Welcome to our dedicated page for Imax news (Ticker: IMAX), a resource for investors and traders seeking the latest updates and insights on Imax stock.
IMAX Corporation reports developments in entertainment technology, premium theater systems and immersive cinematic releases. The company delivers IMAX experiences through proprietary software, auditorium architecture and projection systems, with business activity organized around Content Solutions and Technology Products and Services.
Recurring IMAX news includes quarterly results, global box office performance, Filmed For IMAX releases, exhibitor partnerships, IMAX with Laser system agreements, network expansion, investor conference participation and governance updates. Company announcements often connect studio content, local-language releases and theater-system signings to the economics of its global platform.
IMAX Corporation reported a strong debut for Huayi Brothers' film, The Eight Hundred, which earned $7.5 million in its IMAX opening across nearly 650 theatres in China. Despite a 50% capacity limit, IMAX theatres captured 6.5% of the film's total box office, with over 550 sell-out shows during previews. Overall, The Eight Hundred has grossed approximately $116 million. IMAX's global box office reached $8 million for the weekend, showcasing a significant rebound as cinemas reopen, with total box office earnings in China at $15.7 million since July 24.
IMAX reported a 92% decrease in Q2 2020 revenue, totaling $8.9 million as theater closures due to COVID-19 impacted earnings. The company reported a net loss of $26 million, or ($0.44) per diluted share. Despite challenges, 409 theaters reopened in China, bringing approximately 40% of its global network back online. With a cash reserve of $319 million and an amended credit agreement, IMAX is positioned for recovery. The company anticipates a strong lineup of films in 2021 and has signed agreements for 29 new theater systems.
Wanda Film and IMAX have expanded their partnership with a 20-theatre agreement to enhance the cinematic experience in China. This includes upgrading ten existing IMAX locations to IMAX with Laser technology and installing ten new systems. The deal reflects the importance of The IMAX Experience in the recovery of the Chinese exhibition industry post-pandemic. Notably, Wanda's box office was RMB 9.866 billion in 2019 while IMAX recorded an all-time high of $365.8 million in Greater China for the same year.
IMAX Corporation has extended its share-repurchase program for an additional 12 months, now set to conclude on June 30, 2021. The program allows for the buyback of up to $200 million in common shares, with approximately $89.4 million remaining. Since its initiation on July 1, 2017, IMAX has repurchased around 6 million shares for $110.6 million, representing a 9% reduction in outstanding shares. Despite the extension, the company does not plan to repurchase shares in light of current market conditions. An exemption from Canadian securities laws has also been granted to facilitate these repurchases.
IMAX Corporation (NYSE: IMAX) announced that 16 titles from its acclaimed documentary catalog will be streamed exclusively on Hulu starting summer 2020. Launching with "A Beautiful Planet" and "Pandas", these documentaries showcase over 40 years of exploration. Megan Colligan, President of IMAX Entertainment, highlighted the growing desire for discovery among viewers at home, particularly for families and students. IMAX's documentaries have been honored at the Academy Awards, and many utilize IMAX's advanced audiovisual technology.