Imax Corp Stock Price, News & Analysis

IMAX Corporation (NYSE: IMAX) and Stage Access have announced two film experiences featuring Grammy-winning soprano Renée Fleming. Cities That Sing - Paris will premiere on September 18, 2022, followed by Cities That Sing - Venice on October 30, 2022, in select IMAX theaters worldwide. Both films capture iconic performances and cultural explorations, showcasing renowned opera locations through IMAX's immersive technology. Tickets for the Paris premiere will be available starting August 30, while Venice ticket sales will be announced later.

IMAX Corporation and Cineworld announced an expansion of their partnership, adding five new IMAX with Laser systems to bring the total to 52 locations upgraded or opened by 2026. Notable sites include Cineworld Leicester Square in London and Regal Irvine Spectrum in California. This collaboration aims to enhance the moviegoing experience post-COVID, capitalizing on the success of blockbuster films. IMAX's advanced 4K laser projection technology will be featured in these theaters, promoting higher image quality and customer satisfaction.

IMAX reported substantial growth in Q2 2022, with a total global box office of $247.7 million, up 128.1% year-over-year. Revenues increased to $74 million from $51 million, and gross margins improved to $44 million. Net loss decreased to ($2.9 million), or ($0.05) per share, significantly better than the ($9.2 million) loss a year ago. IMAX expects to release 15 local language titles in Q3. The China network is now 91% operational, a rise from 65% in April, showcasing a recovery in box office performance.

IMAX Corporation will host a conference call on July 28, 2022, at 4:45 p.m. Eastern Time to discuss its second-quarter 2022 financial results. Interested participants can join by dialing the specified numbers or accessing the webcast via IMAX's investor relations page. The conference code for the call is 7250150. As of March 31, 2022, IMAX operates 1,690 theater systems globally. The company is recognized for its advancements in entertainment technology, enhancing audiences' experiences with major films worldwide.

IMAX Corporation reported robust earnings with a $23 million worldwide opening for Disney/Marvel's Thor: Love and Thunder, including $13.8 million from North America. This constituted a notable 10% of the overall domestic box office. The film achieved the largest domestic IMAX opening weekend for the Thor franchise and marked a top ten all-time IMAX opening weekend globally, excluding China. Internationally, IMAX generated $9.2 million across 65 countries, showcasing the brand's strong market position.

IMAX Corporation announced a 12-month extension of its share-repurchase program, which now runs until June 30, 2023. The program allows for the repurchase of up to $200 million of common shares, with $26.2 million remaining available. Since the program's initiation in July 2017, IMAX has repurchased about 10 million shares, representing a 15% net reduction. This extension is supported by an exemption under Canadian securities law that allows purchases beyond the typical limits, thus enhancing shareholder value and potentially influencing stock price positively.

IMAX Corporation has partnered with Pathé Live to release the first-ever 'Filmed for IMAX' concert featuring French band INDOCHINE. The concert, recorded on June 25, 2022, at the Groupama Stadium in Lyon, will debut in select IMAX theaters in Europe on November 23, 2022, and in non-IMAX theaters the following day. Celebrating INDOCHINE's 40th anniversary, the CENTRAL TOUR has sold over 400,000 tickets. The event will showcase groundbreaking technology, including 22 IMAX-certified cameras and the largest LED screen ever used in a concert.

IMAX Corporation and ODEON Cinemas have expanded their partnership, set to upgrade six UK theatres to IMAX with Laser systems by 2025 and establish nine new locations across Europe, including Spain and Italy. This move aims to enhance the cinematic experience as audiences return in strong numbers post-pandemic. Notably, ODEON is IMAX's largest partner in Europe, currently operating 34 IMAX theatres. Rich Gelfond, IMAX CEO, emphasized the growing market share and the positive momentum from this agreement, reinforcing IMAX's commitment to innovative cinematic technology.

IMAX Corporation achieved a remarkable $25 million global opening for Jurassic World: Dominion, marking its third consecutive weekend with earnings over $25 million. The film garnered $12.3 million in North America and $6.3 million in China, representing the largest IMAX Hollywood debut in China since May 2021, despite capacity restrictions. IMAX has exceeded its total summer box office from 2021, with several upcoming releases designed for IMAX, including Lightyear and Thor: Love and Thunder.