Imax Corp - IMAX STOCK NEWS

IMAX (NYSE: IMAX) reported its biggest domestic opening weekend in over a year, with 'Godzilla vs. Kong' earning $4.5 million across 284 screens. The film sold out over 1,000 IMAX showings, accounting for almost 25% of all IMAX showtimes. Internationally, it grossed $13 million this weekend, leading to a 10-day cumulative total of $28 million globally. Despite ongoing capacity restrictions, IMAX screens secured 9.3% of the weekend box office, signaling a strong recovery and a promising pipeline of upcoming films.

IMAX Corporation (NYSE: IMAX) announces that Bradley Wechsler will step down as Chairman of the Board during the annual shareholders meeting on June 9, 2021. Wechsler has served nearly 30 years, co-founding IMAX and contributing to its growth as a leading entertainment technology company. The Board will appoint a new Chairman soon after the AGM. Gelfond, current CEO, praised Wechsler for his dedication and partnership throughout their tenure.

IMAX reported a strong international debut for 'Godzilla vs. Kong', earning $12.4 million across 891 screens in 40 markets. This marks the largest opening for a Hollywood film in IMAX since December 2019, with China leading at $9.4 million, representing 14% of the film's total Chinese box office. IMAX accounted for 10% of the film's worldwide box office from just 1% of screens. The film expands to 1170 screens globally on March 31, with robust pre-sales in North America, indicating strong market share potential for IMAX.

IMAX Corporation announced the pricing of $200 million in 0.500% convertible senior notes due 2026, set to settle on March 19, 2021. The notes will accrue interest semi-annually and are subject to conversion under specific conditions. The initial conversion price of approximately $28.75 represents a 35% premium over the last share price. IMAX expects to net about $193.3 million and intends to allocate $150 million to repay debt, with the remaining funds used for working capital. The offering includes capped call transactions to mitigate share dilution.

IMAX Corporation (NYSE: IMAX) announced plans for a private offering of $200,000,000 in convertible senior notes due 2026. The offering is subject to market conditions and includes an option for initial purchasers to buy an additional $30,000,000 in notes. Proceeds will primarily be used to repay debt, with the remainder for working capital. The notes will accrue interest and can be converted into cash or common shares. IMAX may enter capped call transactions to mitigate share dilution.

IMAX Corporation (NYSE: IMAX) reported a successful weekend in China with the re-release of James Cameron's "Avatar," generating $6.2 million at the box office. Remarkably, IMAX captured 30% of the total weekend earnings while representing only 1% of available screens. This performance reinstated "Avatar" as the highest-grossing film of all time, contributing to IMAX's lifetime earnings of $249.5 million from the film. The resurgence underscores the strong demand for blockbuster films in China as theaters reopen.

IMAX Corporation has announced a joint venture with Maximus, focused on A.I.-based video enhancement technologies for home entertainment. Named IMAX AI, this collaboration aims to improve Ultra High Definition (UHD) 4K content for streaming services and smart devices. Dr. Daniel Nadler, founder of Maximus and former CEO of Kensho Technologies, will serve as Special Advisor to the IMAX Board. This venture is expected to leverage IMAX's existing technologies and relationships in the entertainment industry to enhance video content significantly.

IMAX has announced an agreement with Broadway to open four new IMAX theaters in iconic Shanghai locations, enhancing their existing partnership. This expansion will add cutting-edge IMAX with Laser systems, bringing IMAX's total in China to nearly 1,000 screens, including 248 in backlog. The agreement comes as moviegoing rebounds in China, evidenced by IMAX's record-breaking admissions during the recent Chinese New Year, with gross earnings of $155 million since reopening. The deal signifies a commitment to providing premium movie experiences in a leading theatrical market.

IMAX China reported a 2020 revenue of approximately US$52.3 million, down 58% from 2019, primarily due to COVID-19 theatre closures. However, a rebound in the second half saw box office figures return to 80% of prior levels, with revenue of US$45.6 million and adjusted earnings of US$10.9 million. The company maintained its dividend of US$0.02 per share and plans to increase the payout ratio to 50% of net income. IMAX China also expanded its network, signing agreements for 38 new theatre systems, despite a decline in installations due to pandemic disruptions.