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IMAX Corp net income triples in Q3-2014

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BENGALURU: Toronto, Canada based, New York Stock Exchange traded entertainment, technology and distribution company IMAX Corp (IMAX) reported more than 3 times (3.01 times) income attributable to common shareholders (income) in Q3-2014 (Quarter ended September 30, 2014, or current quarter) at US$ 4.858 million versus the US$ 1.609 million in the corresponding year ago quarter Q3-2013. During the 9 month period ended 30 September 2014 (9M-2014), the company’s income rose 15.1 per cent to US$ 18.744 million from US$ 16.286 million in 9M-2013.

IMAX revenue in the current quarter at US$ 60.742 million was 17.9 per cent more than the US$ 51.507 million in Q3-2013. Revenue in 9M-2014 at US$ 188.084 million was 2.8 per cent higher than the US$ 182.886 million in Q3-2013.

Notes: (1) The primary revenue sources for the Company can be categorised into two main groups: theatre systems and films. On the theatre systems side, the Company derives revenues from theatre exhibitors primarily through either a sale or sales-type lease arrangement or a joint revenue sharing arrangement. Theatre exhibitors also pay for associated maintenance and extended warranty services. Film revenue is derived primarily from film studios for the provision of film production and digital re-mastering services for exhibition on IMAX theatre systems around the world. The Company derives other film revenues from the distribution of certain films and the provision of post-production services. The Company also derives a small portion of other revenues from the operation of its own theatres, the provision of aftermarket parts for its system components, and camera rentals

(2)The Company has seven reportable segments identified by category of product sold or service provided: IMAX systems; theatre system maintenance; joint revenue sharing arrangements; film production and IMAX DMR; film distribution; film post-production; and other. The IMAX systems segment designs, manufactures, sells or leases IMAX theatre projection system equipment. The theatre system maintenance segment maintains IMAX theatre projection system equipment in the IMAX theatre network. The joint revenue sharing arrangements segment provides IMAX theatre projection system equipment to an exhibitor in exchange for a share of the box-office and concession revenues. 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 Company refers to all theatres using the IMAX theatre system as “IMAX theatres”.

IMAX Theatre Systems:

IMAX Theatre Systems reported 13.1 per cent growth in revenue in the current quarter to US$ 33.899 million from US$ 29.965 million in Q3-2013. 9M-2014 revenue was down 0.2 per cent to US$ 106.742 million from US$ 106.948 million in 9M-2013.

Gross Margin from IMAX Systems increased 18.9 per cent to US$ 20.188 million in Q3-2014 from US$ 17.576 million in Q3-2013. Gross margins in 9M-2014 rose 1 per cent to US$ 62.993 million from US$ 62.376 million in 9M-2013.

The rise in revenue and gross margins in Q3-2014 and 9M-2014 is because of corresponding increases in Joint Revenue Sharing Arrangement (JSRA) segments. Revenue fell in 9M-2014 because of lower performance of IMAX Systems segment.

Films:

Revenue from ‘Films’ increased 21.1 per cent to US$ 23.678 million in Q3-2014 from US$ 19.547 million in Q3-2013. During 9M-2014, revenue increased 6.3 per cent to US$ 72.935 million from US$ 68.594 million in 9M-2013.

Gross margins’ for ‘Films’ increased 55 per cent in Q3-2014 to US$ 15.472 million from US$ 9.984 million in Q3-2013. For 9M-2014, gross margins increased 35.7 per cent to US$ 46.853 million from US$ 34.526 million in 9M-2013.

Geographic information:

Revenue by geographic area is based on the location of the customer. Revenue related to IMAX DMR is presented based upon the geographic location of the theatres that exhibit the re-mastered films. IMAX DMR revenue is generated through contractual relationships with studios and other third parties and these may not be in the same geographical location as the theatre.

No single country in the rest of the world, Western Europe, Latin America and Asia (excluding Greater China) classifications comprise more than 10 per cent of the total revenue.

Click here to read the condensed consolidated balance sheet 

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