IMAX First Quarter Results for 2011
IMAX Corporation (NYSE:IMAX) (TSX:IMX) has reported its first quarter 2011 financial results and increased its fiscal 2011 outlook for new theatre installations by approximately 40%, after signing agreements for 101 IMAX(R) theatre systems in the first quarter.
“The first quarter lacked event films, particularly compared to the phenomenal strength of last year’s Avatar, and our financial results as compared to last year reflect this,” says IMAX Chief Executive Officer Richard L. Gelfond. “At the same time, we signed agreements for 101 theatre systems in the quarter, allowing us to surpass our signings goal for the full year of 2011 in just three months. As a result, we are increasing our 2011 outlook for new theatre installations by 40 per cent, and we now expect our commercial theatre network to grow by at least 30 per cent in 2011 for the third consecutive year, which we believe will yield significant long-term benefits for our shareholders.”
The Company reported total revenue for the first quarter ended March 31, 2011 of $45.2 million. Last year’s first quarter revenue was $72.8 million. The Company reported a net loss for the first quarter of 2011 of $1.0 million, or $0.02 per diluted share. First quarter 2010 reported net income was $26.6 million, or $0.40 per diluted share. First quarter adjusted EBITDA was $9.0 million.
Theatres Signings/Network Growth Outlook
The Company signed contracts for 101 theatre systems in the first quarter of 2011, compared to 41 theatre systems signed in the first quarter of 2010. As a result, the Company now expects to install between 115 and 125 new theatres this year, compared to its previous expectations for 80 to 90 theatre installations in 2011. This implies year-over-year commercial multiplex network growth of more than 30 per cent.
In the first quarter of 2011, IMAX systems revenue was $22.3 million, compared to $11.0 million in the first quarter of 2010, primarily reflecting the installation of 11 new theatre systems in the most recent first quarter, compared to four systems in the first quarter of 2010. The Company also installed 22 digital upgrades in the first quarter of 2011, compared to nine in the same year-ago period.
In the first quarter of 2011, revenue from joint revenue sharing arrangements was $4.0 million, compared to $18.9 million in the prior year period. During the quarter, the Company installed 10 new joint revenue sharing theatres, compared to five in the year-ago period. As of March 31, 2011, there were a total of 181 theatres under joint revenue sharing arrangements, a 48% increase compared to 122 joint revenue sharing theatres open as of the year-ago period.
First quarter 2011 total film revenue was $11.5 million, compared to $29.3 million in the first quarter of 2010. Production and IMAX DMR(R) revenues were $7.3 million in the first quarter of 2011.
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