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IMAX Corp. (IMAX) Beats Q4 Earnings and Revenue Estimates
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IMAX Corp. (IMAX - Free Report) reported impressive financial results in the fourth quarter of 2016 wherein both the top and the bottom line outpaced the Zacks Consensus Estimate.
On a GAAP basis, fourth quarter net income was a little less than $9 million or 13 cents per share compared with a net income of $22.5 million or 32 cents per share in the year-ago quarter. Quarterly earnings per share of 13 cents were a penny ahead of the Zacks Consensus Estimate.
Total revenue was $106.9 million, down 10.4% year over year. Nevertheless, the figure surpassed the Zacks Consensus Estimate of $98.2 million. Adjusted EBITDA in the reported quarter was $96.2 million and adjusted EBITDA margin was 38.3%.
Category wise, Equipment and product revenues were $41.3 million, down 10.4%, Services revenues totaled $44 million, down 4.9%, Rentals revenue totaled $18.8 million, down 23.8%, Financial income was $2.5 million, up 8.7% and Other revenues were $0.3 million.
Segment wise Breakup
IMAX Theater Systems generated $40.1 million, down 8.4% year over year. Within this segment, IMAX system Sales and sales-type leases were $31 million, down 6.1%, Ongoing rent, fees, and finance income was $4 million, down 10.4% and Other revenues were $5 million, down 19.5%.
Theater System Maintenancerevenues were $10.4 million, up 8.3% year over year. Joint Revenue Sharing Arrangements generated $24.5 million, down 23.2%.
Film segment revenues were $32 million, down 6.3% year over year. Within this segment, Production and IMAX DMR revenues were $27.6 million, down 13.5%. Film distribution and post-production revenues jumped two fold year over year to $4.3 million.
In the fourth quarter of 2016, net cash generated from operating activity was $32.6 million compared with $77.9 million in the prior-year quarter. Free cash flow, in the reported quarter was $6.2 million compared with $13 million in the prior-year quarter. At the end of 2016, IMAX had $204.8 million of cash and $27.3 million of debt outstanding compared with $317.4 million and $29.3 million, respectively, at the end of 2015.
At the end of 2016, IMAX operates 1,215 theaters compared with 1,061 in 2015. In 2016, IMAX installed 182 theaters (including 16 upgrades) as against 154 (including 18 upgrades) in 2015. The company has signed 319 theatre agreements in 2016 compared with 138 in 2015. As of Dec 31, 2016, the total theater count in backlog was 498 compared with 372 as of Dec 31, 2015.
Imax Corporation Price, Consensus and EPS Surprise
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IMAX Corp. (IMAX) Beats Q4 Earnings and Revenue Estimates
IMAX Corp. (IMAX - Free Report) reported impressive financial results in the fourth quarter of 2016 wherein both the top and the bottom line outpaced the Zacks Consensus Estimate.
On a GAAP basis, fourth quarter net income was a little less than $9 million or 13 cents per share compared with a net income of $22.5 million or 32 cents per share in the year-ago quarter. Quarterly earnings per share of 13 cents were a penny ahead of the Zacks Consensus Estimate.
Total revenue was $106.9 million, down 10.4% year over year. Nevertheless, the figure surpassed the Zacks Consensus Estimate of $98.2 million. Adjusted EBITDA in the reported quarter was $96.2 million and adjusted EBITDA margin was 38.3%.
Category wise, Equipment and product revenues were $41.3 million, down 10.4%, Services revenues totaled $44 million, down 4.9%, Rentals revenue totaled $18.8 million, down 23.8%, Financial income was $2.5 million, up 8.7% and Other revenues were $0.3 million.
Segment wise Breakup
IMAX Theater Systems generated $40.1 million, down 8.4% year over year. Within this segment, IMAX system Sales and sales-type leases were $31 million, down 6.1%, Ongoing rent, fees, and finance income was $4 million, down 10.4% and Other revenues were $5 million, down 19.5%.
Theater System Maintenancerevenues were $10.4 million, up 8.3% year over year. Joint Revenue Sharing Arrangements generated $24.5 million, down 23.2%.
Film segment revenues were $32 million, down 6.3% year over year. Within this segment, Production and IMAX DMR revenues were $27.6 million, down 13.5%. Film distribution and post-production revenues jumped two fold year over year to $4.3 million.
In the fourth quarter of 2016, net cash generated from operating activity was $32.6 million compared with $77.9 million in the prior-year quarter. Free cash flow, in the reported quarter was $6.2 million compared with $13 million in the prior-year quarter. At the end of 2016, IMAX had $204.8 million of cash and $27.3 million of debt outstanding compared with $317.4 million and $29.3 million, respectively, at the end of 2015.
IMAX is a leading motion picture exhibition company. Its major competitors include AMC Entertainment Holdings Inc. (AMC - Free Report) , Regal Entertainment Group and Cinemark Holdings Inc. (CNK - Free Report) . IMAX currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Network Growth Statistics
At the end of 2016, IMAX operates 1,215 theaters compared with 1,061 in 2015. In 2016, IMAX installed 182 theaters (including 16 upgrades) as against 154 (including 18 upgrades) in 2015. The company has signed 319 theatre agreements in 2016 compared with 138 in 2015. As of Dec 31, 2016, the total theater count in backlog was 498 compared with 372 as of Dec 31, 2015.
Imax Corporation Price, Consensus and EPS Surprise
Imax Corporation Price, Consensus and EPS Surprise | Imax Corporation Quote
Zacks' Top 10 Stocks for 2017
In addition to the stocks discussed above, would you like to know about our 10 finest tickers for the entirety of 2017?
Who wouldn't? These 10 are painstakingly hand-picked from 4,400 companies covered by the Zacks Rank. They are our primary picks to buy and hold. Be among the very first to see them >>