Imax Posts Record Revenue on Strong Box Office, Barely Misses Expectations
The giant-screen exhibitor, led by CEO Richard Gelfond, cashed in during its second quarter on global releases for 'Jurassic World,' 'Furious 7' and 'Marvel's Avengers: Age of Ultron.'
Imax Corp. on Thursday posted record second-quarter revenue and increased earnings as the giant-screen exhibitor pulled in strong box office from tentpoles like Jurassic World, Furious 7 and Marvel's Avengers: Age of Ultron.
Imax, led by CEO Richard Gelfond, reported net income attributable to shareholders of $24.3 million, compared with a year-ago profit of $13.3 million. Second-quarter revenue jumped to $107.1 million, the exhibitor's biggest revenue generating quarter ever, against a year-earlier $79 million. Imax also released Mad Max: Fury World in select international markets.
Imax, with a 34 cents earnings-per-share, missed the analyst consensus of earnings of 37 cents after recent earnings estimates rose. Diluted earnings of 40 cents per share, which excludes one-time items, beat the analyst estimates. And the giant-screen exhibitor posted record box office of $343 million, with a global per-screen average of $414,600.
"The second quarter of 2015 was one of the strongest in Imax's history, delivering our highest revenue ever, growing adjusted EPS by 60 percent compared to the same period last year, record box office and a quarterly per-screen average that we have not seen since Avatar in 2010," Gelfond said in a statement.
"During the latest quarter, Imax generated $18.7 million in revenue from sales and sales-type leases, against a year-earlier $14.5 million, while revenue from joint venture-sharing deals came in at $31.6 million, compared to $19.4 million in 2014.
Imax signed deals for 30 new theaters during the latest quarter, against 24 theater signings a year ago. The giant-screen exhibitor installed 35 theaters during the second quarter, compared to 34 in the same period of 2014.
And production and digital remastering revenues were $36.6 million, up from $24 million in the second quarter of 2014. Imax executives will hold an analyst call on Thursday morning to discuss their latest financial results.
July 23, 2015 8:00 a.m. Updated to include Imax's diluted EPS of 40 cents, which beat analyst estimates.