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IMAX Corporation today reported first-quarter 2018 revenues of $85.0 million, gross profit of $50.7 million and net income attributable to common shareholders of $8.5 million. Up from $0.1 million a year ago.
"Our first quarter results were strong from both a financial and strategic standpoint. We modified our programming strategy, demonstrated operating leverage and set the table for the successful launch of IMAX with Laser, which was bolstered by over 150 signings to date," said Richard L. Gelfond, IMAX CEO. "In addition to benefitting from the revenue and cost initiatives we implemented last year—which helped drive Adjusted EBITDA growth of 70%, compared to Q1 last year—our recent performance also reflects IMAX's growing value proposition to content-creators and moviegoers alike. As content-creators emphasize blockbuster-type content and as consumers seek differentiated moviegoing experiences, The IMAX Experience® is becoming an increasingly important platform to launch and experience global franchise content." Gelfond concluded, "We believe our global footprint, coupled with our focus on creating differentiated experiences for the biggest cinematic releases, uniquely positions IMAX to benefit from these trends."
IMAX has signed up 150 sites for its new IMAX with Laser, its next-generation laser experience.
During the quarter, the Company installed 16 theater systems, all of which were for new theater locations. The total IMAX theater network consisted of 1,382 systems as of March 31, 2018, of which 1,286 were in commercial multiplexes. There were 529 theaters in backlog as of March 31, 2018, compared to the 524 in backlog as of March 31, 2017.
IMAX signed contracts for 45 new theaters across 8 countries in the first quarter of 2018. For a breakdown of theater system signings, installations, network and backlog by type for the first quarter of 2018, please see the end of this press release.
Gross box office from IMAX DMR films increased 16.4% to $246.9 million in the first quarter of 2018 from $212.1 million in the first quarter of 2017. Gross box office was generated primarily by the exhibition of 22 films (14 new and 8 carryovers), as compared to 18 films (12 new and 6 carryovers) exhibited in the first quarter of 2017.
Helped by the smash hit Avengers: Infinity War. Which is the first commercial film shot entirely with IMAX cameras. As it kicked off the summer blockbuster season, delivering a record $41.5 million in opening weekend IMAX box office.
"Looking ahead, our objectives this year are focused on improving the earnings power of our core business, increasing the differentiation of The IMAX Experience relative to other moviegoing options, and reinforcing the strength of our brand amongst worldwide consumers." Gelfond continued, "We believe these initiatives, coupled with our continued signings and installation momentum, should create meaningful value across the IMAX ecosystem. Moreover, we're encouraged by the exciting upcoming film slate, the successful launch of IMAX with Laser and our continued focus on controlling costs."
"Our first quarter results were strong from both a financial and strategic standpoint. We modified our programming strategy, demonstrated operating leverage and set the table for the successful launch of IMAX with Laser, which was bolstered by over 150 signings to date," said Richard L. Gelfond, IMAX CEO. "In addition to benefitting from the revenue and cost initiatives we implemented last year—which helped drive Adjusted EBITDA growth of 70%, compared to Q1 last year—our recent performance also reflects IMAX's growing value proposition to content-creators and moviegoers alike. As content-creators emphasize blockbuster-type content and as consumers seek differentiated moviegoing experiences, The IMAX Experience® is becoming an increasingly important platform to launch and experience global franchise content." Gelfond concluded, "We believe our global footprint, coupled with our focus on creating differentiated experiences for the biggest cinematic releases, uniquely positions IMAX to benefit from these trends."
IMAX has signed up 150 sites for its new IMAX with Laser, its next-generation laser experience.
During the quarter, the Company installed 16 theater systems, all of which were for new theater locations. The total IMAX theater network consisted of 1,382 systems as of March 31, 2018, of which 1,286 were in commercial multiplexes. There were 529 theaters in backlog as of March 31, 2018, compared to the 524 in backlog as of March 31, 2017.
IMAX signed contracts for 45 new theaters across 8 countries in the first quarter of 2018. For a breakdown of theater system signings, installations, network and backlog by type for the first quarter of 2018, please see the end of this press release.
Gross box office from IMAX DMR films increased 16.4% to $246.9 million in the first quarter of 2018 from $212.1 million in the first quarter of 2017. Gross box office was generated primarily by the exhibition of 22 films (14 new and 8 carryovers), as compared to 18 films (12 new and 6 carryovers) exhibited in the first quarter of 2017.
Helped by the smash hit Avengers: Infinity War. Which is the first commercial film shot entirely with IMAX cameras. As it kicked off the summer blockbuster season, delivering a record $41.5 million in opening weekend IMAX box office.
"Looking ahead, our objectives this year are focused on improving the earnings power of our core business, increasing the differentiation of The IMAX Experience relative to other moviegoing options, and reinforcing the strength of our brand amongst worldwide consumers." Gelfond continued, "We believe these initiatives, coupled with our continued signings and installation momentum, should create meaningful value across the IMAX ecosystem. Moreover, we're encouraged by the exciting upcoming film slate, the successful launch of IMAX with Laser and our continued focus on controlling costs."