual reality (VR) center at the Grove in Los Angeles. The center is the first of half a dozen facilities to test VR experiences and explore the potential of VR as a business for IMAX. Read the full article about IMAX VR at NASDAQ.com.
December 27, 2016—
IMAX and the Montreal Science Centre today announced an agreement to install IMAX's next-generation digital laser projection system—IMAX® with Laser —at its IMAX® TELUS theatre. The groundbreaking new laser technology will replace the current IMAX film projection system and further enhance The IMAX Experience® for visitors.
October 26, 2016—IMAX Corporation has reported third-quarter 2016 revenues of $86.6 million and net income attributable to common shareholders of $2.5 million, or $0.04 per share. Adjusted net income attributable to common shareholders was $7.9 million, or $0.12 per diluted share.
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