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Lov ing IMAX -In Long-($40.00)EOY -
THE HUNGER GAMES: CATCHING FIRE Released in China Today
November 21
12:30
2013
Lionsgate (NYSE: LGF), a leading global entertainment company, announced that the second installment of its global blockbuster The Hunger Games franchise, The Hunger Games: Catching Fire, has been approved for today's November 21, 2013 release on more than 3,000 screens in China.
The film will be released nationwide in China with both dubbed and subtitled prints by the China Film Group in conjunction with Lionsgate's Beijing-based promotional partner, Talent International Film Co. Ltd. The release in China joins the list of virtually day-and-date releases in more than 50 territories around the world.
"The Hunger Games: Catching Fire has become a truly global phenomenon, and its day-and-date release in this key territory further cements its status as a worldwide motion picture event of epic proportions," said Lionsgate Motion Picture Group Co-Chairs Patrick Wachsberger and Rob Friedman.
"The release of the first Hunger Games film in China established a strong fan base on which Catching Fire is positioned to build," said Wendy Reeds, Executive Vice President of Content Sales & Distribution for Celestial Tiger Entertainment (CTE). "China has become one of the world's leading box office territories, and the release of The Hunger Games: Catching Fire in China is another major step forward in our distribution of film and TV content in this key market."
Lionsgate has recently scored at the Chinese box office with the successful theatrical releases of Now You See Me, The Impossible and the first Hunger Games film.
The Company is currently in production on the third and fourth Hunger Games films, The Hunger Games: Mockingjay I & II.
ABOUT THE HUNGER GAMES: CATCHING FIRE
The Hunger Games: Catching Fire begins as Katniss Everdeen (played by Jennifer Lawrence) has returned home safe after winning the 74th Annual Hunger Games along with fellow tribute Peeta Mellark (played by Josh Hutcherson). Winning means that they must turn around and leave their family and close friends, embarking on a "Victor's Tour" of the districts. Along the way Katniss senses that a rebellion is simmering, but the Capitol is still very much in control as President Snow prepares the 75th Annual Hunger Games (The Quarter Quell) - a competition that could change Panem forever. The Hunger Games: Catching Fire is directed by Francis Lawrence, and produced by Nina Jacobson's Color Force in tandem with producer Jon Kilik. The novel on which the film is based is the second in a trilogy written by Suzanne Collins that has over 65 million copies in print in the U.S. alone.
ABOUT LIONSGATE
Lionsgate is a leading global entertainment company with a strong and diversified presence in motion picture production and distribution, television programming and syndication, home entertainment, family entertainment, digital distribution, new channel platforms and international distribution and sales. Lionsgate currently has 30 television shows on 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 network series Nashville, the syndication success The Wendy Williams Show and the critically-acclaimed new series Orange Is The New Black.
Its feature film business has been fueled by such recent successes as the blockbuster first installment of The Hunger Games franchise, The Twilight Saga Breaking Dawn Part 2, Now You See Me, Kevin Hart: Let Me Explain, Warm Bodies, Snitch, Texas Chainsaw 3D, The Expendables 2, The Possession, Sinister, Arbitrage and Pantelion Films' breakout hit Instructions Not Included, the highest-grossing Spanish-language film ever 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 rate. Lionsgate handles a prestigious and prolific library of approximately 15,000 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
For further information, please contact:
Peter D. Wilkes
310-255-3726
pwilkes@lionsgate.com
SOURCE Lionsgate
Read more about THE HUNGER GAMES: CATCHING FIRE Released in China Today Page 2- BWWMoviesWorld by www.broadwayworld.com
The Hunger Games Special Double Feature: For $33, You Can Watch it at Trop IMAX Theatre
http://www.newjerseynewsroom.com/science-updates/the-hunger-games-special-double-feature-for-33-you-can-watch-it-at-trop-imax-theatre
wasn't this in spring @20 when I clamed being happy at 30 till xmas? well...I am. november now! imax is one of those very special pickles, if they mature then ...premium vintage overnite. holding!
What gets me is why IMAX isn't at $50 by now?
CATCHING FIRE IMAX Promo
THE HUNGER GAMES: CATCHING FIRE IMAX Promo
Read more at http://www.comicbookmovie.com/fansites/movienewsandreviews/news/?a=89579#24gCKuGJ6dqIC1jd.99
IMAX Partners With Content Distributor PRIMA Cinema To Provide Current Theatrical Releases In The Home
7:30 AM ET 10/28/13 | PR Newswire
As part of a broader strategy to expand The IMAX Experience® in the home, IMAX Corporation (NYSE: IMAX; TSX: IMX) today announced it has acquired a stake and a significant option position in PRIMA Cinema Inc., whose proprietary systems transmit current theatrical releases from powerhouse studios like Paramount Pictures and Universal Pictures in a highly encrypted, location-sensitive fashion for secure home viewing.
(Logo: http://photos.prnewswire.com/prnh/20111107/MM01969LOGO )
IMAX plans to integrate the PRIMA Cinema technology into the IMAX® Private Theatre and other potential platforms, enhancing the image and sound of the content through its digital re-mastering (IMAX DMR®) process, which enables IMAX customers to access current theatrical releases of the highest possible quality.
As part of the agreement, IMAX will receive a five-year window of exclusivity to distribute and resell PRIMA systems in China. IMAX will also maintain a seat on PRIMA Cinema's board of directors.
"Today's agreement with PRIMA Cinema enhances our ability to deliver a premium, end-to-end in-home entertainment experience, combining the best of IMAX's immersive image and sound technology with the delivery of current theatrical titles," said IMAX CEO Richard L. Gelfond. "In addition to using PRIMA Cinema in our IMAX Private Theatre systems, we are also exploring ways to integrate IMAX's proprietary technology and PRIMA Cinema's delivery system into other premium in-home applications."
"PRIMA Cinema is incredibly proud to partner with IMAX and introduce a new level of innovation in the digital entertainment industry," said Jason Pang, PRIMA Cinema Founder and CEO. "We've set a high bar in terms of security and quality with our current PRIMA Cinema system. Complementing the IMAX Private Theater raises it to new heights and creates an entirely new digital outlet for the film industry."
IMAX has leveraged 40 years of cutting-edge, proprietary and patented technology and architecture to custom-design a new premium home offering that is multi-sensory, immersive, and visceral. The IMAX Private Theatre combines breathtaking IMAX® and IMAX® 3D images, flawless sound and optimized theatre design to deliver the ultimate in-home entertainment experience. For more information on the IMAX Private Theatre, please visit www.imaxprivatetheatre.com.
About PRIMA Cinema
PRIMA Cinema is the world's first and only exclusive entertainment experience delivering Hollywood films to the comfort of your private home theater concurrently with the box office release. The films available on PRIMA Cinema span all genres, from action and adventure to comedy, romance, sci-fi and kids entertainment, and have included: Rush, 2 Guns, Riddick, Fast & Furious 6, Ted, The Bourne Legacy, Les Miserables, The Purge, and Identity Thief, as well as acclaimed independent films such as Wes Anderson's Moonrise Kingdom and popular family films including Despicable Me 2 and ParaNorman. PRIMA will provide exclusive at-home opening premieres for Lone Survivor starring Mark Wahlberg and Eric Bana, About Time starring Rachel McAdams and Dallas Buyers Club starring Matthew McConaughey and Jennifer Garner.
PRIMA Cinema delivers a cinematic experience providing for uninterrupted better than Blu-ray quality playback and built-in support for 3D features. For the ultimate in security, PRIMA offers the world's first biometric authentication device for movie rental, bringing film to your fingertips like never before.
PRIMA Cinema is led by a team of media and technology veterans who are working in conjunction with Hollywood film studios to pioneer a new cinematic experience for the theatrical industry. PRIMA Cinema has corporate offices in Los Angeles and San Diego, California. PRIMA Cinema is financially backed by Best Buy Capital, Universal Pictures, Syncom Venture Partners, IMAX Corporation, and select private investors.
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 Sept. 30, 2013, there were 785 IMAX theatres (653 commercial multiplexes, 19 commercial destinations and 113 institutions) in 55 countries.
IMAX®, IMAX® 3D, IMAX DMR®, Experience It In IMAX®, An IMAX 3D Experience®, The IMAX Experience® and IMAX Is Believing® 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:
View data
IMAX Corporation, New York PRIMA Cinema: Investors: Rogers & Cowan Teri Loxam Holly Taylor 212-821-0100 310-854-8115 tloxam@imax.com hetaylor@rogersandcowan.com Media: Adam Davis 212-821-0116 adavis@imax.com Entertainment Media: Principal Communications Group, Los Angeles Melissa Zuckerman/Paul Pflug 323-658-1555 melissa@pcommgroup.com paul@pcommgroup.com Business Media: Sloane & Company, New York Whit Clay 212-446-1864 wclay@sloanepr.com
SOURCE IMAX Corporation
http://rt.prnewswire.com/rt.gif?NewsItemId=NY05056&Transmission_Id=201310280730PR_NEWS_USPR_____
IMAX's CEO Discusses Q3 2013 Results - Earnings Call Transcript
http://seekingalpha.com/article/1770012-imaxs-ceo-discusses-q3-2013-results-earnings-call-transcript?source=email_rt_article_readmore&app=1
Imax Forced to Decide Between 'Gravity,' 'Hunger Games' in China
http://www.hollywoodreporter.com/news/imax-forced-decide-between-gravity-650594
IMAX beats by $0.02, beats on revs
7:26 AM ET 10/24/13 | Briefing.com
Reports Q3 (Sep) earnings of $0.06 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $0.04; revenues fell 35.9% year/year to $51.7 mln vs the $50.8 mln consensus.
"Looking ahead, our great start to Q4, including IMAX's strong performance on Gravity and Stalingrad, reminds us of the importance of assessing our portfolio of films on an annual basis, which we believe is a relatively predictable driver of box office performance over the long-term."
IMAX And Cinepolis Expand Partnership With Eight-Theatre Agreement In Latin America
Oct 21, 2013 11:00:00 (ET)
NEW YORK, Oct. 21, 2013 /PRNewswire via COMTEX/ -- IMAX Corporation and Cinepolis, one of the world's largest exhibition circuits, today announced an agreement to install eight new IMAX® theatres in existing Cinepolis multiplexes throughout Latin America. Four of the IMAX theatres will be located in Colombia, with a single theatre each in Brazil, Guatemala, Panama and Peru.
Today's announcement follows recent agreements between the companies in September for an IMAX theatre in India and in April for five IMAX theatres in Mexico, bringing to 22 the exhibitor's total IMAX commercial footprint. Cinepolis currently has six IMAX theatres open in Mexico and one in Brazil.
"We've been more aggressive recently in the Latin American market with 17 theatre signings to date in 2013 - more than triple the number of deals signed in the region in 2012," said IMAX CEO Richard L. Gelfond. "We're pleased to see our efforts coming to fruition in our relationship with Cinepolis and we expect the region to provide further growth for us as the appetite for The IMAX Experience® continues to increase among developers, exhibitors and consumers."
"One of our main success factors has been our focus on innovation and IMAX is an integral part of how we're delivering on this front," said Alejandro Ramirez, CEO of Cinepolis Worldwide. "IMAX provides us with a strategic and competitive advantage that drives stronger performance at our multiplexes and we look forward to bringing the world's most immersive cinematic experience to more theatres across our network."
About Cinepolis Cinepolis is the world's 4th largest movie theater circuit, operating more than 3,000 screens in 11 countries and serving close to 200 million patrons annually. The company operates its screens under four different brands that span across the ultra-premium to the extreme value segments. As a company that is committed to innovation, Cinepolis was the first to pioneer the concept of premium movie theaters via its Cinepolis VIP brand. The company aspires to provide its patrons the best overall experience in filmed entertainment and employs a global workforce of 22,000 people to support its mission. Founded in 1971, Cinepolis is privately held and is headquartered in Morelia, Mexico. www.cinepolis.com
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 June 30, 2013, there were 767 IMAX theatres (634 commercial multiplexes, 19 commercial destinations and 114 institutions) in 54 countries.
IMAX®, IMAX® 3D, IMAX DMR®, Experience It In IMAX®, An IMAX 3D Experience®, The IMAX Experience® and IMAX Is Believing® 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:
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
SOURCE IMAX Corporation
Here we go again...lol I love these short FOOOOLS!!!!
It's Time To Short IMAX
http://seekingalpha.com/article/1756772-its-time-to-short-imax?source=email_rt_article_readmore&app=1
IMAX Corporation To Announce Third-Quarter 2013 Financial Results And Host Conference Call
Oct 11, 2013 14:00:00 (ET)
NEW YORK, Oct. 11, 2013 /PRNewswire via COMTEX/ -- IMAX Corporation today announced it will hold a quarterly conference call to discuss its third-quarter 2013 financial results on Thursday, Oct. 24 at 8:30 a.m. Eastern Time.
This call is being webcast by Thomson Financial and can be accessed at www.imax.com by clicking on 'Investor Relations.' The webcast is also being distributed through the Thomson Street Events Network. Individual investors can listen to the call at www.earnings.com , Thomson's individual investor portal, powered by StreetEvents. Institutional investors can access the call via Thomson StreetEvents ( www.streetevents.com ), a password-protected event management site.
To access the call via telephone, interested parties in the US and Canada should dial (800) 711-9538 approximately 5 to 10 minutes before the call begins. International callers should dial (416) 640-5925. The conference ID for the call is 1695965. 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 1695965.
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 June 30, 2013, there were 767 IMAX theatres (634 commercial multiplexes, 19 commercial destinations and 114 institutions) in 54 countries.
IMAX®, IMAX® 3D, IMAX DMR®, Experience It In IMAX®, An IMAX 3D Experience®, The IMAX Experience® and IMAX Is Believing® 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:
Media: Investors:
IMAX Corporation - New York IMAX Corporation - New York
Ann Sommerlath Teri Loxam
212-821-0155 212-821-0110
asommerlath@imax.com tloxam@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
SOURCE IMAX Corporation
$IMAX - $27.00 +1.04 (+4.01%)
MARKET RECOGNIZED CHEAPIES WHEN THEY SAW IT LOL
Absolute lunacy these idiots!
WEDBUSH CUTS ESTIMATES FOR IMAX CORP. (IMAX), MAINTAINS NEUTRAL | S&P Marketscope
SNPMarketScopeViewsNews 2013-10-03 11:24:10.000 IMAX IMAX CORPORATION BRIAN EGLIWEDBUSH CUTS ESTIMATES FOR IMAX CORP. (IMAX), MAINTAINS NEUTRAL Analyst Michael Pachter tells salesforce he cut Q3 ests to reflect weaker-than-expected box office for high-profile worldwide releases. Says, while IMAX no longer provides mid-Q or end-of-Q box office updates, it appears Elysium, Pacific Rim, Riddick likely did not perform at levels he had expected. For Q3 now sees rev. of $58M, EPS of $0.07, vs. $64M, $0.15 before. Leaves Q4 ests intact, however, as Gravity, which should benefit from outstanding reviews, can likely offset impact of lower rev. spillover from Q3 releases. For '13 now sees $280M rev., $0.67 EPS. B.Egli|US;IMAX|53885|CA|165739
***YOU'RE FORGETTING HUNGER GAMES REVENUE IN Q4 DUMBASSESS!!! WHOEVER IS LISTENING...GRAB YOUR TICKETS***
Wow...cracked the $26.00 floor....is there a bounce coming????
Wrong Kind of Gravity Pulls on IMAX -- Market Talk
Oct 3, 2013 11:07:35 (ET)
11:07 EDT - The new Sandra Bullock film "Gravity" is about to hit IMAX 3D screens across the country, but the Oscar-level buzz around the film isn't enough for investors. With short interest about 25%, and a slew of recent estimates pointing to weak 3Q behind disappointing performers "Pacific Rim" and "Elysium," IMAX down 5.2% at $26.93. Cormark downgrades stock to reduce from market perform, but Wedbush keeps neutral rating and $28 target, pointing to potentially strong releases, particularly the new "Hobbit" and "Hunger Games" films, coming later in 4Q. (michael.calia@wsj.com)
Call us at (212) 416-2181 or john.shipman@dowjones.com
(END) Dow Jones Newswires
October 03, 2013 11:07 ET (15:07 GMT)
Stupid clowns...IMAX Corp Cut to Reduce From Mkt Perform by Cormark >IMAX
Oct 3, 2013 09:25:14 (ET)
(END) Dow Jones Newswires (212-416-2800)
October 03, 2013 09:25 ET (13:25 GMT)
AMC Theatres® and Lionsgate Present THE HUNGER GAMES Double Feature at 250 AMC Locations
10/01/2013 | 03:01pm US/Eastern
Tickets on Sale Now for AMC Guests to Catch Up on the Epic Story with a Showing of THE HUNGER GAMES Leading into the 8 p.m. Debut of THE HUNGER GAMES: CATCHING FIRE on Nov. 21
AMC Theatres® is excited to announce the details of the upcoming HUNGER GAMES Double Feature, which will run at 250 AMC locations nationwide on Thursday, Nov. 21, and will finish with the release of Lionsgate's (NYSE: LGF) THE HUNGER GAMES: CATCHING FIRE. Tickets are on sale now at AMC locations and online.
The double feature, available in both traditional auditoriums as well as in IMAX, begins at 5 p.m. on Nov. 21 with a showing of the 2012 blockbuster hit THE HUNGER GAMES, allowing guests to relive all the action and suspense of Katniss Everdeen's first Hunger Games experience. The debut of THE HUNGER GAMES: CATCHING FIRE will follow at 8 p.m.
Fans attending the event will receive a limited edition lanyard and a commemorative gift at participating locations while supplies last.
Ticket price varies by location and presentation format. For more information or to purchase tickets, visit www.amctheatres.com/events/hunger-games-double-feature.
ABOUT THE HUNGER GAMES: CATCHING FIRE
The Hunger Games: Catching Fire begins as Katniss Everdeen (played by Jennifer Lawrence) has returned home safe after winning the 74th Annual Hunger Games along with fellow tribute Peeta Mellark (played by Josh Hutcherson). Winning means that they must turn around and leave their family and close friends, embarking on a "Victor's Tour" of the districts. Along the way Katniss senses that a rebellion is simmering, but the Capitol is still very much in control as President Snow prepares the 75th Annual Hunger Games (The Quarter Quell) - a competition that could change Panem forever. The Hunger Games: Catching Fire is directed by Francis Lawrence, and produced by Nina Jacobson's Color Force in tandem with producer Jon Kilik. The novel on which the film is based is the second in a trilogy written by Suzanne Collins that has sold over 65 million copies in print in the U.S. alone.
AMC Theatres
Ryan Noonan, 913-213-2183
rnoonan@amctheatres.com
© Business Wire 2013
Watch: New IMAX Featurette on 'The Hunger Games: Catching Fire'
Goldman-Sachs-22nd-Annual-Communacopia-Conference presentation- transcript
http://www.earningsimpact.com/Transcript/83781/IMAX/Imax-Corporation---Goldman-Sachs-22nd-Annual-Communacopia-Conference
$ 29.05 close today = Wwweeee...
Two of my favs...
Lionsgate And Lakeshore's I, Frankenstein Rages Into IMAX® Theatres Across The U.S. Starting January 24, 2014
Sep 17, 2013 10:00:00 (ET)
LOS ANGELES, Sept. 17, 2013 /PRNewswire via COMTEX/ -- IMAX Corporation and Lionsgate announced today that I, Frankenstein, starring Aaron Eckhart, will be digitally re-mastered into the immersive IMAX® format and released into IMAX® theatres across the U.S. beginning January 24, 2014 as well as a number of international territories.
"I, Frankenstein is the kind of action thriller IMAX fans seek out," said Greg Foster, CEO of IMAX Entertainment and Senior Executive Vice President, IMAX Corp. "The producers certainly have a strong track record - with the Underworld franchise having grossed more than $460 million at the global box office - and we're excited to team up with them once again as they launch this all new cinematic world."
"We're very pleased to extend our longstanding partnership with IMAX around the world, and we're thrilled to bring audiences an immersive experience in IMAX that will give resonance to I, Frankenstein's visual scope and effects," said Lionsgate President of Domestic Theatrical Distribution Richard Fay.
The IMAX release of I, Frankenstein will be digitally re-mastered into the image and sound quality of The IMAX Experience® with proprietary IMAX 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.
200 years after his shocking creation, Dr. Frankenstein's creature, Adam (Eckhart), still walks the earth. But when he finds himself in the middle of a war over the fate of humanity, Adam discovers he holds the key that could destroy humankind. The action thriller I, Frankenstein is written for the screen and directed by Stuart Beattie from a screen story by Grevioux and Beattie. The film is brought to life by a cast that includes Eckhart, Bill Nighy, Yvonne Strahovski, Miranda Otto, Socratis Otto, Jai Courtney, Kevin Grevioux, Mahesh Jadu, Caitlin Stasey and Aden Young as Victor Frankenstein. Lionsgate / Lakeshore Entertainment / Sidney Kimmel Entertainment present a Hopscotch Features / Lakeshore Entertainment / Lionsgate / Sidney Kimmel Entertainment production.
For more information about I, Frankenstein, please visit Lionsgate's official website at http://www.lionsgate.com/movies/ifrankenstein/
About Lionsgate Lionsgate is a leading global entertainment company with a strong and diversified presence in motion picture production and distribution, television programming and syndication, home entertainment, family entertainment, digital distribution, new channel platforms and international distribution and sales. Lionsgate currently has 30 television shows on 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 network series Nashville, the syndication success The Wendy Williams Show and the critically-acclaimed new series Orange Is The New Black.
Its feature film business has been fueled by such recent successes as the blockbuster first installment of The Hunger Games franchise, The Twilight Saga Breaking Dawn - Part 2, Now You See Me, Kevin Hart: Let Me Explain, Warm Bodies, Snitch, Texas Chainsaw 3D, The Expendables 2, The Possession, Sinister, Arbitrage and Pantelion Films' breakout hit Instructions Not Included, one of the highest-grossing Spanish-language films ever 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 rate. Lionsgate handles a prestigious and prolific library of approximately 15,000 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.
About Lakeshore Entertainment Lakeshore Entertainment is one of the leading independent production, finance and international sales and distribution companies. Founded in 1994 by Chairman and CEO Tom Rosenberg, Lakeshore has produced more than 60 films including the Academy Award® winning MILLION DOLLAR BABY as well as RUNAWAY BRIDE, THE MOTHMAN PROPHECIES, the UNDERWORLD franchise, EXORCISM OF EMILY ROSE, CRANK, THE GIFT, AUTUMN IN NEW YORK and ARLINGTON ROAD. Lakeshore's recent films include CRANK: HIGH VOLTAGE, starring Jason Statham; THE UGLY TRUTH, starring Katherine Heigl and Gerard Butler; THE LINCOLN LAWYER, starring Matthew McConaughey; and UNDERWORLD AWAKENING staring Kate Beckinsale. Lakeshore's STAND UP GUYS, starring Al Pacino, Christopher Walken and Alan Arkin, was released earlier this year. Lakeshore is currently in post-production on the comedy WALK OF SHAME, starring Elizabeth Banks and James Marsden. Lakeshore's international division distributes Lakeshore's feature films as well as a television library of over 500 titles including the Hearst Entertainment library. Lakeshore's cult classics include the HELLRAISER franchise, CHILDREN OF THE CORN, and HEATHERS.
About Sidney Kimmel Entertainment Veteran producer Sidney Kimmel heads Sidney Kimmel Entertainment, the Los Angeles-based, wholly independent finance and production company focused on bringing high profile, quality entertainment projects to contemporary audiences in association with studio distribution partners. SKE has financed and produced, both independently and with studio partners, 30 features since the company was founded in 2004. Jim Tauber serves as President of Sidney Kimmel Entertainment.
The Company's 2013 releases have included "Stand-Up Guys," produced in association with Lakeshore Entertainment; the Taylor Hackford directed 'Parker," starring Jennifer Lopez and Jason Statham, in association with Sierra/Affinity and Incentive Filmed Entertainment; and "The Place Beyond the Pines," directed by Derek Cianfrance starring Ryan Gosling, Bradley Cooper and Eva Mendes.
About Hopscotch Hopscotch is now in its ninth year of operation and during that time has firmly established itself as one of Australia's most prolific distributors, with a strong reputation for acquiring films that challenge, entertain and inspire audiences. Hopscotch's very first release Bowling for Columbine became the highest grossing documentary in Australian history and was followed by major box office hits including Fahrenheit 9/11, Somersault, Touching the Void, Mrs. Henderson Presents, Pan's Labyrinth, Bra Boys, The Lives of Others, The Wrestler, Bright Star, Mao's Last Dancer, The Kids are Alright, Source Code and Incendies.
In addition, Hopscotch Entertainment, Hopscotch's DVD home entertainment division, opened its doors in February 2004, complementing their critically acclaimed theatrical DVD releases with classic films from acclaimed directors Ingmar Bergman, Pedro Almodovar, Krzysztof Kieslowski, Mira Nair, Patrice Leconte and Wong Kar Wai, cutting edge features and documentaries and cult TV from the BBC, Channel 4 and Australia's finest local production houses.
In 2009, Hopscotch Features was launched, to allow Hopscotch to deepen its involvement in the Australian film landscape and to work with emerging and established filmmaking talent from as early as concept-stage. A joint venture with Andrew Mason, one of Australia's most experienced producers (The Matrix Trilogy) and John Collee, one of Australia's most commercially successful screenwriters (Master and Commander, Happy Feet), Hopscotch Features will act as a 'one-stop shop' for film finance, development, production and distribution.
In 2011, Hopscotch was acquired by global media group Entertainment One. Entertainment One is one of the world's leading independent content and distribution businesses with interests in film, television, music and merchandising across the USA, Canada, the UK, Australia, Belgium, The Netherlands and South Africa.
Although it has grown since its inception, Hopscotch will always be committed to deliver films with a distinctive quality and to an audience that demands that film challenge, entertain and inspire.
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 June 30, 2013, there were 767 IMAX theatres (634 commercial multiplexes, 19 commercial destinations and 114 institutions) in 54 countries.
IMAX®, IMAX® 3D, IMAX DMR®, Experience It In IMAX®, An IMAX 3D Experience®, The IMAX Experience® and IMAX Is Believing® 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:
Media: Investors:
IMAX Corporation - New York IMAX Corporation - New York
Ann Sommerlath Teri Loxam
212-821-0155 212-821-0110
asommerlath@imax.com tloxam@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
For Lionsgate:
Principal Communications Group - Los Angeles
Hans-Dieter Kopal
323-658-1555
hans@pcommgroup.com
SOURCE IMAX Corporation
$IMAX - Ster-Kinekor To Bring The First Commercial Multiplex IMAX® Theatre To South Africa
Sep 3, 2013 07:30:00 (ET)
NEW YORK, Sept. 3, 2013 /PRNewswire via COMTEX/ -- IMAX Corporation and Ster-Kinekor Theatres, a division of Primedia Ltd., today announced an agreement to install an IMAX® theatre in the Ster-Kinekor Gateway Multiplex at the Gateway Theatre of Shopping in Durban, South Africa. The deal represents IMAX's first commercial multiplex theatre in the country.
"IMAX delivers a moviegoing experience so lifelike that customers are willing to pay a premium for it, and as a result we are confident that IMAX will strengthen the performance of our flagship multiplex in Durban," said Fiaz Mahomed, CEO, Ster-Kinekor. "IMAX supports our mission to deliver unforgettable entertainment experiences, and we look forward to presenting the world's biggest blockbusters in the world's most immersive cinematic format."
"Today's agreement - with South Africa's number-one exhibitor at the country's number-one cinema complex - represents the ideal scenario under which to mark IMAX's first commercial multiplex entry into the country," said Andrew Cripps, President, IMAX EMEA. "We are delighted to welcome Ster-Kinekor to the IMAX business and believe our partnership will not only raise our visibility in South Africa, but also set the stage for mutual growth opportunities in the region."
About Ster-Kinekor Theatres A wholly-owned subsidiary of the Primedia Group, Ster-Kinekor is the leader in bringing blockbuster films to its audiences across the country and, despite South Africans watching their pockets, Ster-Kinekor has seen an increase in cinema attendance year on year. With 52 local movie complexes situated in prime locations like Sandton City, Gateway and Cavendish Square, and a further five abroad in Namibia, Zambia, Lesotho and Zimbabwe, Ster-Kinekor can entertain over 64,000 movie goers every two hours on over 400 big screens. From action and suspense, to romance and comedies, Ster-Kinekor Theatres offers the latest the film industry has to offer. And if it's 3D you're after, then you'll be pleased to know that SK has 112 state-of-the-art 3D cinemas, securing its 3D footprint in the country and keeping audiences on the edge of their seats.
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 June 30, 2013, there were 767 IMAX theatres (634 commercial multiplexes, 19 commercial destinations and 114 institutions) in 54 countries.
IMAX®, IMAX® 3D, IMAX DMR®, Experience It In IMAX®, An IMAX 3D Experience®, The IMAX Experience® and IMAX Is Believing® 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.
I See $ 28.oo Coming Easy ..BEOM..
Maybe more.
Anything with CHINESE exposure is popping today
IMAX busted a move here on those nice earnings.. I figured that much with the recent hits at the box office. This thing could easily kiss 28 in early august. China-king is on the hop as well for growth
Cinemas Guzzo Builds On IMAX Success With Two New IMAX Theatres In Quebec
Jul 17, 2013 07:30:00 (ET)
MONTREAL, July 17, 2013 /PRNewswire via COMTEX/ -- IMAX Corporation today announced an expansion of its revenue sharing agreement with Cinemas Guzzo for an additional two IMAX theatre systems in Quebec. Cinemas Guzzo will add an IMAX theatre at its Mega-Plex(TM) Deux-Montagnes 14 in Deux-Montagne and a second IMAX theatre at its Mega-Plex(TM) Terrebonne 14 in Terrebonne, which marks the exhibitor's fourth agreement for two IMAX screens within a single multiplex. This is also the first-ever single-language, dual-screen installation in the IMAX network. Today's deal brings to 12 Cinemas Guzzo's total IMAX commitment.
"IMAX continues to thrill our guests and drive business results," said Vincenzo Guzzo, Executive Vice-President, Cinemas Guzzo. "For example, since the March 2012 opening of our first IMAX theatre in Taschereau, the complex's overall gross box office has increased 20 percent in just a year. We're delighted to add more theatres to our circuit to meet the growing IMAX demand among our patrons. Also, as the IMAX film slate continues to expand with even more Hollywood blockbuster titles, we're pleased to add a second French-language IMAX screen in Terrebonne. This will allow us to take greater advantage of blockbuster opening weekends in the same complex."
"We're pleased to see existing partners expand their IMAX business - a testament to the truly differentiated brand and entertainment experience we deliver," said Mark Welton, President, IMAX Theatres. "In just over a year, Cinemas Guzzo has opened six IMAX theatres in high-growth areas throughout the greater Montreal area. They are a tremendous IMAX brand ambassador and we're delighted to build on their success to date."
Cinemas Guzzo currently has six IMAX theatres open and six contracted to open. The exhibitor has IMAX theatres open at the Mega-Plex(TM) Pont-Viau 16, Mega-Plex(TM) Terrebone 14, and two IMAX theatres at both the Mega-Plex(TM) Taschereau 18 and Mega-Plex(TM) Marche Central 18. This year, the exhibitor will open an IMAX theatre at the Cinemas Des Sources in Dollard-Des-Ormeaux, and as per today's agreement, an IMAX theatre at the Mega-Plex(TM) Deux-Montagnes 14 and a second French-language IMAX screen at the Mega-Plex(TM) Terrebone 14. In 2014, Cinemas Guzzo will open an IMAX theatre at the Mega-Plex(TM) Lacordaire 16 and two theatres at the new Mega-Plex(TM) Sainte-Therese 12.
About Les Cinemas Guzzo
Part of the Quebec cinema scene since 1974, the family-owned Cinemas Guzzo was founded by Angelo Guzzo, who for many years led the struggle for independent movie theatre owners to obtain the right to project first-run movies, thus opening the way for others. Angelo Guzzo and son Vincenzo continue to work as a team to bring moviegoers the best that cinema has to offer. The company has more than 142 digital screens, mainly in the Montreal area, and supports environmental cancer research through the Guzzo Foundation. For more information, visit www.cinemasguzzo.com .
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, 2013, there were 738 IMAX theatres (606 commercial multiplexes, 19 commercial destinations and 113 institutions) in 53 countries.
IMAX, IMAX 3D, IMAX DMR, Experience It In IMAX, An IMAX 3D Experience, The IMAX Experience and IMAX Is Believing 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:
IMAX Cinemas Guzzo
Investors: Media:
IMAX Corporation, New York Vincenzo Guzzo
Teri Loxam Executive Vice-President
212-821-0100 vguzzo@cinemasguzzo.com
tloxam@imax.com 450-961-2945
Business Media:
Sloane & Company, New York
Whit Clay
212-446-1864
wclay@sloanepr.com
Media:
IMAX Corporation, New York
Ann Sommerlath
212-821-0155
asommerlath@imax.com
Entertainment Media:
Principal Communications Group, Los Angeles
Melissa Zuckerman/Paul Pflug
323-658-1555
melissa@pcommgroup.com
paul@pcommgroup.com
SOURCE IMAX Corporation
IMAX And CJ CGV Announce 35 New IMAX Theatres Across China And Korea
7:30 AM ET 7/15/13 | PR Newswire
IMAX Corporation (NYSE:IMAX; TSX:IMX) and CJ CGV Holdings, Ltd., today announced an expansion of the companies' partnership with the addition of 35 new IMAX® theatres. The deal includes 30 theatres to be installed in new construction projects across China as well as five previously optional theatres in Korea, now confirmed, which are subject to final documentation. Today's agreement brings CJ CGV's IMAX commitment to 95 theatres, with 20 in South Korea and 75 in China, positioning it at present as IMAX's largest exhibitor partner in Asia.
(Logo: http://photos.prnewswire.com/prnh/20111107/MM01969LOGO )
"The strength of our brand and technology in China enabled this agreement with CJ CGV, a world-class exhibitor and marketer of the IMAX brand," said IMAX CEO Richard L. Gelfond. "As our largest deal to date with CJ CGV, this agreement not only reinforces the value of The IMAX Experience® to drive business results for our partners, but also signals the momentum that continues to build for IMAX internationally. We're excited to build on our successful partnership with such a substantial commitment."
As of Mar. 31, IMAX has 133 theatres open and 117 theatres in backlog in Greater China. Since 2010, the company has released ten local-language films in the region, with three thus far in 2013 and four planned for the remainder of the year.
"With today's agreement, we are building on our success with IMAX, which continues to generate incremental attendance and revenue to our complexes," said Mr. Seo Jung, CEO of CJ CGV. "We are delighted to expand our IMAX network as it is a key strategy to supporting our growth across Asia Pacific, which has shown strong demand for IMAX's immersive experience."
Under the terms of the agreement, CJ CGV has also agreed to install IMAX's next-generation laser digital projection system in a theatre located in a major metropolitan area within Korea by the end of 2015, subject to final documentation. The system, which represents the culmination of the largest R&D initiative in IMAX's history, incorporates the laser digital intellectual property IMAX exclusively licensed from Eastman Kodak and Barco's unique laser innovations. It is expected to set a new benchmark as the industry's premium entertainment experience and will enable IMAX's largest screens to deliver the highest-quality digital content available with greater brightness and clarity, a wider color gamut and deeper blacks.
About CJ CGV HOLDINGS, LTD. CJ CGV HOLDINGS is a wholly-owned subsidiary of CJ CGV, and is incorporated under the laws of Hong Kong. CJ CGV HOLDINGS was established by CJ CGV specifically to oversee the expansion of theater business throughout Greater China.
About CJ CGV CJ CGV operates South Korea's largest multiplex cinema chain, with its headquarters in Seoul. It is a subsidiary of CJ Group and was established in 1996. CGV opened its first multiplex cinema in Korea in April 1998. Since the opening of its first cinema in eastern Seoul, CGV has expanded and currently operates 816 screens over 103 sites nationwide. CGV opened its first overseas branch in Shanghai, China in late 2006, opened its first North American branch in Los Angeles, California in June 2010 and acquired Megastar, Vietnam's largest multiplex cinema chain in July 2011. CGV now has 50% of the market share in South Korea.
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, 2013, there were 738 IMAX theatres (606 commercial multiplexes, 19 commercial destinations and 113 institutions) in 53 countries.
IMAX®, IMAX® 3D, IMAX DMR®, Experience It In IMAX®, An IMAX 3D Experience®, The IMAX Experience® and IMAX Is Believing® 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:
View data
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
SOURCE IMAX Corporation
http://rt.prnewswire.com/rt.gif?NewsItemId=NY46996&Transmission_Id=201307150730PR_NEWS_USPR_____NY46996&DateId=20130715
About to get a bump on CNBC here buddy, CEO coming on to talk let's see how far we can muster.. $26 should be toast in minutes
Nice to be here, looking for $26.50 myself will hold a bit on this one should be a total lock. Excellent news last night with 35 more IMAX going up in China/Korea. That gave us a nice juicy green candle to start out the day. Cheers
Nice to see you here adeezl...
IMAX good day for consolidation. Quick MM trick at the close (should have been 24.96) but all good.. we're ready to rock come next week bid support shows up something fierce around 24.90
Im buying here 24.90 for 1000 more ups me to 2100 total.. very happy with this play should be an easy run back to 27 leading up into earnings in my opinion.
Seriously though, man of steel will really show some profit for IMAX It should be insane
Earnings were announced earlier set for July 25th
Hell Man of Steel alone is going to juice us here to the moon. Let's see how Pacific Rim does!
GO IMAX!
I totally want a home IMAX experience installed in my house...at $2 million a pop, it's a bargain! LOL
Cramer was very bullish on IMAX as a China play today while interviewing CEO Rich Gelfond on MadMoney tonight...hmmm
IMAX Corporation Reports First Quarter 2013 Financial Results
Apr 25, 2013 07:00:00 (ET)
NEW YORK, April 25, 2013 /PRNewswire via COMTEX/ -- IMAX Corporation today reported first quarter 2013 revenues of $49.9 million, adjusted EBITDA as calculated in accordance with the Company's credit facility of $13.9 million, adjusted net income of $5.6 million, or $0.08 per diluted share, and reported net income of $2.9 million, or $0.04 per diluted share.
"In the first quarter, we continued to execute against our three main Company priorities for the year - Penetration, Differentiation, and Scale," said IMAX Chief Executive Officer Richard L. Gelfond. "We expect these to be key drivers of our long-term growth, while supporting our results in the near-term, and we are excited about the promising upcoming lineup of films in IMAX, particularly in the second quarter."
Network Growth Update
The total IMAX theatre network consisted of 738 systems as of March 31, 2013, of which 606 were in commercial multiplexes. There were 283 theatre systems in backlog as of March 31, 2013, compared to 261 theatre systems in backlog as of March 31, 2012. For a breakdown of theatre system signings, installations, network and backlog by type, please see the end of this press release.
In the first quarter of 2013, the Company signed contracts for 25 theatre systems, of which 17 were in new theatre locations and 8 were additional signings for laser systems and conversion of some of the Company's film theatres to digital systems in existing theatre locations. In the quarter the Company installed 17 theatre systems, of which 10 were in new theatre locations.
"We are very pleased that we continue to penetrate different countries around the world, strengthening our presence in some and building strong theatres in new markets to catalyze future growth in others," Gelfond continued. "Our one-of-a-kind, end-to-end entertainment solution is driving demand from exhibitor and studio partners from around the world, who have seen the value of being in the IMAX business. We remain optimistic as our growth opportunity in underpenetrated international regions, combined with our ability to program each of those markets individually, continues to position IMAX as a unique player in the global entertainment industry."
First-Quarter Segment Results
-- Revenue from sales and sales-type leases was $9.8 million in the first quarter of 2013, compared to $12.9 million in the first quarter of 2012, primarily reflecting the installation of six full, new theatre systems under sales and sales-type lease arrangements in the most recent first quarter, compared to eight full, new theatre systems in the first quarter of 2012. The Company also installed five digital system upgrades under sales or sales-type lease arrangements in the first quarter of 2013, compared to 10 upgrades in the first quarter of 2012, and two digital systems under short-term operating lease arrangements.
-- Revenue from joint revenue-sharing arrangements was $9.4 million, compared to $11.7 million in the prior-year period. During the quarter, the Company installed four new theatres under joint revenue-sharing arrangements, compared to eight in the year-ago period. The Company had 319 theatres operating under joint revenue-sharing arrangements as of March 31, 2013, as compared to 265 theatres one year prior.
-- Production and IMAX DMR (Digital Re-Mastering) revenues were $14.4 million in the first quarter of 2013, compared to $13.8 million in the first quarter of 2012. Gross box office from DMR titles was $128.7 million in the first quarter of 2013, compared to $121.7 million in the prior-year period. The average global DMR box office per screen in the first quarter of 2013 was $212,900, compared to $247,600 in the prior-year period.
"Looking ahead, the heart of the summer box office season kicks into gear this week including the release of the IMAX 3D version of Iron Man 3, followed by Star Trek: Into Darkness, Man of Steel and an international only release of Fast & Furious 6, providing a strong foundation for our full portfolio of films this year," Gelfond concluded. "We have secured many key tentpole films for the remainder of 2013, as well as 2014 and beyond, including Christopher Nolan's Interstellar and Michael Bay's Transformers 4, both of which will be captured with IMAX cameras, demonstrating the ongoing desire of studios and filmmakers to leverage the IMAX platform to bring audiences the most immersive entertainment experiences that they cannot get anywhere else."
Conference Call The Company will host a conference call today at 8:30 AM ET to discuss its first quarter 2013 financial results. To access the call via telephone, interested parties 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 7114021. 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 7114021.
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 Mar. 31, 2013, there were 738 IMAX theatres (606 commercial multiplexes, 19 commercial destinations and 113 institutions) in 53 countries.
IMAX, IMAX 3D, IMAX DMR, Experience It In IMAX, An IMAX 3D Experience, The IMAX Experience and IMAX Is Believing 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:
Investors: Media:
IMAX Corporation, New York IMAX Corporation, New York
Teri Loxam/Blaire Lomasky Ann Sommerlath
212-821-0100 212-821-0155
tloxam@imax.com asommerlath@imax.com
blomasky@imax.com Entertainment Media:
Business Media: Principal Communications Group, Los Angeles
Sloane & Company, New York Melissa Zuckerman/Paul Pflug
Whit Clay 323-658-1555
212-446-1864 melissa@pcommgroup.com
wclay@sloanepr.com paul@pcommgroup.com
Additional Information
Theatre Network Details:
Three Months
Ended March 31,
Theatre Signings: 2013 2012
Full new sales and sales-type lease arrangements 14 (1) 18
New joint revenue sharing arrangements 3 5
Total new theatres 17 23
Upgrades of IMAX theatre systems 8 (2)(3) -
Total Theatre Signings 25 23
Three Months
Ended March 31,
Theatre Installations: 2013 2012
Full new sales and sales-type lease arrangements 6 8
New joint revenue sharing arrangements 4 8
Total new theatres 10 16
Upgrades of IMAX theatre systems 7 (2) 10
Total Theatre Installations 17 26
As of March 31,
Theatre Backlog: 2013 2012
New sales and sales-type lease arrangements 135 144
New joint revenue sharing arrangements 136 116
Total new theatres 271 260
Upgrades of IMAX theatre systems 12 (2)(3) 1
Total Theatres in Backlog 283 (4) 261 (4)
As of March 31,
Theatre Network: 2013 2012
Commercial Multiplex Theatres:
Sales and sales-type lease arrangements 287 245
Joint revenue sharing arrangements 319 265
Total Commercial Multiplex Theatres 606 510
Commercial Destination Theatres 19 20
Institutional Theatres 113 113
Total IMAX Theatre Network 738 643
______________________
(1) Includes one signing which replaced a theatre under an existing arrangement in backlog.
(2) Includes upgrades to xenon-based digital systems under short-term operating lease arrangements (2 signings, 2 installations, 5 in backlog).
(3) Includes installation of laser-based digital systems in existing theatre locations (2 signings, 7 in backlog).
(4) Reflects the minimum number of theatres arising from signed contracts in backlog.
Additional Information (continued)
2013 DMR Films Announced to Date: To date, IMAX has announced 28 titles to be released in 2013. The Company released 35 titles in 2012. The Company remains in discussions with virtually every major studio regarding future titles and expects the total number of titles in 2013 to be similar to that in 2012.
-- The Grandmaster: The IMAX Experience (Jet Tone Films and Sil-Metropole Organization, January 2013, China only);
-- Hansel & Gretel: Witch Hunters: An IMAX 3D Experience (Paramount Pictures, January 2013);
-- Journey to the West: Conquering the Demons: An IMAX 3D Experience (Bingo Movie Development Ltd, February 2013, China only);
-- Top Gun: An IMAX 3D Experience (Paramount Pictures, February 2013);
-- A Good Day to Die Hard: The IMAX Experience (Twentieth Century Fox, February 2013);
-- Jack the Giant Slayer: An IMAX 3D Experience (Warner Bros., March 2013);
-- Oz: The Great and Powerful: An IMAX 3D Experience (Walt Disney Pictures, March 2013);
-- G.I. Joe: Retaliation: An IMAX 3D Experience (Paramount Pictures, March 2013);
-- Dragon Ball Z: Battle of the Gods: An IMAX 3D Experience (Toei Animation Company, March 2013, Japan only);
-- Jurassic Park: An IMAX 3D Experience (Universal Pictures, April 2013);
-- Oblivion: The IMAX Experience (Universal Pictures, April 2013);
-- Iron Man 3: An IMAX 3D Experience (Walt Disney Pictures, May 2013);
-- Star Trek: Into Darkness: An IMAX 3D Experience (Paramount Pictures, May 2013);
-- Fast & Furious 6: The IMAX Experience (Universal, May 2013, international only);
-- After Earth: The IMAX Experience (Sony, May 2013);
-- Man of Steel: The IMAX Experience (Warner Bros., June 2013);
-- Despicable Me 2: An IMAX 3D Experience (Universal Pictures, July 2013, international only);
-- Pacific Rim: An IMAX 3D Experience (Warner Bros., July 2013);
-- 300: Rise of an Empire: An IMAX 3D Experience (Warner Bros., August 2013);
-- Riddick Sequel: The IMAX Experience (Universal Pictures, September 2013);
-- Metallica Through the Never: An IMAX 3D Experience (Picturehouse, September 2013);
-- Gravity: An IMAX 3D Experience (Warner Bros., October 2013);
-- Stalingrad: An IMAX 3D Experience (AR Films, October 2013, Russia and the CIS only);
-- Seventh Son: An IMAX 3D Experience (Warner Bros., October 2013);
-- Ender's Game: The IMAX Experience (Lionsgate, November 2013);
-- The Hunger Games: Catching Fire: The IMAX Experience (Lionsgate, November 2013);
-- The Hobbit: The Desolation of Smaug: An IMAX 3D Experience (Warner Bros., December 2013); and
-- Dhoom 3: The IMAX Experience (Yash Raj Films, 2013, India only).
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,
2013 2012*
Revenues
Equipment and product sales $ 10,679 $ 14,379
Services 26,859 27,067
Rentals 9,972 12,470
Finance income 1,984 1,680
Other 375 -
49,869 55,596
Costs and expenses applicable to revenues
Equipment and product sales 5,059 9,095
Services 15,318 15,620
Rentals 3,453 4,020
Other - -
23,830 28,735
Gross margin 26,039 26,861
Selling, general and administrative expenses 17,476 19,168
(including share-based compensation expense of $2.8 million for the
three months ended March 31, 2013 (2012 - $3.8 million))
Research and development 3,634 2,630
Amortization of intangibles 364 176
Receivable provision, net of recoveries - 451
Income from operations 4,565 4,436
Interest income 13 24
Interest expense (345) (526)
Income from continuing operations before income taxes 4,233 3,934
Provision for income taxes (1,152) (966)
Loss from equity-accounted investments (220) (459)
Net income $ 2,861 $ 2,509
Net income per share - basic & diluted:
Net income per share - basic & diluted $ 0.04 $ 0.04
Weighted average number of shares outstanding (000's):
Basic 66,646 65,402
Fully Diluted 68,690 68,158
Additional Disclosure:
Depreciation and amortization $ 8,591 $ 7,466
______________________
* Reflects a revision resulting from an adjustment to reflect an unfunded postretirement obligation of the Company.
IMAX CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
In accordance with United States Generally Accepted Accounting Principles
(in thousands of U.S. dollars)
As at As at
March 31, December 31,
2013 2012
(unaudited)
Assets
Cash and cash equivalents $ 15,158 $ 21,336
Accounts receivable, net of allowance for doubtful accounts of $1,564 (December 31, 2012 -- $1,564) 48,360 42,007
Financing receivables 96,204 94,193
Inventories 14,452 15,794
Prepaid expenses 4,781 3,833
Film assets 4,427 3,737
Property, plant and equipment 120,764 113,610
Other assets 25,410 23,963
Deferred income taxes 35,654 36,461
Goodwill 39,027 39,027
Other intangible assets 28,101 27,911
Total assets $ 432,338 $ 421,872
Liabilities
Bank indebtedness $ 18,000 $ 11,000
Accounts payable 16,155 15,144
Accrued and other liabilities 61,335 68,695
Deferred revenue 76,364 73,954
Total liabilities 171,854 168,793
Shareholders' equity
Capital stock, common shares -- no par value. Authorized -- unlimited number.
Issued and outstanding -- 66,866,076 (December 31, 2012 -- 66,482,425) 317,144 313,744
Other equity 30,239 28,892
Deficit (84,305) (87,166)
Accumulated other comprehensive loss (2,594) (2,391)
Total shareholders' equity 260,484 253,079
Total liabilities and shareholders' equity $ 432,338 $ 421,872
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,
2013 2012*
Cash provided by (used in):
Operating Activities
Net income $ 2,861 $ 2,509
Adjustments to reconcile net income to cash from operations:
Depreciation and amortization 8,591 7,466
Write-downs, net of recoveries - 481
Change in deferred income taxes 904 624
Stock and other non-cash compensation 3,000 4,088
Gain on curtailment of postretirement benefits (2,185) -
Unrealized foreign currency exchange loss (gain) 189 (1,388)
Loss on equity-accounted investments 220 459
Investment in film assets (3,866) (3,958)
Changes in other non-cash operating assets and liabilities (10,703) 145
Net cash (used in) provided by operating activities (989) 10,426
Investing Activities
Purchase of property, plant and equipment (3,315) (374)
Investment in joint revenue sharing equipment (8,717) (7,088)
Investment in new business ventures - (381)
Acquisition of other intangible assets (778) (2,568)
Net cash used in investing activities (12,810) (10,411)
Financing Activities
Increase in bank indebtedness 12,000 4,917
Repayment of bank indebtedness (5,000) (5,000)
Common shares issued - stock options exercised 2,485 3,488
Credit facility amendment fees paid (1,881) -
Net cash provided by financing activities 7,604 3,405
Effects of exchange rate changes on cash 17 30
(Decrease) increase in cash and cash equivalents during the period (6,178) 3,450
Cash and cash equivalents, beginning of period 21,336 18,138
Cash and cash equivalents, end of period $ 15,158 $ 21,588
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 is comprised of the design, manufacture, sale or lease IMAX theater projection system equipment. The theater system maintenance segment consists of the maintenance of IMAX theater projection system equipment in the IMAX theater network. The joint revenue sharing arrangements segment is comprised of the installation IMAX theater projection system equipment to an exhibitor in exchange for a certain percentage of box-office receipts, concession revenue and in some cases a small upfront or initial payment. The film production and IMAX DMR segment is comprised of the production of films and performance of film re-mastering services. The film distribution segment includes the distribution of films for which the Company has distribution rights. The film post-production segment includes the provision of 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.
Three Months
Ended March 31,
2013 2012
Revenue
Theater Systems
IMAX Systems
Sales and sales-type leases $ 9,796 $ 12,865
Ongoing rent, fees, and finance income 2,942 2,793
Other 1,983 2,340
14,721 17,998
Theater system maintenance 7,789 6,847
Joint revenue sharing arrangements 9,376 11,698
Film
Production and IMAX DMR 14,355 13,838
Film distribution and post-production 3,628 5,215
17,983 19,053
Total $ 49,869 $ 55,596
Gross margins
Theater Systems
IMAX systems(1)
Sales and sales-type leases $ 5,284 $ 4,650
Ongoing rent, fees, and finance income 2,907 2,762
Other (349) (457)
7,842 6,955
Theater system maintenance 3,054 2,726
Joint revenue sharing arrangements(1) 6,159 7,937
Film
Production and IMAX DMR(1) 9,213 7,930
Film distribution and post-production (229) 1,313
8,984 9,243
Total $ 26,039 $ 26,861
_________
(1) IMAX systems include commission costs of $0.3 million for the three months ended March 31, 2013 (2012 -- $0.7 million). Joint revenue sharing arrangements segment margins include advertising, marketing and commission costs of $0.2 million for the three months ended March 31, 2013 (2012 -- $0.4 million). Production and DMR segment margins include marketing costs of $0.9 million for the three months ended March 31, 2013 (2012 -- $0.6 million). Distribution segment margins include marketing costs of $0.1 million for the three months ended March 31, 2013 (2012 -- $0.8 million).
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 expense and the related tax impact. 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 1.1:1.0. The Company will also be required to maintain minimum EBITDA (as defined in the Credit Agreement) of $70.0 million between closing and December 30, 2013, which requirement increases to $80.0 million on December 31, 2013, $90.0 million on December 31, 2014, and $100.0 million on December 31, 2015. The Company must also maintain a Maximum Total Leverage Ratio (as defined in the Credit Agreement) of 2.5:1.0 between closing and December 30, 2013, which requirement decreases to (i) 2.25:1.0 on December 31, 2013; (ii) 2.00:1:0 on December 31, 2014; and (iii) 1.75:1.0 on December 31, 2015. The ratio of total debt to EBITDA was 0.17:1 as at March 31, 2013, 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 $18.0 million. EBITDA is calculated as follows:
Three months ended Twelve months ended
March 31, 2013 March 31, 2013
(In thousands of U.S Dollars)
Net income $ 2,861 $ 41,689
Add:
Loss from equity accounted investments 220 1,123
Provision for income taxes 1,152 15,265
Interest expense, net of interest income (1) 331 433
Depreciation and amortization, including film asset amortization 8,493 33,686
Write-downs net of recoveries including asset impairments and receivable provisions - 1,126
Gain on curtailment of postretirement benefits (2,185) (2,185)
Stock and other non-cash compensation 3,000 13,132
$ 13,872 $ 104,269
____________
(1) Includes $0.1 million of amortization of deferred financing costs charged to interest expense for the three months ended March 31, 2013 (2012 - less than $0.1 million).
IMAX CORPORATION
OTHER INFORMATION
(in thousands of U.S. dollars)
Adjusted Net Income and Adjusted Diluted Earnings Per Share Calculations - Quarter Ended March 31, 2013 vs. 2012:
The Company reported net income of $2.9 million, or $0.04 per basic and diluted share, for the first quarter of 2013, as compared to net income of $2.5 million or $0.04 per basic and diluted share for the first quarter of 2012. Net income for the first quarter of 2013 includes a $2.8 million charge, or $0.04 per diluted share, for stock-based compensation (2012 - $3.8 million or $0.05 per diluted share). Adjusted net income, which consists of net income excluding stock-based compensation expense and the related tax benefit, was $5.6 million, or $0.08 per diluted share, in the first quarter of 2013, as compared to adjusted net income of $6.1 million, or $0.09 per diluted share, for the first quarter of 2012. 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:
Three Months Ended Three Months Ended
March 31, 2013 March 31, 2012*
Net Income Diluted EPS Net Income Diluted EPS
Reported $ 2,861 $ 0.04 $ 2,509 $ 0.04
Adjustments:
Stock-based compensation 2,808 0.04 3,802 0.05
Tax benefit on item listed above (105) - (200) -
Adjusted $ 5,564 $ 0.08 $ 6,111 $ 0.09
Weighted average diluted shares outstanding 68,690 68,158
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:
Three Months Ended
(In thousands of U.S. Dollars) March 31, 2013
Net cash (used in) operating activities $ (989)
Net cash (used in) investing activities (12,810)
Free cash flow $ (13,799)
SOURCE IMAX Corporation
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Universal Pictures And Illumination Entertainment's Despicable Me 2 Arrives In Select International 3D IMAX Theatres Beginning June 20
12:45 PM ET 4/18/13 | PR Newswire
IMAX Corporation (NYSE: IMAX; TSX: IMX), alongside Universal Pictures and Illumination Entertainment, which are both divisions of Comcast Corp. (NASDAQ: CMCSA), today announced that Despicable Me 2, the highly anticipated 3D-CG feature follow-up to the 2010 hit, will be digitally re-mastered into the immersive IMAX® 3D format and released in select IMAX® theatres internationally beginning on June 20.
(Logo: http://photos.prnewswire.com/prnh/20111107/MM01969LOGO )
Universal and Illumination's worldwide blockbuster Despicable Me entertained audiences around the globe, grossing more than $543 million and becoming the 10th highest-grossing animated motion picture in U.S. history. In summer 2013, get ready for more Minion madness in Despicable Me 2.
Chris Meledandri and his acclaimed filmmaking team create an all-new comedy adventure featuring the return of (former?) super-villain Gru (Steve Carell), his adorable girls, the unpredictably hilarious Minions...and a host of new and outrageously funny characters.
"After the successful release of Dr. Seuss' The Lorax, we're looking forward to partnering again with Chris Meledandri, his talented team and our friends at Universal to offer international IMAX fans an opportunity to experience this highly-anticipated follow up to Despicable Me in immersive IMAX 3D," said Greg Foster, Chairman and President of IMAX Entertainment.
"Despicable Me 2 in IMAX 3D marks the latest release in what has grown to become an astonishingly successful partnership with IMAX," said Duncan Clark, President of Distribution, Universal Pictures International. "We look forward to bringing international audiences a new, fully-immersive adventure as we share this memorable moviegoing experience alongside them."
The IMAX release of Despicable Me 2 will be digitally re-mastered into the image and sound quality of The IMAX 3D Experience® with proprietary IMAX 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.
You can learn more about Despicable Me 2 by visiting the film's official site at www.despicable.me
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, 2012, there were 731 IMAX theatres (598 commercial multiplexes, 19 commercial destinations and 114 institutions) in 53 countries.
IMAX®, IMAX® 3D, IMAX DMR®, Experience It In IMAX®, An IMAX 3D Experience®, The IMAX Experience® and IMAX Is Believing® 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:
View data
Media: Investors:
IMAX Corporation - New York IMAX Corporation - New York
Ann Sommerlath Teri Loxam
212-821-0155 212-821-0110
asommerlath@imax.com tloxam@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
Media: Investors: IMAX Corporation - New York IMAX Corporation - New York Ann Sommerlath Teri Loxam 212-821-0155 212-821-0110 asommerlath@imax.com tloxam@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
www.imax.com
SOURCE IMAX Corporation
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Disclosures
IMAX® And Paramount Pictures Strengthen Partnership With Five-Picture Pact
9:45 PM ET 4/15/13 | PR Newswire
IMAX Corporation (NYSE:IMAX; TSX:IMX) and Paramount Pictures, a division of Viacom (NASDAQ: VIA and VIAB), tonight announced an agreement to release five of Paramount Pictures' upcoming films in the immersive IMAX format under an extension of the companies' long-running partnership. The arrangement features some of Paramount's most highly anticipated tentpole films, including Michael Bay's Transformers 4 (June 2014) as well as its co-production of Christopher Nolan's Interstellar (November 2014) and three titles that have yet to be announced.
(Logo: http://photos.prnewswire.com/prnh/20111107/MM01969LOGO)
Continuing the legacy begun by IMAX trailblazer Christopher Nolan and his use of the 70mm IMAX® cameras in The Dark Knight, Nolan and Michael Bay will once again capture material and key sequences of these 2014 releases using IMAX® cameras. These specific sequences, which will expand to fill more of the screen exclusively in IMAX, will deliver unprecedented crispness and clarity and a truly immersive experience for moviegoers.
"IMAX is among the greatest ways to experience a movie," said Rob Moore, Vice Chairman of Paramount Pictures. "That fact, together with our combined successes over the years, the growth of the IMAX brand around the world, and our continued partnership with Rich, Greg and everyone at IMAX make this agreement a natural extension of an already hugely successful relationship. Working with today's top filmmakers, we look forward to bringing audiences the most exciting new movies with the very best presentation for years to come."
"We're excited to build on our longtime partnership with Paramount Pictures, which has been fantastic at incorporating IMAX differentiation and providing moviegoers with the best way to experience the biggest movies," said Richard L. Gelfond, CEO of IMAX. "This agreement furthers our strategy of anchoring our slate with blockbuster films by today's leading directors."
"IMAX continues to have a deep appreciation for the consistently innovative Paramount Pictures team as well as these incredible filmmakers, who are among the most talented directors working in the industry," said Greg Foster, Chairman and President of IMAX Entertainment. "We're thrilled and honored to once again team up with our longtime partners Christopher Nolan and Michael Bay. We can't wait to showcase their vision to IMAX fans around the world."
About Paramount Pictures Corporation
Paramount Pictures Corporation (PPC), a global producer and distributor of filmed entertainment, is a unit of Viacom (NASDAQ: VIA, VIAB), a leading content company with prominent and respected film, television and digital entertainment brands. Paramount controls a collection of some of the most powerful brands in filmed entertainment, including Paramount Pictures, Paramount Animation, Paramount Vantage, Paramount Classics, Insurge Pictures, MTV Films, and Nickelodeon Movies. PPC operations also include Paramount Famous Productions, Paramount Home Media Distribution, Paramount Pictures International, Paramount Licensing Inc., and Paramount Studio Group.
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, 2012, there were 731 IMAX theatres (598 commercial multiplexes, 19 commercial destinations and 114 institutions) in 53 countries.
IMAX®, IMAX® 3D, IMAX DMR®, Experience It In IMAX®, An IMAX 3D Experience®, The IMAX Experience® and IMAX Is Believing® 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:
View data
Media: Investors:
IMAX Corporation, New York IMAX Corporation, New York
Ann Sommerlath Teri Loxam
212-821-0155 212-821-0110
asommerlath@imax.com tloxam@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
Paramount Pictures
Katie Martin Kelley
323-956-2821
kmk@paramount.com
Media: Investors: IMAX Corporation, New York IMAX Corporation, New York Ann Sommerlath Teri Loxam 212-821-0155 212-821-0110 asommerlath@imax.com tloxam@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 Paramount Pictures Katie Martin Kelley 323-956-2821 kmk@paramount.com
SOURCE IMAX Corporation
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Disclosures
IMAX® And Mars Entertainment Group Sign Agreement To Open Three Theatres In Turkey
Mar 18, 2013 08:30:00 (ET)
NEW YORK, March 18, 2013 /PRNewswire via COMTEX/ -- IMAX Corporation and Mars Entertainment Group today announced an agreement for three IMAX® theatres to be installed in cities throughout Turkey. The deal brings to five the exhibitor's total IMAX commitment, with two theatres currently in operation in the cities of Ankara and Istanbul.
"IMAX delivers a differentiated entertainment experience that has been a tremendous success among our patrons," said Muzaffer Yildirim, CEO, Mars Entertainment Group. "In fact, the gross box office revenues of our IMAX theatres in Istanbul and Ankara continuously over-perform their targets over the previous year. As we begin our aggressive expansion program in Turkey, IMAX will serve as a key component to our growth strategy and help to strengthen our overall business in the country."
"We continue to deliver on our objective to expand our international footprint, and we believe there is increasing demand for IMAX theatres in Europe," said IMAX Chief Executive Officer Richard L. Gelfond. "With a focus on tailoring our programming in international markets and partnering with leading international exhibitors, such as Mars Entertainment Group, we expect to set the stage for continued growth in Europe."
"Turkey is an underpenetrated market, both from an overall cinema and IMAX standpoint," said Andrew Cripps, President, IMAX EMEA. "We're delighted to expand our partnership with Turkey's leading exhibitor and work together to capitalize on the growth potential that exists in this burgeoning market and bring The IMAX Experience® to more audiences across Turkey."
About Mars Entertainment Group Founded in 2001, Mars Entertainment Group, by far Turkey's largest cinema circuit, has always been the industry pioneer. With 12 years of strong existence in the market, Mars Entertainment Group owns 57 theatres with 491 screens in 22 different cities nationwide. More information about the Company can be found at www.marsentertainmentgroup.com.tr .
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, 2012, there were 731 IMAX theatres (598 commercial multiplexes, 19 commercial destinations and 114 institutions) in 53 countries.
IMAX®, IMAX® 3D, IMAX DMR®, Experience It In IMAX®, An IMAX 3D Experience®, The IMAX Experience® and IMAX Is Believing® 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 and other 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:
Investors: Media:
IMAX Corporation, New York IMAX Corporation, New York
Teri Loxam/Blaire Lomasky Ann Sommerlath
212-821-0100 212-821-0155
tloxam@imax.com asommerlath@imax.com
blomasky@imax.com Entertainment Media:
Business Media: Principal Communications Group, Los Angeles
Sloane & Company, New York Melissa Zuckerman/Paul Pflug
Whit Clay 323-658-1555
212-446-1864 melissa@pcommgroup.com
wclay@sloanepr.com paul@pcommgroup.com
SOURCE IMAX Corporation
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IMAX Corporation Reports Fourth Quarter and Full Year 2012 Financial Results
6:30 AM ET 2/21/13 | PR Newswire
HIGHLIGHTS
-- Adjusted EPS increases 95% to $0.80 for full year; Q4 2012 adjusted EPS of $0.23
-- Full year revenues increase 20% to $284.3 million with fourth quarter revenues of $77.8 million
-- Network scale and global film portfolio drive approximately 50% box office growth in full year 2012
IMAX Corporation (NYSE: IMAX; TSX: IMX) today reported its financial results for the fourth quarter of 2012, driven by continued theatre network growth and strong box office performance, derived from a diverse global film portfolio. Fourth quarter 2012 revenues were $77.8 million, adjusted EBITDA as calculated in accordance with the Company's Credit Facility was $27.4 million, adjusted net income was $15.7 million, or $0.23 per diluted share, and reported net income was $12.9 million, or $0.19 per diluted share.
(Logo: http://photos.prnewswire.com/prnh/20111107/MM01969LOGO )
Full year 2012 revenues were $284.3 million, adjusted EBITDA as calculated in accordance with the Company's Credit Facility was $106.8 million, adjusted net income was $54.3 million, or $0.80 per diluted share, and reported net income was $41.3 million, or $0.61 per diluted share. For reconciliations of adjusted net income to reported net income and for the definition of adjusted EBITDA and free cash flow, please see the tables at the end of this press release.
"Our fourth quarter results once again demonstrated the operating leverage inherent in the IMAX business model and was a strong finish to a successful year for the Company," said IMAX Chief Executive Officer Richard L. Gelfond. "We executed on all key fronts, with the combination of network expansion and an increasingly global portfolio approach to our film slate translating into solid financial results."
Network Growth Update
In the fourth quarter of 2012, the Company signed contracts for 38 theatre systems, of which 28 were systems in new theatre locations, and installed 46 theatre systems, of which 43 were systems in new theatre locations. For the full year of 2012, the Company signed contracts for 142 theatre systems, of which 121 were systems in new theatre locations, and installed 125 theatre systems, of which 107 were systems in new theatre locations.
The total IMAX® theatre network consisted of 731 systems as of Dec. 31, 2012, of which 598 were in commercial multiplexes. There were 276 theatre systems in backlog as of Dec. 31, 2012, compared to 263 theatre systems in backlog as of Dec. 31, 2011. For a breakdown of theatre system signings, installations and backlog by type, please see the end of this press release.
"We believe the financial and strategic accomplishments of 2012 re-confirmed IMAX's position as a unique global player in the film industry and laid a solid foundation for long-term growth," Mr. Gelfond concluded. "Our 2013 objectives are straight forward - continue to expand our footprint worldwide, maximize the scalability of our business and further leverage our differentiated end-to-end technology platform to enable more leading filmmakers and studios to create an entertainment experience that cannot be found anywhere else."
Fourth Quarter Segment Results
-- IMAX systems revenue was $24.3 million in the quarter, compared to $29.8 million in the fourth quarter of 2011, primarily reflecting the installation of 14 full, new theatre systems under sales and sales-type lease arrangements in the most recent fourth quarter, compared to 17 full, new theatre systems in the prior year period. The Company also installed three digital system upgrades under sales or sales-type lease arrangements in the fourth quarter of 2012, compared to one upgrade in the fourth quarter of 2011.
-- Revenue from joint revenue sharing arrangements increased 103.4% to $17.0 million, from $8.4 million in the prior-year period. During the quarter, the Company installed 29 new theatres under joint revenue sharing arrangements, compared to 39 in the year-ago period. The Company ended 2012 with 316 theatres operating under joint revenue sharing arrangements, as compared to 257 theatres at the end of 2011.
-- Production and IMAX DMR® (Digital Re-Mastering) revenues increased 56.3% to $19.2 million in the fourth quarter of 2012 from $12.3 million in the fourth quarter of 2011. Gross box office from DMR titles was a record $152.0 million in the fourth quarter of 2012, compared to $97.6 million in the prior year period. The average global DMR box office per screen in the fourth quarter of 2012 was $264,400, compared to $221,600 in the prior year period.
Conference Call The Company will host a conference call today at 8:30 AM ET to discuss its fourth quarter and full year 2012 financial results. To access the call via telephone, interested parties 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 4550645. 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 4550645.
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, 2012, there were 731 IMAX theatres (598 commercial multiplexes, 19 commercial destinations and 114 institutions) in 53 countries.
IMAX®, IMAX® 3D, IMAX DMR®, Experience It In IMAX®, An IMAX 3D Experience®, The IMAX Experience® and IMAX Is Believing® 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 and other 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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Investors: Media:
IMAX Corporation, New York IMAX Corporation, New York
Teri Loxam/Blaire Lomasky Ann Sommerlath
212-821-0100 212-821-0155
tloxam@imax.com asommerlath@imax.com
blomasky@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
Investors: Media: IMAX Corporation, New York IMAX Corporation, New York Teri Loxam/Blaire Lomasky Ann Sommerlath 212-821-0100 212-821-0155 tloxam@imax.com asommerlath@imax.com blomasky@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
Theatre Network Details:
Three Months Twelve Months
Ended December 31, Ended December 31,
Theatre System Signings: 2012 2011 2012 2011
Full new sales and sales-type lease arrangements 11 13 43 58
New joint revenue sharing arrangements 17 11 78 132
Total new theatres 28 24 121 190
Upgrades and other 10 (1) 2 21 (1) (2) 19
Total Theatre Signings 38 26 142 209
Three Months Twelve Months
Ended December 31, Ended December 31,
Theatre System Installations: 2012 2011 2012 2011
Full new sales and sales-type lease arrangements 14 17 47 51
New joint revenue sharing arrangements 29 39 60 86
Total new theatres 43 56 107 137
Upgrades and other 3 1 18 33
Total Theatre Installations 46 57 125 170
As of
Ended December 31,
Theatre Backlog: 2012 2011
New sales and sales-type lease arrangements 128 134
New joint revenue sharing arrangements 137 119
Total new theatres 265 253
Upgrades under sales and sales-type lease arrangements 11 (1) 10
Total Theatres in Backlog 276 263
Additional Information Theatre Network Details: Three Months Twelve Months Ended December 31, Ended December 31, Theatre System Signings: 2012 2011 2012 2011 Full new sales and sales-type lease arrangements 11 13 43 58 New joint revenue sharing arrangements 17 11 78 132 Total new theatres 28 24 121 190 Upgrades and other 10 (1) 2 21 (1) (2) 19 Total Theatre Signings 38 26 142 209 Three Months Twelve Months Ended December 31, Ended December 31, Theatre System Installations: 2012 2011 2012 2011 Full new sales and sales-type lease arrangements 14 17 47 51 New joint revenue sharing arrangements 29 39 60 86 Total new theatres 43 56 107 137 Upgrades and other 3 1 18 33 Total Theatre Installations 46 57 125 170 As of Ended December 31, Theatre Backlog: 2012 2011 New sales and sales-type lease arrangements 128 134 New joint revenue sharing arrangements 137 119 Total new theatres 265 253 Upgrades under sales and sales-type lease arrangements 11 (1) 10 Total Theatres in Backlog 276 263
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_______________
(1) Includes one laser-based system for a commercial theater and four laser-based systems for institutional theaters.
(2) Includes three IMAX theatres acquired from another existing customer that had been operating under a joint revenue sharing arrangement. These theaters were purchased from the Company under a sales arrangement.
_______________ (1) Includes one laser-based system for a commercial theater and four laser-based systems for institutional theaters. (2) Includes three IMAX theatres acquired from another existing customer that had been operating under a joint revenue sharing arrangement. These theaters were purchased from the Company under a sales arrangement.
Additional Information (continued)
2013 DMR Films Announced to Date: To date, IMAX has announced 23 titles to be released in 2013. The Company remains in discussions with virtually every major studio regarding future titles and expects the total number of titles in 2013 to be similar to that in 2012.
-- The Grandmaster: The IMAX Experience (Jet Tone Films and Sil-Metropole Organization, January 2013);
-- Hansel & Gretel: Witch Hunters: An IMAX 3D Experience (Paramount Pictures, January 2013);
-- Journey to the West: Conquering the Demons: An IMAX 3D Experience (Bingo Movie Development Ltd, February 2013);
-- Top Gun: An IMAX 3D Experience (Paramount Pictures, February 2013);
-- A Good Day to Die Hard: The IMAX Experience (Twentieth Century Fox, February 2013);
-- Jack the Giant Slayer: An IMAX 3D Experience (Warner Bros., March 2013);
-- Oz: The Great and Powerful: An IMAX 3D Experience (Walt Disney Pictures, March 2013);
-- G.I. Joe: Retaliation: An IMAX 3D Experience (Paramount Pictures, March 2013);
-- Dragon Ball Z: Battle of the Gods: An IMAX 3D Experience (Toei Animation Company, March 2013);
-- Oblivion: The IMAX Experience (Universal Pictures, April 2013);
-- Jurassic Park: An IMAX 3D Experience (Universal Pictures, April 2013);
-- Iron Man 3: An IMAX 3D Experience (Walt Disney Pictures, May 2013);
-- Star Trek: Into Darkness: An IMAX 3D Experience (Paramount Pictures, May 2013);
-- Man of Steel: The IMAX Experience (Warner Bros., June 2013);
-- Pacific Rim: An IMAX 3D Experience (Warner Bros., July 2013);
-- 300: Rise of an Empire: An IMAX 3D Experience (Warner Bros., August 2013);
-- Riddick Sequel: The IMAX Experience (Universal Pictures, September 2013);
-- Gravity: An IMAX 3D Experience (Warner Bros., October 2013);
-- Stalingrad: An IMAX 3D Experience (AR Films, October 2013, Russia and the CIS only );
-- Seventh Son: An IMAX 3D Experience (Warner Bros., October 2013);
-- The Hunger Games: Catching Fire: The IMAX Experience (Lionsgate, November 2013);
-- The Hobbit: The Desolation of Smaug: An IMAX 3D Experience (Warner Bros., December 2013); and
-- Dhoom 3: The IMAX Experience (Yash Raj Films, 2013, India only).
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IMAX CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
In accordance with United States Generally Accepted Accounting Principles
(In thousands of U.S. dollars, except per share amounts)
Three Months Year Ended
Ended December 31, Ended December 31,
2012 2011* 2012 2011*
Revenues
Equipment and product sales $ 22,405 $ 26,657 $ 78,161 $ 85,016
Services 34,294 26,349 136,606 106,720
Rentals 18,356 9,394 61,268 34,810
Finance income 1,986 1,753 7,523 6,162
Other 732 2,523 732 3,848
77,773 66,676 284,290 236,556
Costs and expenses applicable to revenues
Equipment and product sales 9,811 10,147 37,538 38,742
Services 17,239 21,262 72,617 69,277
Rentals 8,434 4,823 21,402 14,301
Other - 612 - 1,018
35,484 36,844 131,557 123,338
Gross margin 42,289 29,832 152,733 113,218
Selling, general and administrative expenses 22,529 17,093 81,560 73,157
(including share-based compensation expense of $2.9 million and $13.1 million for the three
months and year ended December 31, 2012, respectively (2011 - expense of $2.7 million and
$11.7 million, respectively))
Provision for arbitration award - - - 2,055
Research and development 3,788 1,803 11,411 7,829
Amortization of intangibles 174 125 706 465
Receivable provisions, net of recoveries (305) 804 524 1,570
Asset impairments - 20 - 28
Impairment of available-for-sale investment - - 150 -
Income from operations 16,103 9,987 58,382 28,114
Interest income 12 13 85 57
Interest recovery (expense) 686 (402) (689) (1,827)
Income from continuing operations before income taxes 16,801 9,598 57,778 26,344
(Provision for) recovery of income taxes (3,594) (2,861) (15,079) (9,293)
Loss from equity-accounted investments (324) (479) (1,362) (1,791)
Net Income $ 12,883 $ 6,258 $ 41,337 $ 15,260
Net income per share - basic & diluted:
Net income per share - basic $ 0.19 $ 0.10 $ 0.63 $ 0.24
Net income per share - diluted $ 0.19 $ 0.09 $ 0.61 $ 0.22
Weighted average number of shares outstanding (000's):
Basic 66,264 64,799 65,854 64,504
Fully Diluted 68,281 67,460 67,933 67,859
Additional Disclosure:
Depreciation and amortization(1) $ 8,084 7,143 $ 32,788 25,163
IMAX CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS In accordance with United States Generally Accepted Accounting Principles (In thousands of U.S. dollars, except per share amounts) Three Months Year Ended Ended December 31, Ended December 31, 2012 2011* 2012 2011* Revenues Equipment and product sales $ 22,405 $ 26,657 $ 78,161 $ 85,016 Services 34,294 26,349 136,606 106,720 Rentals 18,356 9,394 61,268 34,810 Finance income 1,986 1,753 7,523 6,162 Other 732 2,523 732 3,848 77,773 66,676 284,290 236,556 Costs and expenses applicable to revenues Equipment and product sales 9,811 10,147 37,538 38,742 Services 17,239 21,262 72,617 69,277 Rentals 8,434 4,823 21,402 14,301 Other - 612 - 1,018 35,484 36,844 131,557 123,338 Gross margin 42,289 29,832 152,733 113,218 Selling, general and administrative expenses 22,529 17,093 81,560 73,157 (including share-based compensation expense of $2.9 million and $13.1 million for the three months and year ended December 31, 2012, respectively (2011 - expense of $2.7 million and $11.7 million, respectively)) Provision for arbitration award - - - 2,055 Research and development 3,788 1,803 11,411 7,829 Amortization of intangibles 174 125 706 465 Receivable provisions, net of recoveries (305) 804 524 1,570 Asset impairments - 20 - 28 Impairment of available-for-sale investment - - 150 - Income from operations 16,103 9,987 58,382 28,114 Interest income 12 13 85 57 Interest recovery (expense) 686 (402) (689) (1,827) Income from continuing operations before income taxes 16,801 9,598 57,778 26,344 (Provision for) recovery of income taxes (3,594) (2,861) (15,079) (9,293) Loss from equity-accounted investments (324) (479) (1,362) (1,791) Net Income $ 12,883 $ 6,258 $ 41,337 $ 15,260 Net income per share - basic & diluted: Net income per share - basic $ 0.19 $ 0.10 $ 0.63 $ 0.24 Net income per share - diluted $ 0.19 $ 0.09 $ 0.61 $ 0.22 Weighted average number of shares outstanding (000's): Basic 66,264 64,799 65,854 64,504 Fully Diluted 68,281 67,460 67,933 67,859 Additional Disclosure: Depreciation and amortization(1) $ 8,084 7,143 $ 32,788 25,163
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_______________
(1) Includes less than $0.1 million and $0.2 million of amortization of deferred financing costs charged to interest expense for the three months and year ended December 31, 2012 (2011 - less than $0.1 million and $0.4 million respectively).
* Reflects a revision resulting from an adjustment to reflect an unfunded postretirement obligation of the Company.
_______________ (1) Includes less than $0.1 million and $0.2 million of amortization of deferred financing costs charged to interest expense for the three months and year ended December 31, 2012 (2011 - less than $0.1 million and $0.4 million respectively). * Reflects a revision resulting from an adjustment to reflect an unfunded postretirement obligation of the Company.
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IMAX CORPORATION
CONSOLIDATED BALANCE SHEETS
In accordance with United States Generally Accepted Accounting Principles
(In thousands of U.S. dollars)
As at December 31,
2012 2011*
Assets
Cash and cash equivalents $ 21,336 $ 18,138
Accounts receivable, net of allowance for doubtful accounts of $1,564 (December 31, 2011 -- $1,840) 42,007 46,659
Financing receivables 94,193 86,714
Inventories 15,794 19,747
Prepaid expenses 3,833 3,126
Film assets 3,737 2,388
Property, plant and equipment 113,610 101,253
Other assets 23,963 14,238
Deferred income taxes 36,461 51,046
Goodwill 39,027 39,027
Other intangible assets 27,911 24,913
Total assets $ 421,872 $ 407,249
Liabilities
Bank indebtedness $ 11,000 $ 55,083
Accounts payable 15,144 28,985
Accrued and other liabilities 68,695 58,855
Deferred revenue 73,954 74,458
Total liabilities 168,793 217,381
Commitments and contingencies
Shareholders' equity
Capital stock common shares -- no par value. Authorized -- unlimited number.
Issued and outstanding -- 66,482,425 (December 31, 2011 -- 65,052,740) 313,744 303,395
Other equity 28,892 17,510
Deficit (87,166) (128,503)
Accumulated other comprehensive loss (2,391) (2,534)
Total shareholders' equity 253,079 189,868
Total liabilities and shareholders' equity $ 421,872 $ 407,249
IMAX CORPORATION CONSOLIDATED BALANCE SHEETS In accordance with United States Generally Accepted Accounting Principles (In thousands of U.S. dollars) As at December 31, 2012 2011* Assets Cash and cash equivalents $ 21,336 $ 18,138 Accounts receivable, net of allowance for doubtful accounts of $1,564 (December 31, 2011 -- $1,840) 42,007 46,659 Financing receivables 94,193 86,714 Inventories 15,794 19,747 Prepaid expenses 3,833 3,126 Film assets 3,737 2,388 Property, plant and equipment 113,610 101,253 Other assets 23,963 14,238 Deferred income taxes 36,461 51,046 Goodwill 39,027 39,027 Other intangible assets 27,911 24,913 Total assets $ 421,872 $ 407,249 Liabilities Bank indebtedness $ 11,000 $ 55,083 Accounts payable 15,144 28,985 Accrued and other liabilities 68,695 58,855 Deferred revenue 73,954 74,458 Total liabilities 168,793 217,381 Commitments and contingencies Shareholders' equity Capital stock common shares -- no par value. Authorized -- unlimited number. Issued and outstanding -- 66,482,425 (December 31, 2011 -- 65,052,740) 313,744 303,395 Other equity 28,892 17,510 Deficit (87,166) (128,503) Accumulated other comprehensive loss (2,391) (2,534) Total shareholders' equity 253,079 189,868 Total liabilities and shareholders' equity $ 421,872 $ 407,249
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IMAX CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
In accordance with United States Generally Accepted Accounting Principles
(In thousands of U.S. dollars)
Years Ended December 31,
2012 2011*
Cash provided by (used in):
Operating Activities
Net income $ 41,337 $ 15,260
Adjustments to reconcile net income to cash from operations:
Depreciation and amortization 32,788 25,163
Write-downs, net of recoveries 1,607 1,954
Change in deferred income taxes 14,724 7,994
Stock and other non-cash compensation 14,220 12,814
Provision for arbitration award - 2,055
Foreign currency exchange (gain) loss (329) 1,255
Loss from equity-accounted investments 1,362 1,791
Gain on non-cash contribution to equity-accounted investees - (404)
Investment in film assets (16,817) (12,256)
Changes in other non-cash operating assets and liabilities (15,262) (49,379)
Net cash provided by operating activities 73,630 6,247
Investing Activities
Purchase of property, plant and equipment (6,055) (5,528)
Investment in joint revenue sharing equipment (23,257) (33,290)
Investment in new business ventures (381) (2,483)
Acquisition of other intangible assets (5,826) (22,206)
Net cash used in investing activities (35,519) (63,507)
Financing Activities
Increase in bank indebtedness 9,917 75,083
Repayment of bank indebtedness (54,000) (37,500)
Common shares issued - stock options exercised 8,920 7,864
Proceeds from disgorgement of stock sale profits 314 -
Credit Facility amendment fees paid - (306)
Net cash (used in) provided by financing activities (34,849) 45,141
Effects of exchange rate changes on cash (64) (133)
Increase (decrease) in cash and cash equivalents during year 3,198 (12,252)
Cash and cash equivalents, beginning of year 18,138 30,390
Cash and cash equivalents, end of year $ 21,336 $ 18,138
IMAX CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS In accordance with United States Generally Accepted Accounting Principles (In thousands of U.S. dollars) Years Ended December 31, 2012 2011* Cash provided by (used in): Operating Activities Net income $ 41,337 $ 15,260 Adjustments to reconcile net income to cash from operations: Depreciation and amortization 32,788 25,163 Write-downs, net of recoveries 1,607 1,954 Change in deferred income taxes 14,724 7,994 Stock and other non-cash compensation 14,220 12,814 Provision for arbitration award - 2,055 Foreign currency exchange (gain) loss (329) 1,255 Loss from equity-accounted investments 1,362 1,791 Gain on non-cash contribution to equity-accounted investees - (404) Investment in film assets (16,817) (12,256) Changes in other non-cash operating assets and liabilities (15,262) (49,379) Net cash provided by operating activities 73,630 6,247 Investing Activities Purchase of property, plant and equipment (6,055) (5,528) Investment in joint revenue sharing equipment (23,257) (33,290) Investment in new business ventures (381) (2,483) Acquisition of other intangible assets (5,826) (22,206) Net cash used in investing activities (35,519) (63,507) Financing Activities Increase in bank indebtedness 9,917 75,083 Repayment of bank indebtedness (54,000) (37,500) Common shares issued - stock options exercised 8,920 7,864 Proceeds from disgorgement of stock sale profits 314 - Credit Facility amendment fees paid - (306) Net cash (used in) provided by financing activities (34,849) 45,141 Effects of exchange rate changes on cash (64) (133) Increase (decrease) in cash and cash equivalents during year 3,198 (12,252) Cash and cash equivalents, beginning of year 18,138 30,390 Cash and cash equivalents, end of year $ 21,336 $ 18,138
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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; theater operations; 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 the box-office and concessions revenue. 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 theater operations from certain IMAX theaters, camera rentals and other miscellaneous items.
Three Months Year Ended
Ended December 31, Ended December 31,
2012 2011 2012 2011
Revenue
IMAX systems
Sales and sales-type leases $ 20,237 $ 26,552 $ 69,988 $ 81,310
Ongoing rent, fees, and finance income 4,105 3,270 13,417 11,890
24,342 29,822 83,405 93,200
Theater system maintenance 7,751 6,570 28,629 24,840
Joint revenue sharing arrangements 17,049 8,382 57,526 30,764
Film
Production and IMAX DMR 19,245 12,312 78,050 50,592
Distribution 3,100 3,217 14,222 16,074
Post-production 2,126 2,549 7,904 8,235
24,471 18,078 100,176 74,901
Other 4,160 3,824 14,554 12,851
Total $ 77,773 $ 66,676 $ 284,290 $ 236,556
Gross margins
IMAX systems(1)
Sales and sales-type leases $ 11,715 $ 17,088 $ 36,974 $ 45,251
Ongoing rent, fees, and finance income 4,055 3,372 13,271 11,678
15,770 20,460 50,245 56,929
Theater system maintenance 2,848 2,525 10,970 9,437
Joint revenue sharing arrangements(1) 8,968 3,813 37,308 17,605
Film
Production and IMAX DMR(1) 13,641 2,339 49,355 23,574
Distribution(1) 223 494 2,356 3,025
Post-production 581 181 1,954 2,985
14,445 3,014 53,665 29,584
Other 258 20 545 (337)
Total $ 42,289 $ 29,832 $ 152,733 $ 113,218
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; theater operations; 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 the box-office and concessions revenue. 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 theater operations from certain IMAX theaters, camera rentals and other miscellaneous items. Three Months Year Ended Ended December 31, Ended December 31, 2012 2011 2012 2011 Revenue IMAX systems Sales and sales-type leases $ 20,237 $ 26,552 $ 69,988 $ 81,310 Ongoing rent, fees, and finance income 4,105 3,270 13,417 11,890 24,342 29,822 83,405 93,200 Theater system maintenance 7,751 6,570 28,629 24,840 Joint revenue sharing arrangements 17,049 8,382 57,526 30,764 Film Production and IMAX DMR 19,245 12,312 78,050 50,592 Distribution 3,100 3,217 14,222 16,074 Post-production 2,126 2,549 7,904 8,235 24,471 18,078 100,176 74,901 Other 4,160 3,824 14,554 12,851 Total $ 77,773 $ 66,676 $ 284,290 $ 236,556 Gross margins IMAX systems(1) Sales and sales-type leases $ 11,715 $ 17,088 $ 36,974 $ 45,251 Ongoing rent, fees, and finance income 4,055 3,372 13,271 11,678 15,770 20,460 50,245 56,929 Theater system maintenance 2,848 2,525 10,970 9,437 Joint revenue sharing arrangements(1) 8,968 3,813 37,308 17,605 Film Production and IMAX DMR(1) 13,641 2,339 49,355 23,574 Distribution(1) 223 494 2,356 3,025 Post-production 581 181 1,954 2,985 14,445 3,014 53,665 29,584 Other 258 20 545 (337) Total $ 42,289 $ 29,832 $ 152,733 $ 113,218
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_______________
(1) IMAX systems include commission costs of $0.6 million and $2.7 million for the three and twelve months ended December 31, 2012, respectively (2011 -- $0.9 million and $2.4 million, respectively). Joint revenue sharing arrangements segment margins include advertising, marketing and commission costs of $1.3 million and $3.4 million for the three and twelve months ended December 31, 2012, respectively (2011 -- $1.9 million and $5.4 million, respectively). Production and DMR segment margins include marketing costs of $1.1 million and $3.3 million for the three and twelve months ended December 31, 2012, respectively (2011 -- $1.9 million and $3.8 million, respectively). Distribution segment margins include marketing costs of $0.3 million and $1.5 million for the three and twelve months ended December 31, 2012, respectively (2011 -- $0.2 million and $1.9 million, respectively).
_______________ (1) IMAX systems include commission costs of $0.6 million and $2.7 million for the three and twelve months ended December 31, 2012, respectively (2011 -- $0.9 million and $2.4 million, respectively). Joint revenue sharing arrangements segment margins include advertising, marketing and commission costs of $1.3 million and $3.4 million for the three and twelve months ended December 31, 2012, respectively (2011 -- $1.9 million and $5.4 million, respectively). Production and DMR segment margins include marketing costs of $1.1 million and $3.3 million for the three and twelve months ended December 31, 2012, respectively (2011 -- $1.9 million and $3.8 million, respectively). Distribution segment margins include marketing costs of $0.3 million and $1.5 million for the three and twelve months ended December 31, 2012, respectively (2011 -- $0.2 million and $1.9 million, respectively).
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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 principals ("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 variable share-based compensation, provision for arbitration award and deferred taxes 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. As of December 31, 2012, the Credit Facility provided that the Company was required to maintain a ratio of funded debt (as defined in the Credit Agreement) to EBITDA (as defined in the Credit Agreement) of not more than 2:1. The Company was also required to maintain a Fixed Charge Coverage Ratio (as defined in the Credit Agreement) of not less than 1.1:1.0. As of December 31, 2012, under the terms of the Credit Facility, the Company was required to maintain minimum Excess Availability of not less than $5.0 million and minimum Cash and Excess Availability of not less than $15.0 million. The ratio of funded debt to EBITDA was 0.10:1 as at December 31, 2012, where Funded Debt (as defined in the Credit Agreement) is the sum of all obligations evidenced by notes, bonds, debentures or similar instruments and was $11.0 million. EBITDA is calculated as follows:
Quarter Ended December 31, Year Ended December 31,
2012 2011* 2012 2011*
Net income $ 12,883 $ 6,258 $ 41,337 $ 15,260
Add (subtract):
Loss for equity-accounted investments 324 479 1,362 1,791
Provision for income taxes 3,595 2,860 15,079 9,293
Interest (recovery) expense net of interest income (698) 389 604 1,770
Depreciation and amortization including film asset amortization 8,041 7,100 32,618 24,774
Write-downs net of recoveries including asset impairments and 91 1,113 1,607 1,954
receivable provisions
Stock and other non-cash compensation 3,121 2,936 14,220 12,814
Adjusted EBITDA $ 27,357 $ 21,135 $ 106,827 $ 67,657
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 principals ("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 variable share-based compensation, provision for arbitration award and deferred taxes 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. As of December 31, 2012, the Credit Facility provided that the Company was required to maintain a ratio of funded debt (as defined in the Credit Agreement) to EBITDA (as defined in the Credit Agreement) of not more than 2:1. The Company was also required to maintain a Fixed Charge Coverage Ratio (as defined in the Credit Agreement) of not less than 1.1:1.0. As of December 31, 2012, under the terms of the Credit Facility, the Company was required to maintain minimum Excess Availability of not less than $5.0 million and minimum Cash and Excess Availability of not less than $15.0 million. The ratio of funded debt to EBITDA was 0.10:1 as at December 31, 2012, where Funded Debt (as defined in the Credit Agreement) is the sum of all obligations evidenced by notes, bonds, debentures or similar instruments and was $11.0 million. EBITDA is calculated as follows: Quarter Ended December 31, Year Ended December 31, 2012 2011* 2012 2011* Net income $ 12,883 $ 6,258 $ 41,337 $ 15,260 Add (subtract): Loss for equity-accounted investments 324 479 1,362 1,791 Provision for income taxes 3,595 2,860 15,079 9,293 Interest (recovery) expense net of interest income (698) 389 604 1,770 Depreciation and amortization including film asset amortization 8,041 7,100 32,618 24,774 Write-downs net of recoveries including asset impairments and 91 1,113 1,607 1,954 receivable provisions Stock and other non-cash compensation 3,121 2,936 14,220 12,814 Adjusted EBITDA $ 27,357 $ 21,135 $ 106,827 $ 67,657
View data
IMAX CORPORATION
OTHER INFORMATION
(in thousands of U.S. dollars)
Adjusted Net Income and Adjusted Diluted Per Share Calculations - Quarter Ended December 31, 2012 vs. 2011:
The Company reported net income of $12.9 million or $0.20 per basic share and $0.19 per diluted share for the fourth quarter of 2012 as compared to $6.3 million or $0.10 per basic share and $0.09 per diluted share for the fourth quarter of 2011. Net income for the quarter includes a $2.9 million charge or $0.04 per diluted share (2011 - $2.7 million or $0.04 per diluted share) for stock-based compensation. Adjusted net income, which consists of net income excluding the impact of stock-based compensation and the related tax impact, was $15.7 million or $0.23 per diluted share in the fourth quarter of 2012 as compared to adjusted net income of $8.9 million or $0.13 per diluted share for the fourth quarter of 2011. 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:
Three Months Ended Three Months Ended
December 31, 2012 December 31, 2011*
Net Income Diluted EPS Net Income Diluted EPS
Reported $ 12,883 $ 0.19 $ 6,258 $ 0.09
Adjustments:
Stock-based compensation 2,861 0.04 2,708 0.04
Tax impact on item listed above (77) - (113) -
Adjusted $ 15,667 $ 0.23 $ 8,853 $ 0.13
Weighted average diluted shares outstanding 68,281 67,460
Adjusted Net Income and Adjusted Diluted Per Share Calculations - Year Ended December 31, 2012 vs. 2011:
The Company reported net income of $41.3 million or $0.63 per basic share and $0.61 per diluted share for the year ended December 31, 2012 as compared to net income of $15.3 million or $0.24 per basic share and $0.22 per diluted share for the year ended December 31, 2011. Net income for the year ended December 31, 2012 includes a $13.1 million charge or 0.19 per diluted share (2011 -- $11.7 million or 0.17 per diluted share) for stock-based compensation. Net income for December 31, 2011 also includes a one-time $2.1 million pre-tax charge ($0.03 per diluted share) due to an arbitration award arising from an arbitration proceeding brought against the Company in connection with a discontinued subsidiary. Adjusted net income, which consists of net income excluding the impact of stock-based compensation, the charge for arbitration award and the related tax impact, was $54.3 million or $0.80 per diluted share for the year ended December 31, 2012 as compared to adjusted net income of $28.0 million or $0.41 per diluted share for the year ended December 31, 2011. 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:
Year Ended Year Ended
December 31, 2012 December 31, 2011*
Net Income Diluted EPS Net Income Diluted EPS
Net income $ 41,337 $ 0.61 $ 15,260 $ 0.22
Adjustments:
Stock-based compensation 13,113 0.19 11,681 0.17
Provision for arbitration award - - 2,055 0.03
Tax impact on items listed above (160) - (973) (0.01)
Adjusted net income $ 54,290 $ 0.80 $ 28,023 $ 0.41
Weighted average diluted shares outstanding 67,933 67,859
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:
For the For the
Quarter Ended Year Ended
(In thousands of U.S. Dollars) December 31, 2012 December 31, 2012
Net cash provided by operating activities $ 19,720 $ 73,630
Net cash (used in) investing activities (12,319) (35,519)
Free cash flow $ 7,401 $ 38,111
IMAX CORPORATION OTHER INFORMATION (in thousands of U.S. dollars) Adjusted Net Income and Adjusted Diluted Per Share Calculations - Quarter Ended December 31, 2012 vs. 2011: The Company reported net income of $12.9 million or $0.20 per basic share and $0.19 per diluted share for the fourth quarter of 2012 as compared to $6.3 million or $0.10 per basic share and $0.09 per diluted share for the fourth quarter of 2011. Net income for the quarter includes a $2.9 million charge or $0.04 per diluted share (2011 - $2.7 million or $0.04 per diluted share) for stock-based compensation. Adjusted net income, which consists of net income excluding the impact of stock-based compensation and the related tax impact, was $15.7 million or $0.23 per diluted share in the fourth quarter of 2012 as compared to adjusted net income of $8.9 million or $0.13 per diluted share for the fourth quarter of 2011. 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: Three Months Ended Three Months Ended December 31, 2012 December 31, 2011* Net Income Diluted EPS Net Income Diluted EPS Reported $ 12,883 $ 0.19 $ 6,258 $ 0.09 Adjustments: Stock-based compensation 2,861 0.04 2,708 0.04 Tax impact on item listed above (77) - (113) - Adjusted $ 15,667 $ 0.23 $ 8,853 $ 0.13 Weighted average diluted shares outstanding 68,281 67,460 Adjusted Net Income and Adjusted Diluted Per Share Calculations - Year Ended December 31, 2012 vs. 2011: The Company reported net income of $41.3 million or $0.63 per basic share and $0.61 per diluted share for the year ended December 31, 2012 as compared to net income of $15.3 million or $0.24 per basic share and $0.22 per diluted share for the year ended December 31, 2011. Net income for the year ended December 31, 2012 includes a $13.1 million charge or 0.19 per diluted share (2011 -- $11.7 million or 0.17 per diluted share) for stock-based compensation. Net income for December 31, 2011 also includes a one-time $2.1 million pre-tax charge ($0.03 per diluted share) due to an arbitration award arising from an arbitration proceeding brought against the Company in connection with a discontinued subsidiary. Adjusted net income, which consists of net income excluding the impact of stock-based compensation, the charge for arbitration award and the related tax impact, was $54.3 million or $0.80 per diluted share for the year ended December 31, 2012 as compared to adjusted net income of $28.0 million or $0.41 per diluted share for the year ended December 31, 2011. 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: Year Ended Year Ended December 31, 2012 December 31, 2011* Net Income Diluted EPS Net Income Diluted EPS Net income $ 41,337 $ 0.61 $ 15,260 $ 0.22 Adjustments: Stock-based compensation 13,113 0.19 11,681 0.17 Provision for arbitration award - - 2,055 0.03 Tax impact on items listed above (160) - (973) (0.01) Adjusted net income $ 54,290 $ 0.80 $ 28,023 $ 0.41 Weighted average diluted shares outstanding 67,933 67,859 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: For the For the Quarter Ended Year Ended (In thousands of U.S. Dollars) December 31, 2012 December 31, 2012 Net cash provided by operating activities $ 19,720 $ 73,630 Net cash (used in) investing activities (12,319) (35,519) Free cash flow $ 7,401 $ 38,111
SOURCE IMAX Corporation
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IMAX Corporation to Participate in the Morgan Stanley Technology, Media & Telecom Conference
Feb 19, 2013 17:06:00 (ET)
NEW YORK, Feb. 19, 2013 /PRNewswire via COMTEX/ -- IMAX Corporation today announced that Richard Gelfond, Chief Executive Officer of IMAX Corporation, will present at the Morgan Stanley Technology, Media & Telecom Conference on Monday, Feb. 25, 2013 at 1:20 pm PST. The conference is being held at The Palace Hotel in San Francisco, CA.
This presentation will be webcast live and can be accessed by visiting the 'Investor Relations' section of the Company's website, www.imax.com . The presentation will be archived for 30 days.
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 Sept. 30, 2012, there were 689 IMAX theatres (556 commercial multiplex, 20 commercial destination and 113 institutional) in 52 countries.
IMAX, IMAX 3D, IMAX DMR, Experience It In IMAX, An IMAX 3D Experience, The IMAX Experience and IMAX Is Believing 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:
Investors:IMAX Corporation - New YorkTeri Loxam212-821-0110tloxam@imax.com
Business Media:IMAX Corporation - New YorkAnn Sommerlath212-821-0155asommerlath@imax.com
Sloane & Company - New York Whit Clay212-446-1864wclay@sloanepr.com
Entertainment Media:Principal Communications Group - Los AngelesMelissa Zuckerman/Paul Pflug323-658-1555melissa@pcommgroup.compaul@pcommgroup.com
SOURCE IMAX Corporation
http://rt.prnewswire.com/rt.gif?NewsItemId=NY62766&Transmission_Id=201302191706PR_NEWS_USPR_____NY62766&DateId=20130219
IMAX Expands Theatre Network In Russia
Feb 4, 2013 10:10:00 (ET)
NEW YORK, Feb. 4, 2013 /PRNewswire via COMTEX/ -- IMAX Corporation , today announced it has signed agreements to open a total of three IMAX theatre systems in new construction projects across Russia. The Company recently installed one system with new partner Kronverk Cinema and will add one each with existing partners Kinomax and Formula Kino.
Kronverk Cinema, one of the top five cinema chains in Russia, recently opened an IMAX theatre in the city of Syktivkar, the northernmost theatre in IMAX's global network. Kinomax will expand its IMAX footprint to six theatres by installing an IMAX theatre in Moscow. Formula Kino will add an IMAX theatre in St. Petersburg, expanding its IMAX commitment to three theatres. With the addition of Kronverk to the list of IMAX operators in Russia, IMAX now has theatres with the top six cinema chains in the fast-growing Russian market.
"We are delighted that Russian audiences have embraced IMAX as their preferred way to experience the biggest blockbuster movies. In fact, Russia is home to some of our highest-grossing theatres in the world, with above-average, per-screen box office revenues," said Andrew Cripps, President, IMAX EMEA. "The popularity of IMAX in Russia continues to fuel our network growth and we're delighted to expand our partnerships with Kinomax and Formula Kino and to welcome new partner Kronverk to help give more audiences The IMAX Experience in this strategically important growth market."
"We have witnessed the increasing demand for The IMAX Experience throughout Russia and today we are proud to partner with IMAX and bring our patrons in Syktivkar the most immersive movie-going experience," said Andrei Tereshok, Kronverk, General Manager. "We believe IMAX's cutting-edge technology, brand and powerful film slate will provide a key competitive advantage that will strengthen our overall business and delight our guests."
About Kronverk Cinema Kronverk Cinema is among the top five film exhibitors in Russia and CIS, welcoming over six million customers a year. With 20 movie theatres in Russia and two theatres in the Ukraine, the Company is a leader in both St. Petersburg and Russia's North West regional market. Kronverk Cinema is led by a dedicated team of industry professionals committed to customer service excellence. Employing state-of-the-art technologies and superior guest service amenities, Kronverk Cinema offers patrons a premium movie-going experience.
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 Sept. 30, 2012, there were 689 IMAX theatres (556 commercial multiplex, 20 commercial destination and 113 institutional) in 52 countries.
IMAX, IMAX 3D, IMAX DMR, Experience It In IMAX, An IMAX 3D Experience, The IMAX Experience and IMAX Is Believing 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 ).
For additional information please contact:
Business Media: Investors:
IMAX Corporation - New York IMAX Corporation - New York
Ann Sommerlath Teri Loxam
212-821-0155 212-821-0110
asommerlath@imax.com tloxam@imax.com
Sloane & Company - New York Entertainment Media:
Whit Clay Principal Communications Group - Los Angeles
212-446-1864 Melissa Zuckerman/Paul Pflug
wclay@sloanepr.com 323-658-1555
melissa@pcommgroup.com
paul@pcommgroup.com
SOURCE IMAX Corporation
http://rt.prnewswire.com/rt.gif?NewsItemId=NY53541&Transmission_Id=201302041010PR_NEWS_USPR_____NY53541&DateId=20130204
IMAX And MacGillivray Freeman Films Sign Multi-Picture Agreement
Jan 15, 2013 07:35:00 (ET)
LOS ANGELES, Jan. 15, 2013 /PRNewswire via COMTEX/ -- IMAX Corporation and MacGillivray Freeman Films (MFF) today announced an agreement to jointly finance, market and distribute up to four films produced by MFF to be released exclusively to IMAX theatres. The deal includes an option for the parties to extend the agreement for an additional four films upon completion of the four co-financed films. The companies' collaboration will also benefit from IMAX's extensive studio relationships in the development of future film productions. Today's agreement ensures IMAX exhibitors, particularly IMAX's iconic institutional theatres, will have access to a steady flow of the highest-quality, large-format documentaries over the years to come.
The parties have already begun development on the first film in the collaboration, which will be set in the exotic cluster of Indonesia's 13,000 islands and explore the breathtaking ancient reefs and ocean life of the South Pacific. The second in MacGillivray Freeman's multi-platform One World One Ocean campaign, the film will use inspiring human stories from this unique region to communicate that we are all islanders, no matter where we live on this ocean planet.
Since 2002, the top four highest-grossing films in the giant screen industry have been IMAX or MFF productions. The companies' first film collaboration was more than 25 years ago, with Blue Planet, released in 1986. Since then, IMAX and MFF have collaborated on many award-winning original, large-format films. The parties' most recent collaboration was To The Arctic, which was co-produced with Warner Bros. Pictures. Released in April of 2012, the film follows the intimate story of a mother polar bear and her two cubs navigating the rugged Arctic wilderness they call home. Since its release, To The Arctic has grossed approximately $13 million to date in IMAX theatres.
"The giant-screen industry was built on the success of IMAX documentaries and with this agreement, we look forward to working with IMAX and their partners to ensure a steady stream of high-quality educational films that our IMAX customers want," said Greg and Shaun MacGillivray, Co-Presidents of MacGillivray Freeman Films. "Museums, science centers and aquariums are the backbone for lifelong learning in communities around the world. We will continue to work hand-in-hand with these important institutions to deliver films and other educational programming that fulfill their missions."
"For decades, IMAX and MacGillivray Freeman have aligned our collective expertise to create some of the industry's highest-grossing and most acclaimed IMAX documentaries which have transformed the way people see and experience their world," said Greg Foster, IMAX Chairman and President of Filmed Entertainment. "With today's agreement, this legacy continues and we look forward to delivering films that will inspire movie-goers for generations to come from all over the globe."
"MacGillivray Freeman has unique credibility within the institutional theatre community and we are delighted to expand our relationship," said Robert D. Lister, IMAX Chief Legal and Business Development Officer. "Today's agreement delivers on our promise to provide IMAX customers, particularly our iconic institutional theatres, with more of the highest-quality content that will educate and entertain audiences worldwide."
About MacGillivray Freeman Films MacGillivray Freeman Films is the world's foremost independent producer and distributor of giant-screen 70mm films with 35 IMAX films to its credit. Throughout the company's 40-year history, its films have won numerous international awards including two Academy Award nominations and three films inducted into the IMAX Hall of Fame. MacGillivray Freeman's films are known for their artistry and celebration of science and the natural world. It is the first documentary film company to reach the one billion dollar benchmark for box office. For more information about the company, visit www.macfreefilms.com .
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 Sept. 30, 2012, there were 689 IMAX theatres (556 commercial multiplex, 20 commercial destination and 113 institutional) in 52 countries.
IMAX, IMAX 3D, IMAX DMR, Experience It In IMAX, An IMAX 3D Experience, The IMAX Experience and IMAX Is Believing 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:
Business Media: Investors:
IMAX Corporation - New York IMAX Corporation - New York
Ann Sommerlath Teri Loxam
212-821-0155 212-821-0110
asommerlath@imax.com tloxam@imax.com
Sloane & Company - New York Entertainment Media:
Whit Clay Principal Communications Group - Los Angeles
212-446-1864 Melissa Zuckerman/Paul Pflug
wclay@sloanepr.com 323-658-1555
melissa@pcommgroup.com
paul@pcommgroup.com
MacGillivray Freeman Films - Laguna Beach
Lori Rick
818-212-3434
lrick@macfreefilms.com
SOURCE IMAX Corporation
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http://www.imax.com
IMAX Corporation, through its wholly owned subsidiaries, operates as an entertainment technology company, specializing in three-dimensional (3D) film presentations. It primarily engages in the design, manufacture, sale, and lease of projection systems based on patented technology for large-format, 15-perforation film frame, 70mm format theaters, including commercial theaters, museums and science centers, and destination entertainment sites. The company's theater systems include projection equipment, sound systems, screens, theater automation control systems, and film handling equipment. In addition, IMAX designs and manufactures high-end sound systems, as well as produces and distributes films for IMAX theaters. It also involves in the production, post-production, digital remastering, and distribution of 15/70-format films; the operation of IMAX theaters; and other operations in support of IMAX theaters and the IMAX theater network. The company's institutional customers include science and natural history museums, zoos, aquaria, and other educational and cultural centers. It also leases its systems to theme parks, tourist destination sites, fairs, and expositions. IMAX was incorporated in 1967 and is headquartered in Mississauga, Canada.
http://quotes.barchart.com/quote.asp?sym=IMAX
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Imax signs 100-theater deal with AMC Entertainment
Last update: 8:26 a.m. EST Dec. 7, 2007
NEW YORK (MarketWatch) -- Imax Corp. said Friday it is forming a joint-venture with AMC Entertainment Inc. to install 100 of its digital projection systems at AMC theaters in 33 major U.S. markets. Imax said the agreement is projected to double its current commercial theatre footprint in North America. The rollout of the first 50 digital projection systems will begin in July 2008, it said.
http://www.marketwatch.com/News/Story/Story.aspx?guid=%7b39AC370E-4DFF-4041-8D70-C4E2D0B023FF%7d&siteid=yhoo&dist=yhoo
IMAX signs 100-theatre deal with AMC Entertainment(TM)
Fri Dec 7, 2007 7:00am EST
http://www.reuters.com/article/pressRelease/idUS112080+07-Dec-2007+PRN20071207
IMAX Signs Exclusive Thirty-Five Theatre Deal for South and Central America
Monday March 10, 7:30 am ET
http://biz.yahoo.com/prnews/080310/to421.html?.v=31
IMAX Signs Two-Theatre Deal in Philippines
Tuesday January 22, 7:30 am ET
http://biz.yahoo.com/prnews/080122/to294.html?.v=63
Imax signs 10-theater deal in China
Wed Sep 19, 2007 9:23am EDT
http://www.reuters.com/article/industryNews/idUSN1923331120070920
IMAX Expands Network in Russia with Three New Locations
Tuesday April 1, 7:30 am ET
http://www.giantscreencinema.com/News/tabid/70/ctl/ViewItem/mid/528/ItemId/214/Default.aspx
IMAX Signs First Joint Venture Deal With One of Austrialia's Largest Exhibitors
July 10, 2008
http://www.dcinematoday.com/dc/PR.aspx?newsID=1159
IMAX in second overseas digital-projection theater venture
July 17, 2008
http://www.marketwatch.com/News/Story/Story.aspx?guid=%7bE1D80AAB-F6AB-45CF-9617-4AEEE7CDA6DE%7d&siteid=yhoof2
IMAX Signs First Joint Venture Theatre Deal in Europe
October 7, 2008
http://biz.yahoo.com/prnews/081007/to472.html?.v=41
First IMAX screen coming to Albany
October 14, 2008
http://albany.bizjournals.com/albany/stories/2008/10/13/daily17.html?ana=yfcpc
IMAX to install 2 theaters for UK's Odeon Cinemas
October 15, 2008
http://biz.yahoo.com/ap/081015/imax_odeon_cinemas.html?.v=1
IMAX Signs Theatre Deal in Ukraine
Thursday October 23, 7:30 a.m. ET
http://biz.yahoo.com/biz.yahoo.com/prnews/081023/to842.html?.v=3
IMAX Signs Deal with Lincoln Square Cinema in Washington State
November 13, 2008
http://www.dcinematoday.com/dc/PR.aspx?newsID=1263
IMAX Signs First Digital Theatre Deal in Russia
Januray 14, 2009
http://www.newswire.ca/en/releases/archive/January2009/14/c7097.html
IMAX Signs Theatre Deal in Taiwan
Januray 22, 2009
http://news.prnewswire.com/ViewContent.aspx?ACCT=109&STORY=/www/story/01-22-2009/0004958493&EDATE=
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