Imax Corp Stock Price, News & Analysis

IMAX Corporation and Xperi, Inc. announced an expansion of the IMAX Enhanced movie collection via Rakuten TV. This collaboration will introduce 100 IMAX Enhanced titles across eight European countries over the next six months. The service will enhance viewing experiences by offering exclusive expanded aspect ratios and IMAX signature sound. The partnership aims to meet the growing demand for premium cinematic experiences among consumers.

IMAX Corporation has acquired SSIMWAVE Inc. for $18.5 million in cash and $2.5 million in stock, with an additional potential $4 million earnout. This acquisition aims to enhance IMAX's video quality capabilities, particularly for streaming services. SSIMWAVE's Emmy-winning technology improves video quality across platforms, benefiting major clients like Disney and Paramount. IMAX expects the acquisition to contribute positively to revenue in 2023 and emphasizes the strategic importance of advancing its entertainment technology leadership.

IMAX Corporation has appointed Michele Golden as its Global Chief People Officer, effective September 13, 2022. Golden, with over 20 years of experience in human resources at major media companies, will lead IMAX's human resources, recruiting, talent management, and diversity initiatives. Previously, she served as Chief HR Officer for HBO Max at WarnerMedia. IMAX aims to strengthen its global teams and culture as it seeks growth in entertainment technology under the leadership of Golden, who will report to CEO Rich Gelfond.

IMAX Corporation announced a $200 million increase in its share-repurchase program, raising the total repurchase authority to $400 million. Since the program's inception on July 1, 2017, approximately 10.0 million shares have been repurchased for an aggregate price of $175.0 million, achieving a 15% reduction in shares outstanding. The repurchase authorization allows for $225.0 million in future purchases until June 30, 2023. IMAX has received an exemption from the Ontario Securities Commission to facilitate these repurchases under specific conditions.

IMAX Corporation has appointed Jennifer Horsley as the new Senior Vice President of Investor Relations. With over 20 years of experience, primarily from her tenure at Xerox and her recent role at Taboola, Horsley will spearhead IMAX's investor relations strategy. Reporting to Natasha Fernandes, the CFO, she aims to strengthen IMAX's presence in the investment community. The company seeks to leverage its unique business model and a strong film slate to drive growth.

IMAX Corporation (NYSE: IMAX) announced its participation in two upcoming conferences. The first is the Bank of America 2022 Media, Communications & Entertainment Conference on September 7, 2022, featuring CFO Natasha Fernandes. The second event is the Goldman Sachs Communacopia + Technology Conference on September 14, 2022, with CEO Rich Gelfond. Both events will be webcast live on the IMAX investor relations website, enhancing accessibility for stakeholders.

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.