IMAX Corporation (IMAX), the world leader in immersive audience experiences, reported revenues of $80.20M, gross profit of $45.10M and net income attributable to common shareholders of $8.30M, or $0.13 per diluted share, for the first quarter ended March 31, 2019. Adjusted net income attributable to common shareholders for the quarter was $10.80M, or $0.18 per diluted share, and adjusted EBITDA was $28.50M.
First Quarter 2019 Results
Box Office Update:
Gross box office from IMAX DMR® films was $256.30M in the first quarter of 2019 contrast to $246.90M in the first quarter of 2018. Gross box office was generated mainly by the release of 24 films (12 new and 12 carryovers), as contrast to 22 films (14 new and 8 carryovers) exhibited in the first quarter of 2018.
First Quarter Consolidated Results:
The gross margin across all segments in the first quarter of 2019 was $45.10M, or 56.3% of total revenues, contrast to $50.70M, or 59.6% of total revenues, in the first quarter of 2018. Operating expenses (which includes SG&A, excluding stock-based compensation, plus R&D) were $24.80M in the quarter.
First Quarter Segment Results
- Network business revenues were $45.80M in the quarter, contrast with $44.90M in the prior-year period. Gross margin for the network business was 68.9% in the most recent quarter, contrast to 70.2% in the prior-year period.
- IMAX DMR revenues were $28.00M in the first quarter of 2019, contrast to $27.10M in the first quarter of 2018. Gross margin for the IMAX DMR segment was 70.8%, contrast to 69.4% in the prior-year comparative period.
- Revenues from joint revenue-sharing arrangements were consistent at $17.90M in the quarter and the prior-year period. Gross margin for joint revenue-sharing arrangements was 66.1%, contrast to 71.3% in the prior-year comparative period.
- Theater business segment revenues were $30.30M in the quarter, contrast with $35.00M in the prior-year period, mainly reflecting the installation of seven fewer sales-type theaters, partially offset by four additional hybrid joint revenue sharing lease arrangements and one additional system upgrade. Average revenue per sales and sales-type lease systems for new systems was $1.40M, consistent with last year.
IMAX has the market capitalization of $1.22B and its EPS growth ratio for the past five years was -10.90%. The return on assets ratio of the Company was 2.60% while its return on investment ratio stands at 6.50%. Price to sales ratio was 3.31 while 86.00% of the stock was owned by institutional investors.
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