Highlights
- Record box office of $343 million in Q2 2015 results in over a half a billion of IMAX global box office generated in the first half of the year
- Stellar global per screen average of $415 thousand in Q2 2015, driven by a 41% increase in domestic and 33% increase in international per screen averages compared to Q2 2014
- Company increases annual installation guidance to 120 new theatres after another above target quarter of 35 new commercial installations in Q2 2015
- $107.2 million of revenues in Q2, IMAX's highest revenue generating quarter ever, was up 35% from same period last year, driving adjusted EPS of $0.40, 60% growth over Q2 2014
July 29, 2015—IMAX Corporation has reported second quarter 2015 revenues of $107.2 million, adjusted EBITDA as calculated in accordance with the Company's credit facility of $50.4 million, adjusted net income after non-controlling interest of $28.7 million, or $0.40 per diluted share, and reported net income after non-controlling interest of $24.4 million, or $0.34 per diluted share. The Company also reported a very strong second quarter 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% compared to the same period last year, record box office and quarterly per screen averages that we have not seen since Avatar in 2010,” stated IMAX CEO Richard L. Gelfond. “We believe the strength of this quarter clearly demonstrates the impact that a strong slate of blockbuster films can have on IMAX and the operating leverage that results.”
Network Growth Update
The total IMAX® theatre network consisted of 976 systems as of June 30, 2015, of which 852 were in commercial multiplexes. There were 391 theatres in backlog as of June 30, 2015, compared to 419 in backlog as of June 30, 2014. In the second quarter of 2015, the Company signed contracts for 30 theatres, of which 28 were for new locations and 2 were for upgrades. In the quarter, the Company also installed 35 theatres, all of which were for new theatre locations. For a breakdown of theatre system signings, installations, network and backlog by type, please see the end of this press release.
“Momentum also continued to build on the network side of our business with higher than expected installations and strong signings activity in the quarter,” continued Gelfond, who is in Vienna for the world premiere of Mission Impossible: Rogue Nation at the historic Vienna Opera House, which has been transformed into an IMAX theatre for this event. “Tonight's M:I5 event is the continuation of the transformation of IMAX's brand from the smaller successes onto center stage. More agreements to use IMAX cameras as well as IMAX premieres such as Furious 7 and Jurassic World are a powerful marketer for our brand and also signal the increasingly important role IMAX plays in the entertainment ecosystem.”
Second-Quarter Segment Results
- Revenue from sales and sales-type leases was $18.7 million in the second quarter of 2015, compared to $14.5 million in the second quarter of 2014, primarily reflecting the installation of 15 full theatre systems (14 new, 1 used) under sales and sales-type lease arrangements in the most recent second quarter, compared to the 11 sales-type theatres the Company installed in the prior-year period. In addition, there were no upgrades in existing locations in the second quarter of 2015, compared to 4 xenon upgrades in the second quarter of 2014.
- Revenue from joint revenue-sharing arrangements was $31.6 million in the quarter, compared to $19.4 million in the prior-year period. During the quarter, the Company installed 20 new theatres under joint revenue-sharing arrangements, compared to 19 in the same period in 2014. The Company had 477 theatres operating under joint revenue-sharing arrangements as of June 30, 2015, as compared to 408 joint-venture theatres one year prior.
- Production and IMAX DMR® (Digital Re-Mastering) revenues were $36.6 million in the second quarter of 2015, compared to $24.0 million in the second quarter of 2014. Gross box office from DMR titles was $343.0 million in the second quarter of 2014, compared to $216.0 million in the prior-year period. The average global DMR box office per screen in the second quarter of 2014 was $414,600 compared to $299,800 in the prior-year period.
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, 2015, there were 976 IMAX theatres (852 commercial multiplexes, 20 commercial destinations and 104 institutions) in 65 countries.
IMAX®, IMAX® 3D, IMAX DMR®, Experience It In IMAX®, An IMAX 3D Experience®, The IMAX Experience®, IMAX Is Believing® and IMAX nXos® are trademarks of IMAX Corporation. More information about the Company can be found at www.imax.com. You may also connect with IMAX on Facebook (www.facebook.com/imax), Twitter (www.twitter.com/imax) and YouTube (www.youtube.com/imaxmovies).
Source: IMAX Corporation