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 2020-03-31 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 2020-06-10
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-10.47 imax-ex1047_99.htm
EX-31.1 imax-ex311_8.htm
EX-31.2 imax-ex312_6.htm
EX-32.1 imax-ex321_7.htm
EX-32.2 imax-ex322_9.htm

IMAX Earnings 2020-03-31

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 March 31, 2020

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 March 31, 2020

Common Shares, no par value

 

58,786,792

 

 

 

 

 


 

 

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

39

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

63

Item 4.

Controls and Procedures

65

 

PART II. OTHER INFORMATION

 

Item 1.

Legal Proceedings

66

Item 1A.

Risk Factors

66

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

67

Item 6.

Exhibits

68

Signatures

 

69

 

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 March 31, 2020 and December 31, 2019

4

Condensed Consolidated Statements of Operations for the three months ended March 31, 2020 and 2019

5

Condensed Consolidated Statements of Comprehensive (Loss) Income for the three months ended March 31, 2020 and 2019

6

Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2020 and 2019

7

Condensed Consolidated Statements of Shareholders’ Equity for the three months ended March 31, 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)

 

 

 

March 31,

 

 

December 31,

 

 

 

2020

 

 

2019

 

Assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

352,277

 

 

$

109,484

 

Accounts receivable, net of allowance for credit losses

 

 

64,818

 

 

 

99,513

 

Financing receivables, net of allowance for credit losses

 

 

121,112

 

 

 

128,038

 

Variable consideration receivable, net of allowance for credit losses

 

 

38,694

 

 

 

40,040

 

Inventories

 

 

61,635

 

 

 

42,989

 

Prepaid expenses

 

 

11,558

 

 

 

10,237

 

Film assets

 

 

15,645

 

 

 

17,921

 

Property, plant and equipment

 

 

294,361

 

 

 

306,849

 

Investment in equity securities

 

 

11,131

 

 

 

15,685

 

Other assets

 

 

24,559

 

 

 

25,034

 

Deferred income tax assets

 

 

37,967

 

 

 

23,905

 

Other intangible assets

 

 

29,542

 

 

 

30,347

 

Goodwill

 

 

39,027

 

 

 

39,027

 

Total assets

 

$

1,102,326

 

 

$

889,069

 

Liabilities

 

 

 

 

 

 

 

 

Bank indebtedness

 

$

298,355

 

 

$

18,229

 

Accounts payable

 

 

25,296

 

 

 

20,414

 

Accrued and other liabilities

 

 

111,850

 

 

 

112,779

 

Deferred revenue

 

 

103,267

 

 

 

94,552

 

Deferred income tax liabilities

 

 

19,681

 

 

 

 

Total liabilities

 

 

558,449

 

 

 

245,974

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Non-controlling interests

 

 

5,500

 

 

 

5,908

 

Shareholders' equity

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

58,878,749 issued and 58,786,792 outstanding (December 31, 2019 — 61,362,872 issued and 61,175,852 outstanding)

 

 

405,583

 

 

 

423,386

 

Less: Treasury stock, 91,957 shares at cost (December 31, 2019 — 187,020)

 

 

(1,419

)

 

 

(4,038

)

Other equity

 

 

168,892

 

 

 

171,789

 

Accumulated deficit

 

 

(108,428

)

 

 

(40,253

)

Accumulated other comprehensive loss

 

 

(5,759

)

 

 

(3,190

)

Total shareholders' equity attributable to common shareholders

 

 

458,869

 

 

 

547,694

 

Non-controlling interests

 

 

79,508

 

 

 

89,493

 

Total shareholders' equity

 

 

538,377

 

 

 

637,187

 

Total liabilities and shareholders' equity

 

$

1,102,326

 

 

$

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

 

 

 

March 31,

 

 

 

2020

 

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

 

Technology sales

 

$

5,662

 

 

$

15,200

 

Image enhancement and maintenance services

 

 

20,721

 

 

 

44,147

 

Technology rentals

 

 

5,971

 

 

 

18,170

 

Finance income

 

 

2,548

 

 

 

2,681

 

 

 

 

34,902

 

 

 

80,198

 

Costs and expenses applicable to revenues

 

 

 

 

 

 

 

 

Technology sales

 

 

3,869

 

 

 

9,435

 

Image enhancement and maintenance services

 

 

17,816

 

 

 

19,243

 

Technology rentals

 

 

8,131

 

 

 

6,380

 

 

 

 

29,816

 

 

 

35,058

 

Gross margin

 

 

5,086

 

 

 

45,140

 

Selling, general and administrative expenses

 

 

28,636

 

 

 

27,649

 

Research and development

 

 

2,200

 

 

 

1,136

 

Amortization of intangibles

 

 

1,321

 

 

 

1,075

 

Credit loss expense

 

 

10,217

 

 

 

431

 

Asset impairments

 

 

1,151

 

 

 

 

Exit costs, restructuring charges and associated impairments

 

 

 

 

 

850

 

(Loss) income from operations

 

 

(38,439

)

 

 

13,999

 

Change in fair value of equity securities

 

 

(4,539

)

 

 

2,491

 

Retirement benefits non-service expense

 

 

(116

)

 

 

(160

)

Interest income

 

 

365

 

 

 

570

 

Interest expense

 

 

(648

)

 

 

(681

)

(Loss) income before taxes

 

 

(43,377

)

 

 

16,219

 

Income tax expense

 

 

(15,505

)

 

 

(3,648

)

Equity in losses of investees, net of tax

 

 

(529

)

 

 

(84

)

Net (loss) income

 

 

(59,411

)

 

 

12,487

 

Less: Net loss (income) attributable to non-controlling interests

 

 

10,057

 

 

 

(4,222

)

Net (loss) income attributable to common shareholders

 

$

(49,354

)

 

$

8,265

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income per share attributable to common shareholders -

   basic and diluted:

 

 

 

 

 

 

 

 

Net (loss) income per share — basic and diluted

 

$

(0.82

)

 

$

0.13

 

 

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

5


 

IMAX CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

(In thousands of U.S. dollars)

(Unaudited)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2020

 

 

2019

 

Net (loss) income

 

$

(59,411

)

 

$

12,487

 

Unrealized net (loss) gain from cash flow hedging instruments

 

 

(2,860

)

 

 

68

 

Realized net loss from cash flow hedging instruments

 

 

358

 

 

 

319

 

Foreign currency translation adjustments

 

 

(1,111

)

 

 

1,085

 

Defined benefit and postretirement benefit plans

 

 

13

 

 

 

 

Other comprehensive (loss) income, before tax

 

 

(3,600

)

 

 

1,472

 

Income tax benefit (expense) related to other comprehensive (loss) income

 

 

695

 

 

 

(101

)

Other comprehensive (loss) income, net of tax

 

 

(2,905

)

 

 

1,371

 

Comprehensive (loss) income

 

 

(62,316

)

 

 

13,858

 

Less: Comprehensive (loss) income attributable to non-controlling interests

 

 

10,393

 

 

 

(4,567

)

Comprehensive (loss) income attributable to common shareholders

 

$

(51,923

)

 

$

9,291

 

 

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

6


 

IMAX CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands of U.S. dollars)

(Unaudited)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2020

 

 

2019

 

Cash provided by (used in):

 

 

 

 

 

 

 

 

 

 

Operating Activities

 

 

 

 

 

 

 

 

 

 

Net (loss) income

 

$

 

(59,411

)

 

$

 

12,487

 

Adjustments to reconcile net (loss) income to cash from operating activities:

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

 

15,252

 

 

 

 

14,211

 

Credit loss expense

 

 

 

10,217

 

 

 

 

431

 

Write-downs

 

 

 

4,403

 

 

 

 

266

 

Deferred income tax expense

 

 

 

5,627

 

 

 

 

688

 

Share and other non-cash compensation

 

 

 

4,309

 

 

 

 

4,524

 

Unrealized foreign currency exchange loss (gain)

 

 

 

223

 

 

 

 

(24

)

Change in fair value of equity securities

 

 

 

4,539

 

 

 

 

(2,491

)

Equity in losses of investees

 

 

 

529

 

 

 

 

84

 

Investment in film assets

 

 

 

(3,064

)

 

 

 

(3,740

)

Changes in other non-cash operating assets and liabilities

 

 

 

23,342

 

 

 

 

(27,105

)

Net cash provided by (used in) operating activities

 

 

 

5,966

 

 

 

 

(669

)

Investing Activities

 

 

 

 

 

 

 

 

 

 

Purchase of property, plant and equipment

 

 

 

(271

)

 

 

 

(2,237

)

Purchase of equipment for joint revenue sharing arrangements

 

 

 

(1,580

)

 

 

 

(9,716

)

Acquisition of other intangible assets

 

 

 

(862

)

 

 

 

(540

)

Investment in equity securities

 

 

 

 

 

 

 

(15,153

)

Net cash used in investing activities

 

 

 

(2,713

)

 

 

 

(27,646

)

Financing Activities

 

 

 

 

 

 

 

 

 

 

Increase in bank indebtedness

 

 

 

280,000

 

 

 

 

35,000

 

Repayment of bank indebtedness

 

 

 

 

 

 

 

(15,000

)

Settlement of restricted share units and options

 

 

 

(1,667

)

 

 

 

(4,987

)

Treasury stock repurchased for future settlement of restricted share units

 

 

 

(1,419

)

 

 

 

(4,207

)

Repurchase of common shares, IMAX China

 

 

 

(891

)

 

 

 

(1,767

)

Taxes withheld and paid on employee stock awards vested

 

 

 

(236

)

 

 

 

(219

)

Common shares issued - stock options exercised

 

 

 

 

 

 

 

803

 

Repurchase of common shares

 

 

 

(36,624

)

 

 

 

 

Net cash provided by financing activities

 

 

 

239,163

 

 

 

 

9,623

 

Effects of exchange rate changes on cash

 

 

 

377

 

 

 

 

186

 

Increase (decrease) in cash and cash equivalents during period

 

 

 

242,793

 

 

 

 

(18,506

)

Cash and cash equivalents, beginning of period

 

 

 

109,484

 

 

 

 

141,590

 

Cash and cash equivalents, end of period

 

$

 

352,277

 

 

$

 

123,084

 

 

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

7


 

IMAX CORPORATION

 

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(In thousands of U.S. dollars)

(Unaudited)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2020

 

 

2019