‘Shang-Chi,’ ‘Free Guy’ Lift Imax Earnings to Pandemic Era High

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    ‘Shang-Chi,’ ‘Free Guy’ Lift Imax Earnings to Pandemic Era High

    Marvel movies like “Black Widow” and “Shang-Chi and the Legend of the Ten Rings” and populist crowd-pleasers like “Free Guy” propelled Imax to its best quarter since COVID-19 altered the landscape of the movie business. Revenues for the three-month period ending on September 30, surged 51.9% to $56.6 million. That compared favorably to the $37.3 million in revenue that Imax reported in the year-ago period. Imax didn’t make a profit during the quarter, but its losses shrank, coming in at $8.4 million compared to the $47.2 million in losses that the big screen company logged in the year-ago period. Adjusted net losses per share came in at 8 cents, down from 75 cents in the same period in 2020.

    The global box office has been slow to dig out from the pandemic, but Imax has fared better than other exhibitors. Its premium formats have resonated with blockbuster hungry crowds, with Imax contributing a significant share of ticket sales to recent releases such as “No Time to Die” and “Dune,” both of which fell outside of this quarter.

    “The third quarter was a major turning point for Imax. We delivered over $142 million in Global Box Office, a clear sign of significant pent up consumer demand with momentum accelerating into a pre-pandemic September performance and all-time Company record in October, which is on track to be one of the top ten months in the company’s history,” said Richard L. Gelfond, CEO of Imax Corporation. “The power of the Imax theatrical window for blockbuster films is clear as we continue to draw moviegoers to the theaters, gain market share, and grow our relationships with local exhibitors, studios, and filmmakers.”

    Imax reported $193 million of cash on its books, with debt of $233 million, leaving it well capitalized.

    More to come…

    Published at Thu, 28 Oct 2021 12:39:04 +0000

    https://variety.com/2021/film/news/shang-chi-free-guy-imax-earnings-1235099481/

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