Imax (NYSE:IMAX)Posts Higher Q-4 Earnings, On Star Wars Revenue
$IMAX
Wednesday, the Giant-screen exhibitor beat EPS estimate of 0.88 for Y 2015 earnings, but missed on Q-4 profit forecast.
Imax Corp posted a rise Q-4 revenue and earnings as the Giant-screen exhibitor garnered strong box office grosses from Star Wars: The Force Awakens.
The company led by CEO Richard Gelfond, reported net income of $26.2-M for Q ended 31 December 2015, compared with a year-ago profit of $22.5-M.
Q-4 revenue was $119-M, or + 16% from a year-earlier $102.4-M.
F-Y 2015 earnings came in at $64.6-M, up from a year-earlier profit of $42-M, on overall revenue of $373.8-M, or + 29% from a year-earlier $290-M.
F-Y 2015 adjusted EPS of 1.02 was up 36% and beat an analyst estimate of 0.88. The adjusted Q-4 earnings of 0.39 missed an analyst forecast of earnings at 0.43.
The F-Y global box office for Imax reached $1-B, or + 31% above Y 2014.
In Imax theaters alone, Star Wars: The Force Awakens quickly crossed the $100-M global box office mark in a record-setting 12 days. Other Q-4 releases by Imax included Crimson Peak, The Martian, Spectre and The Hunger Games: Mockingjay — Part 2.
Imax raised its theater installation guidance for Y 2016 from the 115-120 range to the 135-140 range. That increased guidance is due in part to more anticipated theater signings by China’s Wanda Cinema Line Corp., which already has a deal with Imax to build 80 Giant-format theaters in China by Y 2021.
Upcoming Imax releases in Y 2016 include Batman Vs Superman: Dawn of Justice, The Jungle Book, Captain America: Civil War and Alice in Wonderland: Through the Looking Glass. After the exhibitor had successful releases of homegrown movies in China such as Monster Hunt, the highest-grossing Chinese movie ever, and Mojin — The Lost Legend.
Imax told analysts it expects to do more local-language releases in Y 2016.
“We’ve seen over the last six months incredible traction in the local-language business in China,” Greg Foster, CEO of Imax Entertainment and Senior VP of Imax Corp., said Wednesday during an analyst call.
Local films do especially well in China during unofficial blackout periods in which Hollywood studio pics move to the sidelines so multiplexes can host homegrown movies.
The Giant-screen exhibitor listed shares of its Imax China unit on the Hong Kong Stock Exchange on 8 October 2015, and has seen that share price, initially at HKD$31.00, rise 45% through 24 February. Imax currently has a 68.5% stake in Imax China.
| Symbol | Last Trade | Date | Change | Open | High | Low | Volume |
| NYSE:IMAX | 32.15 | 24 Feb-2016 | 0.75 | 31.29 | 32.66 | 31.15 | 1,116,600 |
| Analysis for IMAX: | Overall | Short | Intermediate | Long |
| Neutral (-0.01) | Neutral (-0.05) | Neutral (0.16) | Neutral (-0.14) |
Stay tuned…
HeffX-LTN
Paul Ebeling
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