July 27, 2021
Imax Corp. July 27 said increased studio movie releases contributed to second-quarter (ended June 30) revenue of $51 million, up 475% from revenue of $8.9 million during the previous pandemic-impacted period. Net loss decreased to $9.2 million from $26 million last year.
The high-definition 3D exhibitor attributed the fiscal loss to the ongoing impact of COVID-19 on the company’s network and included a non-cash valuation allowance to reduce the value of deferred tax assets of $3 million.
Major revenue drivers included Universal Pictures’ F9: The Fast Saga; Warner Bros. Pictures’ Godzilla vs. Kong; Paramount Pictures’ A Quiet Place Part II, and Chinese release Cliff Walkers.
“Imax is helping to lead the global recovery of the film industry and is uniquely positioned to benefit immediately as cinemas reopen, the Hollywood blockbuster film slate restarts, and audiences return to theaters worldwide,” Richard Gelfond, CEO of Imax Corp., said in a statement.
Gelfond contends Imax exhibition is distribution window unto itself, proven to draw moviegoers to the theaters, drive premium revenue, and launch event films into the ecosystem.
“We believe the table is set for a dramatic rebound for blockbuster moviegoing beginning this fall and throughout 2022, as a powerful slate of Hollywood tentpoles representing many of the biggest global franchises in entertainment arrives in theaters worldwide,” Gelfond said.