Wed, Oct 30, 9:16 PM (64 days ago)
For the quarter ending September 30, 2024, IMAX Corporation (IMAX) reported revenues of $91.5 million, a decline of 12% year-over-year, primarily due to lower box office performances from IMAX films, which totaled $239.5 million, down 31% from $347.1 million in Q3 2023. Despite this revenue drop, net income attributable to common shareholders increased 16% to $13.9 million, driven by reduced costs from operational efficiencies. Gross margins also fell to 56% from 60% in the prior year, influenced by a less favorable film mix. The company’s cash and cash equivalents rose to $104.5 million, with significant cash held outside Canada. IMAX’s backlog included 472 systems, with 302 under joint revenue sharing arrangements. Operating cash flow improved, totaling $59.4 million due to better collections from receivables. Future operations face uncertainties, particularly in the Greater China market, which constitutes 25% of revenues, and potential impacts from geopolitical tensions. Overall, IMAX continues to navigate challenges while leveraging its technology and expanding its global footprint.