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FY-2014: Imax reports 0.9% higher revenue; net income down 19.1%

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BENGALURU: Entertainment, technology and distribution company Imax Corp (Imax) reported flat (up 0.9 per cent) revenue for the year ended 31 December, 2014 (FY-2014, current year) at $290.54 million as compared to the $287.94 million in FY-2013. The company’s adjusted net income after non-controlling interest in the current year fell 19.1 per cent to $24.23 million from $30.80 million last year.

For the quarter ended 31 December, 2014 (Q4-2014, current quarter), Imax reported a drop of 2.5 per cent in revenue to $102.46 million as compared to the $105.05 million reported for the corresponding year ago quarter. Adjusted net income fell 5.8 per cent to $52.49 million in the current quarter as compared to the $55.70 million in Q4-2013.

“We achieved a great deal over the course of 2014, including the completion of our world-class laser projection system, the sale of a 20 per cent stake in our China business, the signing of long term film deals with most major studios and continued network growth,” said Imax CEO Richard L. Gelfond. “We believe these accomplishments position us well, not only to take advantage of the 2015 film slate, which is already off to a great start, but also to help drive long-term growth.”

The company’s equipment and products sales stream reported almost flat revenue (up 0.1 per cent at $78.1 million in the current as compared to the $78.66 million in FY-2013. The stream reported an 8.1 per cent growth in revenue in Q4-2014 at $41.08 million as compared to the $38.01million in the previous year’s corresponding quarter.

 Imax’s service stream reported 2.3 per cent growth in revenue to $ 42.61 million in FY-2014 as compared to the $139.46 million in FY-2013. This stream reported a 3.9 per cent drop in revenue to $40.79 million in Q4-2014 as compared to the $42,46 million in Q4-2013.

The company’s rental stream reported a one per cent drop in revenue to $60.71 million in the current year as compared to the $61.29 million in the previous year. For Q4-2014, revenue for this stream fell a massive 18.1 per cent to $18.43 million from $22.51 million in the year ago quarter.

Imax finance income rose 4.7 per cent in to $8.52 million in FY-2014 as compared to the $8.14 million in FY-2013. For the current quarter finance income was 4.3 per cent up at $2.15 million as compared to the $2.06 million in Q4-2013.

Alternatively, breakup of revenue in segments as opposed to streams above:

Fourth-Quarter Segment Results

Revenue from sales and sales-type leases was $33.2 million in Q4-2014, compared to $32.6 million in the Q4-2013, primarily reflecting the installation of 26 full, new theatre systems under sales and sales-type lease arrangements in the most recent fourth quarter, compared to 24 installations in Q4-2013. In addition there were two digital system upgrades in existing locations in Q4-2014, compared to four upgrades in Q4- 2013.

Revenue from joint revenue-sharing arrangements was $23 million in the quarter, compared to $24.5 million in the prior-year period. During the current quarter, the company installed 29 new theatres under joint revenue-sharing arrangements, compared to 30 in the year ago period. The company had 451 theatres operating under joint revenue-sharing arrangements as of 31 December, 2014, as compared to 382 theatres one year prior.

Production and Imax DMR (Digital Re-Mastering) revenues were $25.6 million in Q4- 2014, compared to $28.6 million in Q4- 2013. Gross box office from DMR titles was $226.9 million in Q4- 2014, compared to $244.5 million in the prior-year period. The average global DMR box office per screen in Q4- 2014 was $292,200 compared to $366,300 in the prior-year period.

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