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Big format giant Imax reported a surge in revenue last quarter and narrower losses compared with a shuttered 2020 as CEO Rich Gelfond said a deluge of Hollywood tentpoles arriving will drive people to theaters. The stock popped higher in after hours trading — up more than 3.5%.
Imax posted revenue of $51 million revenue versus $8.9 million. Net losses narrowed to $9.2 million, or 16 cents a share, from $26 million, or 69 cents.
Recovery has been slow in the exhibitors sector but Imax had been better placed than some, benefitting from its relatively solid financial position going into the pandemic, its focus on blockbusters as well as its strength in Asia and its diversified revenue stream, which includes sales of Imax-branded technology systems and equipment.
“Imax delivered continued progress in operating results, demonstrating growing momentum for the company. Thanks to our asset-lite model, we capitalized on strong year-over-year growth in revenue and global box office to achieve another quarter of improved profitability,” said CEO Rich Gelfond. “Most encouragingly, the domestic box office is showing the same signs of pent-up demand for moviegoing we’ve seen throughout Asia and other key markets — with each successive major tentpole release delivering an incrementally stronger debut.”
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“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,” he added.
He’ll be taking questions form Wall Street on a call later this afternoon.