Company Quick10K Filing
Quick10K
IMAX
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$20.37 61 $1,248
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-07-30 Earnings, Exhibits
8-K 2019-06-05 Shareholder Vote
8-K 2019-04-26 Earnings, Exhibits
8-K 2019-02-26 Earnings, Exhibits
8-K 2018-12-13 Regulation FD
8-K 2018-10-25 Earnings, Exhibits
8-K 2018-10-15 Other Events
8-K 2018-07-25 Earnings, Exhibits
8-K 2018-06-28 Enter Agreement, Off-BS Arrangement
8-K 2018-06-05 Shareholder Vote
8-K 2018-03-23 Officers
SWK Stanley Black & Decker 20,196
NOVT Novanta 2,502
CUB Cubic 2,135
LPL LG Display 1,964
GEOS Geospace Technologies 162
TGEN Tecogen 85
CPST Capstone Turbine 49
CVR Chicago Rivet & Machine 26
FCEL Fuelcell Energy 9
ORBK Orbotech 0
IMAX 2019-06-30
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-31.1 imax-ex311_140.htm
EX-31.2 imax-ex312_141.htm
EX-32.1 imax-ex321_139.htm
EX-32.2 imax-ex322_142.htm

IMAX Earnings 2019-06-30

IMAX 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

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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 June 30, 2019

OR

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

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

 

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

None

(Title of class)

 

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 June 30, 2019

Common Shares, no par value

 

61,331,289

 

 

 

 

 


 

 

IMAX CORPORATION

 

Table of Contents

 

 

 

Page

PART I. FINANCIAL INFORMATION

 

Item 1.

Financial Statements

4

Item 2.

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

40

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

70

Item 4.

Controls and Procedures

71

 

PART II. OTHER INFORMATION

 

Item 1.

Legal Proceedings

72

Item 1A.

Risk Factors

72

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

72

Item 6.

Exhibits

73

Signatures

 

74

 

2


 

SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION

Certain statements included in this quarterly report may constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, references to future capital expenditures (including the amount and nature thereof), business and technology strategies and measures to implement strategies, competitive strengths, goals, expansion and growth of business, operations and technology, plans and references to the future success of IMAX Corporation together with its consolidated subsidiaries (the "Company") and expectations regarding the Company's future operating, financial and technological results. These forward-looking statements are based on certain assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances. However, whether actual results and developments will conform with the expectations and predictions of the Company is subject to a number of risks and uncertainties, including, but not limited to, risks associated with investments and operations in foreign jurisdictions and any future international expansion, including those related to economic, political and regulatory policies of local governments and laws and policies of the United States and Canada; risks related to the Company’s growth and operations in China; the performance of IMAX DMR films; the signing of theater system agreements; conditions, changes and developments in the commercial exhibition industry; risks related to currency fluctuations; the potential impact of increased competition in the markets within which the Company operates; competitive actions by other companies; the failure to respond to change and advancements in digital technology; risks relating to recent consolidation among commercial exhibitors and studios; risks related to new business initiatives; conditions in the in-home and out-of-home entertainment industries; the opportunities (or lack thereof) that may be presented to and pursued by the Company; risks related to cyber-security and data privacy; risks related to the Company’s inability to protect the Company’s intellectual property; general economic, market or business conditions; the failure to convert theater system backlog into revenue; changes in laws or regulations; the failure to fully realize the projected cost savings and benefits from any of the Company’s restructuring initiatives; and other factors, many of which are beyond the control of the Company. Consequently, all of the forward-looking statements made in this quarterly report are qualified by these cautionary statements, and actual results or anticipated developments by the Company may not be realized, and even if substantially realized, may not have the expected consequences to, or effects on, the Company. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking information, whether as a result of new information, future events or otherwise.

 

IMAX®, IMAX® Dome, IMAX® 3D, IMAX® 3D Dome, Experience It In IMAX®, The IMAX Experience®, An IMAX Experience®, An IMAX 3D Experience®, IMAX DMR®, DMR®, IMAX nXos®, IMAX think big®, think big® and IMAX Is Believing®, are trademarks and trade names of the Company or its subsidiaries that are registered or otherwise protected under laws of various jurisdictions.

3


 

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 June 30, 2019 and December 31, 2018

5

Condensed Consolidated Statements of Operations for the three and six month periods ended June 30, 2019 and 2018

6

Condensed Consolidated Statements of Comprehensive Income for the three and six month periods ended June 30, 2019 and 2018

7

Condensed Consolidated Statements of Cash Flows for the six month periods ended June 30, 2019 and 2018

8

Condensed Consolidated Statements of Shareholders’ Equity for the three and six month periods ended June 30, 2019 and 2018

              9

Notes to Condensed Consolidated Financial Statements

10

 

4


 

IMAX CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands of U.S. dollars)

(Unaudited)

 

 

 

June 30,

 

 

December 31,

 

 

 

2019

 

 

2018

 

Assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

106,451

 

 

$

141,590

 

Accounts receivable, net of allowance for doubtful accounts of $4,641 (December 31, 2018 — $3,174)

 

 

91,490

 

 

 

93,309

 

Financing receivables, net of allowance for uncollectible amounts

 

 

121,649

 

 

 

127,432

 

Variable consideration receivable from contracts

 

 

36,347

 

 

 

35,985

 

Inventories

 

 

47,976

 

 

 

44,560

 

Prepaid expenses

 

 

11,447

 

 

 

10,294

 

Film assets

 

 

17,266

 

 

 

16,367

 

Property, plant and equipment

 

 

308,326

 

 

 

280,658

 

Investment in equity securities

 

 

14,149

 

 

 

1,022

 

Other assets

 

 

19,946

 

 

 

17,997

 

Deferred income taxes

 

 

29,638

 

 

 

31,264

 

Other intangible assets

 

 

32,176

 

 

 

34,095

 

Goodwill

 

 

39,027

 

 

 

39,027

 

Total assets

 

$

875,888

 

 

$

873,600

 

Liabilities

 

 

 

 

 

 

 

 

Bank indebtedness

 

$

22,976

 

 

$

37,753

 

Accounts payable

 

 

22,155

 

 

 

32,057

 

Accrued and other liabilities

 

 

114,150

 

 

 

97,724

 

Deferred revenue

 

 

105,384

 

 

 

106,709

 

Total liabilities

 

 

264,665

 

 

 

274,243

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Non-controlling interests

 

 

7,172

 

 

 

6,439

 

Shareholders' equity

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

61,432,275 issued and 61,331,289 outstanding (December 31, 2018 — 61,478,168 issued and 61,433,589 outstanding)

 

 

423,676

 

 

 

422,455

 

Less: Treasury stock, 77,607 shares at cost (December 31, 2018 — 44,579)

 

 

(1,575

)

 

 

(916

)

Other equity

 

 

166,232

 

 

 

179,595

 

Accumulated deficit

 

 

(66,828

)

 

 

(85,385

)

Accumulated other comprehensive loss

 

 

(2,926

)

 

 

(3,588

)

Total shareholders' equity attributable to common shareholders

 

 

518,579

 

 

 

512,161

 

Non-controlling interests

 

 

85,472

 

 

 

80,757

 

Total shareholders' equity

 

 

604,051

 

 

 

592,918

 

Total liabilities and shareholders' equity

 

$

875,888

 

 

$

873,600

 

 

(the accompanying notes are an integral part of these condensed consolidated financial statements)

5


 

IMAX CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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

(Unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equipment and product sales

 

$

19,694

 

 

$

15,368

 

 

$

34,894

 

 

$

34,881

 

Services

 

 

56,662

 

 

 

54,785

 

 

 

100,809

 

 

 

99,531

 

Rentals

 

 

25,863

 

 

 

25,124

 

 

 

44,033

 

 

 

43,326

 

Finance income

 

 

2,578

 

 

 

3,068

 

 

 

5,259

 

 

 

5,591

 

 

 

 

104,797

 

 

 

98,345

 

 

 

184,995

 

 

 

183,329

 

Costs and expenses applicable to revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equipment and product sales

 

 

11,939

 

 

 

7,549

 

 

 

21,374

 

 

 

15,521

 

Services

 

 

26,781

 

 

 

23,633

 

 

 

46,024

 

 

 

43,984

 

Rentals

 

 

6,524

 

 

 

6,759

 

 

 

12,904

 

 

 

12,728

 

 

 

 

45,244

 

 

 

37,941

 

 

 

80,302

 

 

 

72,233

 

Gross margin

 

 

59,553

 

 

 

60,404

 

 

 

104,693

 

 

 

111,096

 

Selling, general and administrative expenses

 

 

32,136

 

 

 

32,484

 

 

 

59,785

 

 

 

60,443

 

Research and development

 

 

1,222

 

 

 

3,922

 

 

 

2,358

 

 

 

7,514

 

Amortization of intangibles

 

 

1,218

 

 

 

965

 

 

 

2,293

 

 

 

1,857

 

Receivable provisions, net of recoveries

 

 

927

 

 

 

355

 

 

 

1,358

 

 

 

806

 

Legal arbitration award

 

 

 

 

 

7,500

 

 

 

 

 

 

7,500

 

Exit costs, restructuring charges and associated impairments

 

 

 

 

 

456

 

 

 

850

 

 

 

1,158

 

Income from operations

 

 

24,050

 

 

 

14,722

 

 

 

38,049

 

 

 

31,818

 

Change in fair value of equity investment

 

 

(4,544

)

 

 

 

 

 

(2,053

)

 

 

 

Retirement benefits non-service expense

 

 

(160

)

 

 

(124

)

 

 

(320

)

 

 

(248

)

Interest income

 

 

572

 

 

 

243

 

 

 

1,142

 

 

 

490

 

Interest expense

 

 

(636

)

 

 

(851

)

 

 

(1,317

)

 

 

(1,345

)

Income before income taxes

 

 

19,282

 

 

 

13,990

 

 

 

35,501

 

 

 

30,715

 

Provision for income taxes

 

 

(5,308

)

 

 

(3,635

)

 

 

(8,956

)

 

 

(8,088

)

Loss from equity-accounted investments, net of tax

 

 

(138

)

 

 

(100

)

 

 

(222

)

 

 

(305

)

Net income

 

 

13,836

 

 

 

10,255

 

 

 

26,323

 

 

 

22,322

 

Less: net income attributable to non-controlling interests

 

 

(2,439

)

 

 

(2,630

)

 

 

(6,661

)

 

 

(6,192

)

Net income attributable to common shareholders

 

$

11,397

 

 

$

7,625

 

 

$

19,662

 

 

$

16,130

 

Net income per share attributable to common shareholders -

   basic and diluted:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share — basic and diluted

 

$

0.19

 

 

$

0.12

 

 

$

0.32

 

 

$

0.25

 

 

(the accompanying notes are an integral part of these condensed consolidated financial statements)

6


 

IMAX CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands of U.S. dollars)

(Unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net income

 

$

13,836

 

 

$

10,255

 

 

$

26,323

 

 

$

22,322

 

Unrealized net gain (loss) from cash flow hedging instruments

 

 

297

 

 

 

(679

)

 

 

365

 

 

 

(1,686

)

Realization of cash flow hedging net (gain) loss upon