Imax CEO Says Weekend Box Office Shows 'Paradigm Shift' in Movies: Revenues Rise, Company Turns to Second Quarter Profits
Imax CEO Says Weekend Box Office Shows 'Paradigm Shift' in Movies: Revenues Rise, Company Turns to Second Quarter Profits
July 26, 2023 1:35 p.m.
Imax beat Wall Street forecasts with sales up 32% to $98 million for the second quarter ended in June. Adjusted EPS was 26 cents per share, up 271%.
The company posted net income of $8.35 million (15 cents per share) after a loss of $2.85 million (minus 5 cents) the previous year. Shares jumped 3% in aftermarket trading.
A diverse mix of Hollywood and local language content helped propel the company's global performance at the box office of $268.3 million, up 8% year-on-year. The company, in the midst of a blockbuster race with Oppenheimer to support its finances in the current third quarter, also said the number of sign-ups for new and improved Imax systems around the world had risen to 84 until July.
"IMAX continues to be a winner in a dynamic global entertainment market, as evidenced by our solid results in the second quarter," said CEO Richard Gelfond. "We have once again proven that IMAX can drive results in virtually any business environment through our global scale, asset-light model and our diversified revenue combination between technology licensing and global Hollywood and local language box office."
He said last weekend "demonstrates the paradigm shift at hand in the cinema, as IMAX led strong to double-1-digit market share with a trio of Hollywood and local releases, led by the stunning performance of "Oppenheimer", elevating the company to one of its best weekends. ends of all time at the worldwide box office."
Imax has benefited from a consumer shift to premium post-Covid formats.
"We remain confident that we will continue to drive growth in 2023 in the global box office, system signings and installations; and adjusted EBITDA. And the accelerated pace of system sign-ups and installations we're seeing globally this year is a very positive indicator of long-term growth for our business,” Gelfond said.
Imax beat Wall Street forecasts with sales up 32% to $98 million for the second quarter ended in June. Adjusted EPS was 26 cents per share, up 271%.
The company posted net income of $8.35 million (15 cents per share) after a loss of $2.85 million (minus 5 cents) the previous year. Shares jumped 3% in aftermarket trading.
A diverse mix of Hollywood and local language content helped propel the company's global performance at the box office of $268.3 million, up 8% year-on-year. The company, in the midst of a blockbuster race with Oppenheimer to support its finances in the current third quarter, also said the number of sign-ups for new and improved Imax systems around the world had risen to 84 until July.
"IMAX continues to be a winner in a dynamic global entertainment market, as evidenced by our solid results in the second quarter," said CEO Richard Gelfond. "We have once again proven that IMAX can drive results in virtually any business environment through our global scale, asset-light model and our diversified revenue combination between technology licensing and global Hollywood and local language box office."
He said last weekend "demonstrates the paradigm shift at hand in the cinema, as IMAX led strong to double-1-digit market share with a trio of Hollywood and local releases, led by the stunning performance of "Oppenheimer", elevating the company to one of its best weekends. ends of all time at the worldwide box office."
Imax has benefited from a consumer shift to premium post-Covid formats.
"We remain confident that we will continue to drive growth in 2023 in the global box office, system signings and installations; and adjusted EBITDA. And the accelerated pace of system sign-ups and installations we're seeing globally this year is a very positive indicator of long-term growth for our business,” Gelfond said.
