IMAX China Loses $26 Million But Claims To Be Strengthened Post-Pandemic, Deets Inside koimoi.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from koimoi.com Daily Mail and Mail on Sunday newspapers.
Imax China, the supplier of giant screen cinema facilities and services in Greater China, is one of the purest plays on the mainland Chinese movie exhibition market available to investors. The stock, traded in Hong Kong, has rocked and rolled over the past 15 months between HK$10 and HK$25 per share in response China’s closure […]
Why IMAX Shares Jumped More Than 16% Today Anders Bylund
What happened
IMAX (NYSE: IMAX) lit up the silver screen on Friday, rising as much as 16.6% on a day when most stocks took a deep dip instead. The provider of larger-than-life cinema experiences crushed Wall Street s revenue estimates in Thursday night s fourth-quarter earnings report.
So what
In the fourth quarter, IMAX s total revenue fell 55% year over year to $56 million. Your average analyst had expected an even deeper plunge to approximately $47 million. This was technically a mixed report because the bottom line showed a net loss of $0.21 per share, slightly worse than the Street s projected loss of $0.20 per share. Investors shrugged off the mild earnings miss to focus on a huge revenue surprise instead.
Imax China
The exhibitors screens in Japan raked in $26.8 million from Demon Slayer and the October National Holiday grosses jumped 25 percent over 2019 in China.
Imax posted lower revenues during its fourth quarter, compared to pre-pandemic 2019, but an Asian box office resurgence helped the giant screen exhibitor offset a continuing hit to its North American theaters from the COVID-19 crisis.
On Thursday, Imax reported a loss attributable to shareholders at $21.2 million, compared to a year-earlier profit of $18.2 million, and the adjusted loss per share was 21 cents, compared with a 35 cents-per-share profit in 2019.
Overall quarterly revenue was $56 million, against $124.3 million a year earlier. During the most recent quarter, Imax, while held back by tentpole release delays and North American movie theaters operating at reduced capacity, saw big gains from the resurgence of the Asian film industry.
Imax Swings to Loss, But Points to Box Office Recovery in China and Japan Etan Vlessing Beijing Wanda Imax Theater
Imax posted lower revenues during its fourth quarter, compared to pre-pandemic 2019, but an Asian box office resurgence helped the giant screen exhibitor offset a continuing hit to its North American theaters from the COVID-19 crisis.
On Thursday, Imax reported a loss attributable to shareholders at $21.2 million, compared to a year-earlier profit of $18.2 million, and the adjusted loss per share was 21 cents, compared with a 35 cents-per-share profit in 2019.
Overall quarterly revenue was $56 million, against $124.3 million a year earlier. During the most recent quarter, Imax, while held back by tentpole release delays and North American movie theaters operating at reduced capacity, saw big gains from the resurgence of the Asian film industry.