IMAX Corporation Reports First Quarter 2014 Financial Results

IMAX Corporation Reports First Quarter 2014 Financial Results

HIGHLIGHTS

- IMAX signs contracts for 36 theatres, including 23 across Europe, in the first quarter

- Company expands backlog to historic high of 431 theatres, a 52% increase year-over-year

- First quarter box office comes in at $139 million, with two-thirds generated from international markets

NEW YORK, April 24, 2014 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX; TSX: IMX) today reported first quarter 2014 revenues of $48.2 million, adjusted EBITDA as calculated in accordance with the Company's credit facility of $12.6 million, adjusted net income of $3.3 million, or $0.05 per diluted share, and reported net income of $0.6 million, or $0.01 per diluted share.

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"We made significant progress towards our long-term goals this quarter through our multi-picture agreement with Disney and our recently announced transaction with investors in IMAX China. We also had a very strong signings quarter, with 36 new theatres signed, driven by a robust 23 signings in strategically-important Europe," said Richard L. Gelfond, IMAX CEO. "While first-quarter box office is traditionally the softest of the year, just a few weeks into the second quarter, we are encouraged by the strong international opening of The Amazing Spider-Man 2 - just one of the many highly anticipated movies in our portfolio of films for the remainder of year."

Network Growth Update

The total IMAX® theatre network consisted of 840 systems as of March 31, 2014, of which 707 were in commercial multiplexes. There were 431 theatres in backlog as of March 31, 2014, compared to 283 in backlog as of March 31, 2013. In the first quarter of 2014, the Company signed contracts for 36 theatres, of which 35 were for new locations and 1 was for an upgrade. In the quarter, the Company installed 10 theatres, of which 8 were for new theatre locations. For a breakdown of theatre system signings, installations, network and backlog by type, please see the end of this press release.

"The significant level of interest in our business worldwide is promising and underscores how the IMAX brand has become synonymous with the ultimate way to experience blockbuster films," stated Mr. Gelfond. "We are excited for what the future holds for IMAX. We believe that our network growth, the continued commitment from our partners and our consumers' enthusiasm globally, combined with our portfolio of films in 2014 and beyond, will continue to solidify our position as a unique and dominant player in the global entertainment industry."

First-Quarter Segment Results


-- Revenue from sales and sales-type leases was $4.5 million in the first
quarter of 2014, compared to $9.8 million in the first quarter of 2013,
primarily reflecting the installation of 3 full, new theatre systems
under sales and sales-type lease arrangements in the most recent first
quarter, compared to the 6 sales and sales-type theatres the Company
installed in the first quarter of 2013. In addition, there were 2
digital system upgrades (1 sales-type and 1 joint revenue-sharing) in
existing locations in the first quarter of 2014, compared to 7 upgrades
(all sales-type) in the first quarter of 2013.
-- Revenue from joint revenue-sharing arrangements was $10.9 million in the
quarter, compared to $9.4 million in the prior-year period. During the
quarter, the Company installed 5 new theatres under joint
revenue-sharing arrangements, compared to 4 in the year-ago period. The
Company had 388 theatres operating under joint revenue-sharing
arrangements as of March 31, 2014, as compared to 319 theatres one year
prior.
-- Production and IMAX DMR® (Digital Re-Mastering) revenues were $15.2
million in the first quarter of 2014, compared to $14.4 million in the
first quarter of 2013. Gross box office from DMR titles was $138.5
million in the first quarter of 2014, compared to $128.7 million in the
prior-year period. The average global DMR box office per screen in the
first quarter of 2014 was $197,000 compared to $212,900 in the
prior-year period.
Conference Call

The Company will host a conference call today at 8:30 AM ET to discuss its first quarter 2014 financial results. To access the call via telephone, interested parties in the US and Canada should dial (800) 820-0231 approximately 5 to 10 minutes before it begins. International callers should dial (416) 640-5926. The participant passcode for the call is 2860379. This call is also being webcast by Thomson Financial and can be accessed on the 'Investor Relations' section of www.imax.com. A replay of the call will be available via webcast on the 'Investor Relations' section of www.imax.com or via telephone by dialing (888) 203-1112 (US and Canada), or (647) 436-0148 (international). The Conference ID for the telephone replay is 2860379.

About IMAX Corporation

IMAX, an innovator in entertainment technology, combines proprietary software, architecture and equipment to create experiences that take you beyond the edge of your seat to a world you've never imagined. Top filmmakers and studios are utilizing IMAX theatres to connect with audiences in extraordinary ways, and, as such, IMAX's network is among the most important and successful theatrical distribution platforms for major event films around the globe.

IMAX is headquartered in New York, Toronto and Los Angeles, with offices in London, Tokyo, Shanghai and Beijing. As of March 31, 2014, there were 840 IMAX theatres (707 commercial multiplexes, 18 commercial destinations and 115 institutions) in 57 countries.

IMAX®, IMAX® 3D, IMAX DMR®, Experience It In IMAX®, An IMAX 3D Experience®, The IMAX Experience®, IMAX Is Believing® and IMAX nXos® are trademarks of IMAX Corporation. More information about the Company can be found at www.imax.com. You may also connect with IMAX on Facebook (www.facebook.com/imax), Twitter (www.twitter.com/imax) and YouTube (www.youtube.com/imaxmovies).

This press release contains forward looking statements that are based on IMAX management's assumptions and existing information and involve certain risks and uncertainties which could cause actual results to differ materially from future results expressed or implied by such forward looking statements. Important factors that could affect these statements include, but are not limited to, general economic, market or business conditions; the opportunities (or lack thereof) that may be presented to and pursued by the Company; the performance of IMAX DMR films; competitive actions by other companies; conditions in the in-home and out-of-home entertainment industries; the signing of theater system agreements; changes in laws or regulations; conditions, changes and developments in the commercial exhibition industry; the failure to convert theater system backlog into revenue; risks associated with investments and operations in foreign jurisdictions and any future international expansion, including those related to economic, political and regulatory policies of local governments and laws and policies of the United States and Canada; risks related to the Company's growth and operations in China; the failure to respond to change and advancements in digital technology; risks related to the acquisition of AMC Entertainment Holdings, Inc. by Dalian Wanda Group Co., Ltd.; risks related to new business initiatives; the potential impact of increased competition in the markets within which the Company operates; risks related to the Company's inability to protect the Company's intellectual property; risks related to Eastman Kodak bankruptcy and the possibility of constrained film supply; risks related to the Company's implementation of a new enterprise resource planning system; risks related to the Company's prior restatements and the related litigation; and other factors, many of which are beyond the control of the Company. These factors, other risks and uncertainties and financial details are discussed in IMAX's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

For additional information please contact:



Investors: Media:

IMAX Corporation, New York IMAX Corporation, New York

Teri Loxam Ann Sommerlath

212-821-0100 212-821-0155

tloxam@imax.com asommerlath@imax.com





Business Media: Entertainment Media:

Sloane & Company, New York Principal Communications Group, Los Angeles

Whit Clay Melissa Zuckerman/Paul Pflug

212-446-1864 323-658-1555

wclay@sloanepr.com melissa@pcommgroup.com

paul@pcommgroup.com
--- -------------------






Additional Information


Signings and Installations
--------------------------

Mar. 31, 2014

Three Months

Ended Mar.
31,
-----------

Theatre Signings: 2014 2013
---- ----

Full new sales and sales-type lease arrangements 32 (1) 14 (1)

New joint revenue sharing arrangements 3 3
---

Total new theatres 35 17


Upgrades of IMAX theatre systems 1 8 (2)(3)

Total Theatre Signings 36 25
=== ===


Three Months

Ended Mar.
31,
-----------

Theatre Installations: 2014 2013
---- ----

Full new sales and sales-type lease arrangements 3 6

New joint revenue sharing arrangements 5 4
--- ---

Total new theatres 8 10


Upgrades of IMAX theatre systems 2 7 (2)

Total Theatre Installations 10 17
=== ===


As of Mar.
31,
-----------

Theatre Backlog: 2014 2013
---- ----

New sales and sales-type lease arrangements 151 135

New joint revenue sharing arrangements 257 136

Total new theatres 408 271


Upgrades of IMAX theatre systems 23 12

Total Theatres in Backlog 431 (4) 283 (5)
=== ===


As of Mar.
31,
-----------

Theatre Network: 2014 2013
---- ----

Commercial Multiplex Theatres:

Sales and sales-type lease arrangements 319 287

Joint revenue sharing arrangements 388 319

Total Commercial Multiplex
Theatres 707 606


Commercial Destination
Theatres 18 19

Institutional Theatres 115 113

Total IMAX Theatre Network 840 738
=== ===
______________________



(1) Includes three signings which replaced theaters under an existing arrangement in backlog (2013 - one).

(2) Includes upgrades to xenon-based digital systems under short-term operating lease arrangements (2 signings, 2 installations).

(3) Includes installation of laser-based digital systems in existing theater (2 signings).

(4) Includes 23 upgrades to a digital theater system, in an existing IMAX theater location (3 xenon and 20 laser, of which 4 are under joint revenue sharing arrangements).

(5) Includes 12 upgrades to a digital theater system, in an existing IMAX theater location (5 xenon and 7 laser).


Additional Information (continued)

2014 DMR Films:

To date, IMAX has announced 19 titles so far to be released in 2014. The Company released 38 titles in 2013. The Company remains in discussions with virtually every major studio regarding future titles and expects the total number of titles in 2014 to be similar to that in 2013.


-- Jack Ryan: Shadow Recruit: The IMAX Experience (Paramount Pictures,
January 2014);
-- I, Frankenstein: An IMAX 3D Experience (Lionsgate, January 2014);
-- The Monkey King: The IMAX Experience (Global Star Productions, January
2014, China only);
-- Robocop: The IMAX Experience (Metro-Goldwyn-Mayer Studios, Inc.,
February 2014);
-- 300: Rise of an Empire: An IMAX 3D Experience (Warner Bros. Pictures,
March 2014);
-- Need for Speed: An IMAX 3D Experience (Walt Disney Studios, March 2014,
select international markets);
-- Divergent: The IMAX Experience (Summit Entertainment, March 2014);
-- Noah: The IMAX Experience (Paramount Pictures, March 2014);
-- Captain America: The Winter Soldier: An IMAX 3D Experience (Marvel
Entertainment, April 2014);
-- Transcendence: The IMAX Experience (Warner Bros. Pictures, April 2014);
-- The Amazing Spider-Man 2: An IMAX 3D Experience (Sony Pictures, May
2014);
-- Godzilla: An IMAX 3D Experience (Warner Bros. Pictures, May 2014);
-- Maleficent: An IMAX 3D Experience (Walt Disney Studios, May 2014);
-- Edge of Tomorrow: An IMAX 3D Experience (Warner Bros. Pictures, June
2014);
-- How to Train Your Dragon 2: An IMAX 3D Experience (DreamWorks
Animation, June 2014, select international markets);
-- Transformers: Age of Extinction: An IMAX 3D Experience (Paramount
Pictures, June 2014);
-- Guardians of the Galaxy: An IMAX 3D Experience (Walt Disney Studios,
August 2014);
-- Interstellar: The IMAX Experience (Paramount Pictures and Warner Bros.
Pictures, November 2014); and
-- The Hobbit: There and Back Again: An IMAX 3D Experience (Warner Bros.
Pictures, December 2014).






IMAX CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

In accordance with United States Generally Accepted Accounting Principles

(In thousands of U.S. dollars, except per share amounts)

(Unaudited)


Three Months

Ended March 31,
---------------

2014 2013
---- ----

Revenues

Equipment and product sales $6,354 $10,679

Services 28,872 26,656

Rentals 10,791 9,972

Finance income 2,180 1,984

Other - 375
--- ---

48,197 49,666
------ ------

Costs and expenses applicable to revenues

Equipment and product sales 3,719 5,059

Services 14,350 14,964

Rentals 3,720 3,453

Other - -
--- ---

21,789 23,476
------ ------

Gross margin 26,408 26,190

Selling, general and administrative expenses 21,312 19,661

(including share-based compensation expense of $3.2 million for the three months

ended March 31, 2014 (2013 - expense of $2.8 million))

Gain on curtailment of postretirement benefit plan - (2,185)

Research and development 3,599 3,634

Amortization of intangibles 402 364

Receivable provisions, net of recoveries 287 -

Income from operations 808 4,716

Interest income 16 13

Interest expense (266) (345)
---- ----

Income from operations before income taxes 558 4,384

Provision for income taxes (72) (1,203)

Loss from equity-accounted investments, net of tax (262) (220)
---- ----

Income from continuing operations 224 2,961

Net income (loss) from discontinued operations, net of tax 355 (100)
--- ----

Net income $579 $2,861
==== ======


Net income per share - basic & diluted:

Net income per share from continuing operations $ - $0.04

Net income per share from discontinued operations 0.01 -
---- ---

$0.01 $0.04
===== =====



Weighted average number of shares outstanding (000's):

Basic 67,908 66,646

Fully Diluted 69,321 68,690


Additional Disclosure:


Depreciation and amortization(1) $7,555 $8,591







(1) Includes $0.1 million of
amortization of deferred
financing costs charged
to interest expense for
the three months ended
March 31, 2014,
respectively (2013 -
$0.1 million).







IMAX CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

In accordance with United States Generally Accepted Accounting Principles

(in thousands of U.S. dollars)

(Unaudited)

As at As at

March 31, December 31,

2014 2013
---- ----

Assets

Cash and cash equivalents $29,692 $29,546

Accounts receivable, net of allowance for doubtful accounts of $838 (December 31, 2013 - $887) 59,942 73,074

Financing receivables 103,752 107,110

Inventories 13,798 9,825

Prepaid expenses 4,641 3,602

Film assets 6,714 7,076

Property, plant and equipment 141,875 132,847

Other assets 27,173 27,034

Deferred income taxes 24,402 24,259

Other intangible assets 27,230 27,745

Goodwill 39,027 39,027

Total assets $478,246 $481,145
======== ========


Liabilities

Accounts payable $14,319 $19,396

Accrued and other liabilities 57,745 65,232

Deferred revenue 83,409 76,932

Total liabilities 155,473 161,560
------- -------


Commitments and contingencies


Shareholders' equity

Capital stock, common shares - no par value. Authorized - unlimited number.

Issued and outstanding - 67,957,167 (December 31, 2013 - 67,841,233) 328,685 327,313

Other equity 38,216 36,452

Accumulated deficit (42,472) (43,051)

Accumulated other comprehensive loss (1,656) (1,129)
------ ------

Total shareholders' equity 322,773 319,585
------- -------

Total liabilities and shareholders' equity $478,246 $481,145
======== ========




IMAX CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

In accordance with United States Generally Accepted Accounting Principles

(In thousands of U.S. dollars)

(Unaudited)

Three Months

Ended March 31,
---------------

2014 2013
---- ----

Cash provided by (used in):

Operating Activities

Net income $579 $2,861

Net (income) loss from
discontinued operations (355) 100

Adjustments to reconcile net
income to cash from operations:

Depreciation and amortization 7,555 8,591

Write-downs, net of recoveries 518 -

Change in deferred income taxes (75) 904

Stock and other non-cash
compensation 3,281 3,000

Gain on curtailment of
postretirement benefit plan - (2,185)

Unrealized foreign currency
exchange loss 646 189

Loss from equity-accounted
investments 346 220

Investment in film assets (1,888) (3,866)

Changes in other non-cash
operating assets and liabilities 2,755 (10,703)

Net cash provided by (used in)
operating activities from
discontinued operations 572 (100)
--- ----

Net cash provided by (used in)
operating activities 13,934 (989)
------ ----


Investing Activities

Purchase of property, plant and
equipment (7,927) (3,315)

Investment in joint revenue
sharing equipment (5,506) (8,717)

Acquisition of other intangible
assets (287) (778)
---- ----

Net cash used in investing
activities (13,720) (12,810)
------- -------


Financing Activities

Common shares issued -stock
options exercised 742 2,485

Settlement of restricted share
units (789) -

Increase in bank indebtedness - 12,000

Repayment of bank indebtedness - (5,000)

Credit facility amendment fees
paid - (1,881)

Net cash (used in) provided by
financing activities (47) 7,604
--- -----


Effects of exchange rate changes
on cash (21) 17
--- ---


Increase (decrease) in cash and
cash equivalents during the
period 146 (6,178)


Cash and cash equivalents,
beginning of period 29,546 21,336
------ ------

Cash and cash equivalents, end
of period $29,692 $15,158
======= =======




IMAX CORPORATION

SELECTED FINANCIAL DATA

In accordance with United States
Generally Accepted Accounting
Principles

(in thousands of U.S. dollars)


The Company has seven reportable
segments identified by category
of product sold or service
provided: IMAX systems; theater
system maintenance; joint revenue
sharing arrangements; film
production and IMAX DMR; film
distribution; film post-
production; and other. The IMAX
systems segment designs,
manufactures, sells or leases
IMAX theater projection system
equipment. The theater system
maintenance segment maintains
IMAX theater projection system
equipment in the IMAX theater
network. The joint revenue
sharing arrangements segment
provides IMAX theater projection
system equipment to an exhibitor
in exchange for a share of box-
office and concession revenues.
The film production and IMAX DMR
segment produces films and
performs film re-mastering
services. The film distribution
segment distributes films for
which the Company has
distribution rights. The film
post-production segment provides
film post-production and film
print services. The other segment
includes certain IMAX theaters
that the Company owns and
operates, camera rentals and
other miscellaneous items.




Three Months

Ended March 31,
---------------

2013

2014
----

Revenue

IMAX Theater Systems

IMAX Systems

Sales and sales-type leases $4,507 $9,796

Ongoing rent, fees, and
finance income 3,253 2,942

Other 1,512 1,780
----- -----

9,272 14,518
----- ------

Theater system
maintenance 8,195 7,789
----- -----

Joint revenue
sharing
arrangements 10,856 9,376
------ -----


Film

Production and
IMAX DMR 15,185 14,355

Film
distribution
and post-
production 4,689 3,628
----- -----

19,874 17,983
------ ------

Total $48,197 $49,666
======= =======


Gross margins

IMAX Theater Systems

IMAX systems(1)

Sales and sales-type leases $1,659 $5,284

Ongoing rent, fees, and
finance income 3,114 2,907

Other (438) (198)
---- ----

4,335 7,993
----- -----

Theater system
maintenance 3,001 3,054
----- -----

Joint revenue
sharing
arrangements(1) 7,283 6,159
----- -----


Film

Production and
IMAX DMR(1) 11,074 9,213

Film
distribution
and post-
production 715 (229)
--- ----

11,789 8,984
------ -----

Total $26,408 $26,190
======= =======
_________



(1) IMAX systems include
marketing and commission
costs of $0.2 million for
the three months ended
March 31, 2014 (2013 -$0.3
million). Joint revenue
sharing arrangements
segment margins include
advertising, marketing and
commission costs of $0.2
million for the three
months ended March 31, 2014
(2013 -$0.2 million).
Production and DMR segment
margins include marketing
costs of $1.1 million for
the three months ended
March 31, 2014 (2013 -$0.9
million). Distribution
segment margins include
marketing costs of $0.2
million for the three
months ended March 31, 2014
(2013 -$0.1 million).




IMAX CORPORATION

OTHER INFORMATION

(in thousands of U.S. dollars)


Non-GAAP Financial Measures:


In this release, the Company
presents adjusted EBITDA,
adjusted net income and adjusted
net income per diluted share as
supplemental measures of
performance of the Company, which
are not recognized under United
States generally accepted
accounting principles ("GAAP").
The Company presents adjusted
EBITDA, adjusted net income and
adjusted net income per diluted
share because it believes that
they are important supplemental
measures of its comparable
controllable operating
performance and it wants to
ensure that its investors fully
understand the impact of its
stock-based compensation (net of
any related tax impact) on its
net income. Management uses these
measures to review operating
performance on a comparable basis
from period to period. However,
these non-GAAP measures may not
be comparable to similarly titled
amounts reported by other
companies. Adjusted EBITDA,
adjusted net income and adjusted
net income per diluted share
should be considered in addition
to, and not as a substitute for,
net income and other measures of
financial performance reported in
accordance with GAAP.


Adjusted EBITDA is calculated on a
basis consistent with the
Company's Credit Facility, which
refers to Adjusted EBITDA as
EBITDA. The Credit Facility
provides that the Company will be
required to maintain a Fixed
Charge Coverage Ratio (as defined
in the Credit Agreement) of not
less than 1.1:1. The Company will
also be required to maintain
minimum EBITDA (as defined in the
Credit Agreement) of $90.0
million on December 31, 2014,
which requirement increases to
$100.0 million on December 31,
2015. The Company must also
maintain a Maximum Total Leverage
Ratio (as defined in the Credit
Agreement) of 2.00:1 on December
31, 2014, which requirement
decreases to 1.75:1 on December
31, 2015. The ratio of total debt
to EBITDA was nil:1 as at March
31, 2014, where Total Debt (as
defined in the Credit Agreement)
is the sum of all obligations
evidenced by notes, bonds,
debentures or similar instruments
and was $nil. EBITDA is
calculated as follows:




3 months ended 12 months ended

March 31, 2014 March 31, 2014
-------------- --------------

(In thousands of
U.S Dollars)

Net income $579 $41,833

Add:

Loss from equity
accounted
investments 262 2,799

Provision for
income taxes(1) 289 15,607

Interest expense,
net of interest
income 250 1,209

Depreciation and
amortization,
including film
asset amortization 7,424 35,616

Write-downs net of
recoveries
including asset
impairments and
receivable
provisions 518 1,854

Stock and other
non-cash
compensation 3,281 12,966

$12,603 $111,884
======= ========
______



(1) Includes a tax provision
in discontinued
operations of $0.2
million and $0.1 million
for the three and twelve
months ended March 31,
2014, respectively.




IMAX CORPORATION

OTHER INFORMATION

(in thousands of U.S. dollars)



Adjusted Net Income and Adjusted Diluted Per Share Calculations - Quarter Ended March 31, 2014 vs. 2013:


The Company reported net income of $0.6 million or $0.01 per basic and diluted share for the first quarter of 2014, as compared to net income of $2.9 million or $0.04 per basic share and diluted share for the first quarter of 2013. Net
income for the first quarter of 2014 includes a $3.2 million charge, or $0.05 per diluted share, for stock-based compensation (2013 - $2.8 million or $0.04 per diluted share). Adjusted net income, which consists of net income excluding
stock-based compensation expense and the related tax impact, was $3.3 million, or $0.05 per diluted share, in the first quarter of 2014, as compared to adjusted net income of $5.6 million, or $0.08 per diluted share, for the first
quarter of 2013. A reconciliation of net income, the most directly comparable U.S. GAAP measure, to adjusted net income and adjusted net income per diluted share is presented in the table below:




Three Months Three Months
Ended Ended

March 31, 2014 March 31, 2013
-------------- --------------

Net Diluted Net Diluted
Income EPS Income EPS
------- ------- ------- -------

Reported net income $579 $0.01 $2,861 $0.04

Adjustments:

Stock-based compensation 3,188 0.05 2,808 0.04

Tax expense on items listed above (515) (0.01) (105) -

Adjusted net income $3,252 $0.05 $5,564 $0.08
====== ===== ====== =====


Weighted average diluted shares outstanding 69,321 68,690
====== ======




Free Cash Flow:


Free cash flow is defined as
cash provided by operating
activities minus cash used
in investing activities
(from the consolidated
statements of cash flows).
Cash provided by operating
activities consist of net
income, plus depreciation
and amortization, plus the
change in deferred income
taxes, plus other non-cash
items, plus changes in
working capital, less
investment in film assets,
plus other changes in
operating assets and
liabilities. Cash used in
investing activities
includes capital
expenditures, acquisitions
and other cash used in
investing activities.
Management views free cash
flow, a non-GAAP measure,
as a measure of the
Company's after-tax cash
flow available to reduce
debt, add to cash balances,
and fund other financing
activities. A
reconciliation of cash
provided by operating
activities to free cash
flow is presented in the
table below:




For the

3 months
ended

March
31,
2014
------

(In thousands of U.S.
Dollars)

Net cash provided by
operating activities $13,934

Net cash (used in) investing
activities (13,720)
-------

Free cash flow $214
====


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IMAX Corporation

Web Site: http://www.imax.com


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