Imax Corp - IMAX STOCK NEWS

IMAX Corporation announced the launch of the 'Filmed In IMAX' program, partnering with leading camera manufacturers like ARRI, Panavision, RED, and Sony. This initiative aims to certify high-end cameras for use in IMAX's unique format, enhancing the overall viewing experience. Upcoming films including Top Gun: Maverick and Dune will feature this certification. The program is designed to meet rising filmmaker demand and offers a wider selection of films annually, ensuring optimal performance on IMAX's theatrical platform.

IMAX Corporation (NYSE: IMAX) announced that CEO Richard L. Gelfond and CFO Patrick McClymont will present at the Goldman Sachs 29th Annual Communacopia Conference on September 16, 2020, at 3:45 p.m. ET. The presentation will be available via live webcast and archived for 90 days. IMAX continues to innovate in entertainment technology, boasting 1,615 theater systems worldwide as of June 30, 2020, and is a key player in the theatrical distribution of major films.

On September 6, 2020, IMAX Corporation reported that Warner Bros. Pictures' film "Tenet" surpassed expectations with a global box office earning of $11.1 million during its debut weekend in IMAX, marking the largest September weekend for the company. The film achieved $16.3 million in total IMAX earnings since its international release on August 26. Notably, "Tenet" contributed 14% of the overall weekend box office despite representing only 1% of screens. Strong performances were noted in China, where it grossed $5.3 million, and in North America with $2.8 million.

IMAX Corporation (NYSE: IMAX) announced that CEO Richard L. Gelfond and CFO Patrick McClymont will present at the BofA Securities 2020 Media, Communications and Entertainment Conference on September 9, 2020, at 1:30 p.m. Eastern Time. The conference will be available for live streaming and archived for 90 days on investors.imax.com. As of June 30, 2020, IMAX operates 1,615 theater systems worldwide. The company focuses on creating immersive cinematic experiences through its unique technology.

IMAX Corporation (NYSE: IMAX) reported a strong international debut for Warner Bros. Pictures' 'Tenet,' generating approximately $5 million from just 248 theaters globally. With a per screen average of around $20K, IMAX captured 9.4% of the overall box office despite representing under 1% of total screens. Key markets such as the UK and South Korea saw significant sales, with the UK earning $900K. 'Tenet' continues to roll out in more IMAX theaters, reinforcing the demand for immersive cinema experiences.

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.