Giant cinema screen operator IMAX has benefitted from strong box office receipts across Asia and with encouraging signs that the upcoming slate of Hollywood blockbusters will see an enthusiastic response from China.
IMAX installed 71 cinema systems and signed agreements for 65 extra systems for the full year, and saying that this demonstrated continued partner demand for its theater systems, contributing to a strong 527 system backlog despite the Covid-19 pandemic.
The company said that its results for Q4 reflected the strong performance of the IMAX network in China and Japan, where local language releases recorded robust box office at near pre-pandemic levels, tapping into pent-up demand for big screen experiences.
“Given strong demand for The IMAX Experience in Asia, the extremely promising pipeline of Hollywood blockbusters, and the accelerating pace of vaccinations in North America and Europe, we remain confident and optimistic that the global film industry is poised for a strong and sustainable recovery in the second half of 2021,” said CEO Richard Gelfond.
IMAX reported fourth quarter 2020 revenues of $56 million, gross margin of $20.3 million, and a net (loss) attributable to common shareholders of ($21.2) million and operating cash inflows of $7.8 million.