Imax Earnings, Revenues Top Wall Street Estimates

Imax has reported fourth-quarter earnings and revenues that came in above Wall Street estimates.

In a report issued after the market closed Tuesday, the giant screen exhibitor posted earnings of $1.7 million, or an adjusted 26 cents a share, compared with $4.83 million or 34 cents a share. Revenues declined to $108.9 million from $125.6 million.

Analysts had estimated Imax would post fourth quarter earnings at 24 cents a share on revenues of $102.5 million. Imax also reported fourth-quarter EBITDA of $36.4 million, topping the analyst consensus of $35.6 million.

The results included a $8.4 million one-time charge for exit costs and restructuring charges. Gross box office from Imax’s digitally remastered films declined to $236.7 million in the fourth quarter, which included “Aquaman” and “Venom.” That was down from $278.1 million in the 2017 quarter, which included “Star Wars: The Last Jedi.”

The domestic box office for Imax was $82 million, down from $117 million. Greater China box office rose to $69 million, up from $63 million during the same period of 2017.

CEO Richard Gelfond issued a bullish outlook for the current year, noting that attempts to raise the profile of the Imax brand are paying off.

“We believe our achievements last year set the stage for Imax to have a blockbuster year in 2019,” he said. “We further differentiated The IMAX Experience, increased awareness of the Imax brand and tackled key challenges in China, where we delivered our strongest box office year ever and doubled the industry growth rate.”

The Toronto-based company has been exiting ventures such as a TV series investment in Marvel’s “The Inhumans” to focus on its core giant-screen operations.

“The story is quite simple,” he added. “Beginning in 2017 we made a series of strategic decisions to turn around our business. From top to bottom, the evidence is clear in 2018 that these initiatives are working as our growth, margin and return metrics are on solidly positive trend lines. We have confidence each of these trends will continue in 2019 and our margin and return improvement should accelerate as we continue to execute against the initiatives we laid out.”

Popular on Variety

More Film

  • Constance Wu and Jennifer Lopez star

    Box Office: Jennifer Lopez 'Hustlers' Heading for $25 Million Launch

    STX Entertainment’s “Hustlers,” a comedic thriller about strip-club employees seeking revenge, is expected to earn $25 million when it opens on Sept. 13, according to early tracking. The movie — starring Jennifer Lopez, Constance Wu, Lili Reinhart, Keke Palmer, Cardi B and Lizzo — will debut alongside Warner Bros.’ “The Goldfinch.” The drama, based on [...]

  • AMC TheatresShop signs, Los Angeles, America

    AMC Theatres Lays Off 35 Corporate Staffers

    AMC Entertainment has laid off 35 corporate staffers and will not fill an additional 15 open jobs. The Kansas-based chain made the announcement Thursday as part of a previously announced “profit improvement plan” intended to achieve operating and administrative efficiencies. AMC, which operates more than 10,000 movie screens, had disclosed the plan on Aug. 8 [...]

  • Ann Sarnoff Warner Bros

    Ann Sarnoff Formally Takes Reins of Warner Bros. as CEO

    The Ann Sarnoff era at Warner Bros. has begun. Sarnoff formally took the reins as Warner Bros. chair-CEO on Thursday, two months after she was appointed to the post. Sarnoff told employees in a memo that she has been impressed by the company’s track record during the past year amid a period of upheaval for [...]

  • Take Me Somewhere Nice review

    Ena Sendijarevic on Migration, Identity and the Question of Belonging

    Bosnian filmmaker Ena Sendijarević had an auspicious debut with “Import,” a short film which world premiered in Cannes’ Directors’ Fortnight in 2016. Drawing on her own family’s personal history, the Amsterdam-based director crafted an idiosyncratic tale about a family of Bosnian refugees trying to make a new home in the Netherlands. With her feature debut, [...]

  • Portrait of a Lady on Fire

    Haugesund Prizes ‘Portrait of a Lady on Fire,’ ‘Him,’ ‘Ballon’

    HAUGESUND, Norway  —  Celine Sciamma’s intellectually dexterous, bittersweet love tale “Portrait of a Lady on Fire” has claimed another heart, taking home The Norwegian Film-Critics’ Prize at the Haugesund Film Festival’s closing night on Thursday. The festival, which runs over August 17-23, capped its 47th edition with a screening of André Løyning and Kristian Landmark’s [...]

  • Motherless Brooklyn Edward Norton

    Edward Norton Investigates Murder in 'Motherless Brooklyn' Trailer

    The trailer for Edward Norton’s forthcoming crime drama “Motherless Brooklyn” is officially out. Warner Bros.’ drama, based on the 1999 novel by Jonathan Lethem, follows Lionel Essrog, a young man who works for a small-time mobster in Brooklyn while struggling with an intense case of Tourette Syndrome. “Okay, listen, I got something wrong with me, [...]

  • Summer Box Office

    Box Office Report Card: Studios Get Their Summer Grades

    Studios got badly burned this summer. From May to August, popcorn season in movie speak, the film flops piled up and the big hits were few and far between for nearly every company except Disney. As a whole, summer did little to instill confidence in the state of moviegoing. To be sure, there were successes [...]

More From Our Brands

Access exclusive content