Company Quick10K Filing
IMAX
Price22.31 EPS1
Shares62 P/E33
MCap1,372 P/FCF20
Net Debt-84 EBIT47
TEV1,288 TEV/EBIT27
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-10-29
10-Q 2020-06-30 Filed 2020-07-28
10-Q 2020-03-31 Filed 2020-04-30
10-K 2019-12-31 Filed 2020-02-19
10-Q 2019-09-30 Filed 2019-10-31
10-Q 2019-06-30 Filed 2019-07-30
10-Q 2019-03-31 Filed 2019-04-26
10-K 2018-12-31 Filed 2019-02-26
10-Q 2018-09-30 Filed 2018-10-25
10-Q 2018-06-30 Filed 2018-07-25
10-Q 2018-03-31 Filed 2018-05-01
10-K 2017-12-31 Filed 2018-02-27
10-Q 2017-09-30 Filed 2017-10-26
10-Q 2017-06-30 Filed 2017-07-26
10-Q 2017-03-31 Filed 2017-04-20
10-K 2016-12-31 Filed 2017-02-23
10-Q 2016-09-30 Filed 2016-10-20
10-Q 2016-06-30 Filed 2016-07-20
10-Q 2016-03-31 Filed 2016-04-21
10-K 2015-12-31 Filed 2016-02-24
10-Q 2015-09-30 Filed 2015-10-28
10-Q 2015-06-30 Filed 2015-07-23
10-Q 2015-03-31 Filed 2015-04-30
10-K 2014-12-31 Filed 2015-02-19
10-Q 2014-09-30 Filed 2014-10-23
10-Q 2014-06-30 Filed 2014-07-24
10-Q 2014-03-31 Filed 2014-04-24
10-K 2013-12-31 Filed 2014-02-20
10-Q 2013-09-30 Filed 2013-10-24
10-Q 2013-06-30 Filed 2013-07-25
10-Q 2013-03-31 Filed 2013-04-25
10-K 2012-12-31 Filed 2013-02-21
10-Q 2012-06-30 Filed 2012-07-26
10-Q 2012-03-31 Filed 2012-04-27
10-K 2011-12-31 Filed 2012-02-24
10-Q 2011-09-30 Filed 2011-10-27
10-Q 2011-06-30 Filed 2011-07-28
10-Q 2011-03-31 Filed 2011-04-28
10-K 2010-12-31 Filed 2011-02-24
10-Q 2010-09-30 Filed 2010-10-28
10-Q 2010-06-30 Filed 2010-07-29
10-Q 2010-03-31 Filed 2010-04-29
10-K 2009-12-31 Filed 2010-03-11
8-K 2020-10-29 Earnings, Exhibits
8-K 2020-09-18 Officers
8-K 2020-07-28 Earnings, Exhibits
8-K 2020-06-26 Regulation FD, Exhibits
8-K 2020-06-10
8-K 2020-06-03
8-K 2020-04-30
8-K 2020-03-11
8-K 2020-02-19
8-K 2019-12-17
8-K 2019-11-20
8-K 2019-10-31
8-K 2019-10-30
8-K 2019-07-30
8-K 2019-06-05
8-K 2019-04-26
8-K 2019-02-26
8-K 2018-12-13
8-K 2018-10-25
8-K 2018-10-15
8-K 2018-07-25
8-K 2018-06-28
8-K 2018-06-05
8-K 2018-05-01
8-K 2018-03-23
8-K 2018-02-27

IMAX 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-10.52 imax-ex1052_48.htm
EX-31.1 imax-ex311_9.htm
EX-31.2 imax-ex312_8.htm
EX-32.1 imax-ex321_10.htm
EX-32.2 imax-ex322_6.htm

IMAX Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
1.00.80.60.40.20.02012201420172020
Assets, Equity
0.20.20.10.10.00.02012201420172020
Rev, G Profit, Net Income
0.20.10.10.0-0.0-0.12012201420172020
Ops, Inv, Fin

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

Form 10-Q

 

(Mark One)

        QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020

OR

        TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to

Commission File Number 001-35066

 

IMAX Corporation

(Exact name of registrant as specified in its charter)

 

 

Canada

98-0140269

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification Number)

 

 

2525 Speakman Drive,

Mississauga, Ontario, Canada L5K 1B1

(905) 403-6500

902 Broadway, Floor 20

New York, New York, USA 10010

(212) 821-0100

 

(Address of principal executive offices, zip code, telephone numbers)

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common Shares, no par value

 

IMAX

 

The New York Stock Exchange

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes     No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes     No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.  

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes      No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

 

Class

 

Outstanding as of September 30, 2020

Common Shares, no par value

 

58,861,171

 

 

 

 

 


 

 

IMAX CORPORATION

 

Table of Contents

 

 

 

Page

PART I. FINANCIAL INFORMATION

 

Item 1.

Financial Statements

3

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

46

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

78

Item 4.

Controls and Procedures

80

 

PART II. OTHER INFORMATION

 

Item 1.

Legal Proceedings

81

Item 1A.

Risk Factors

81

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

83

Item 6.

Exhibits

84

Signatures

 

85

 

2


 

IMAX CORPORATION

 

PART I. FINANCIAL INFORMATION

 

Item 1.  Financial Statements

 

 

Page

The following unaudited Condensed Consolidated Financial Statements are filed as part of this Report:

 

 

 

Condensed Consolidated Balance Sheets as at September 30, 2020 and December 31, 2019

4

Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2020 and 2019

5

Condensed Consolidated Statements of Comprehensive (Loss) Income for the three and nine months ended September 30, 2020 and 2019

6

Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2020 and 2019

7

Condensed Consolidated Statements of Shareholders’ Equity for the three and nine months ended September 30, 2020 and 2019

        8

Notes to Condensed Consolidated Financial Statements

9

 

3


 

IMAX CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands of U.S. dollars except per share amounts)

(Unaudited)

 

 

 

September 30,

 

 

December 31,

 

 

 

2020

 

 

2019

 

Assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

305,197

 

 

$

109,484

 

Accounts receivable, net of allowance for credit losses

 

 

59,674

 

 

 

99,513

 

Financing receivables, net of allowance for credit losses

 

 

126,740

 

 

 

128,038

 

Variable consideration receivable, net of allowance for credit losses

 

 

39,394

 

 

 

40,040

 

Inventories

 

 

53,021

 

 

 

42,989

 

Prepaid expenses

 

 

10,812

 

 

 

10,237

 

Film assets

 

 

7,468

 

 

 

17,921

 

Property, plant and equipment

 

 

282,854

 

 

 

306,849

 

Investment in equity securities

 

 

14,803

 

 

 

15,685

 

Other assets

 

 

23,796

 

 

 

25,034

 

Deferred income tax assets

 

 

17,737

 

 

 

23,905

 

Other intangible assets

 

 

27,019

 

 

 

30,347

 

Goodwill

 

 

39,027

 

 

 

39,027

 

Total assets

 

$

1,007,542

 

 

$

889,069

 

Liabilities

 

 

 

 

 

 

 

 

Bank indebtedness

 

$

297,985

 

 

$

18,229

 

Accounts payable

 

 

12,011

 

 

 

20,414

 

Accrued and other liabilities

 

 

103,970

 

 

 

112,779

 

Deferred revenue

 

 

99,770

 

 

 

94,552

 

Deferred income tax liabilities

 

 

18,661

 

 

 

 

Total liabilities

 

 

532,397

 

 

 

245,974

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Non-controlling interests

 

 

776

 

 

 

5,908

 

Shareholders' equity

 

 

 

 

 

 

 

 

Capital stock common shares — no par value. Authorized — unlimited number.

 

 

 

 

 

 

 

 

58,878,749 issued and 58,861,171 outstanding (December 31, 2019 — 61,362,872 issued and 61,175,852 outstanding)

 

 

405,583

 

 

 

423,386

 

Less: Treasury stock, 17,578 shares at cost (December 31, 2019 — 187,020)

 

 

(271

)

 

 

(4,038

)

Other equity

 

 

177,110

 

 

 

171,789

 

Accumulated deficit

 

 

(181,604

)

 

 

(40,253

)

Accumulated other comprehensive loss

 

 

(1,984

)

 

 

(3,190

)

Total shareholders' equity attributable to common shareholders

 

 

398,834

 

 

 

547,694

 

Non-controlling interests

 

 

75,535

 

 

 

89,493

 

Total shareholders' equity

 

 

474,369

 

 

 

637,187

 

Total liabilities and shareholders' equity

 

$

1,007,542

 

 

$

889,069

 

 

(See the accompanying notes, which are an integral part of these Condensed Consolidated Financial Statements)

4


 

IMAX CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands of U.S. dollars, except per share amounts)

(Unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Technology sales

 

$

15,753

 

 

$

21,735

 

 

 

$

24,102

 

 

 

$

56,629

 

Image enhancement and maintenance services

 

 

14,589

 

 

 

44,168

 

 

 

 

39,109

 

 

 

 

144,977

 

Technology rentals

 

 

4,473

 

 

 

17,642

 

 

 

 

10,307

 

 

 

 

61,675

 

Finance income

 

 

2,441

 

 

 

2,845

 

 

 

 

7,495

 

 

 

 

8,104

 

 

 

 

37,256

 

 

 

86,390

 

 

 

 

81,013

 

 

 

 

271,385

 

Costs and expenses applicable to revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Technology sales

 

 

9,222

 

 

 

11,740

 

 

 

 

15,637

 

 

 

 

33,114

 

Image enhancement and maintenance services

 

 

16,989

 

 

 

20,181

 

 

 

 

42,049

 

 

 

 

66,205

 

Technology rentals

 

 

7,216

 

 

 

7,349

 

 

 

 

22,100

 

 

 

 

20,253

 

 

 

 

33,427

 

 

 

39,270

 

 

 

 

79,786

 

 

 

 

119,572

 

Gross margin

 

 

3,829

 

 

 

47,120

 

 

 

 

1,227