IMAX Q2 Earnings Hit by Summer Box Office Slump

IMAX, which has weathered a slow summer at the box office, reported a second-quarter profit and revenue that surpassed expectations.

The company’s stock has fallen 15.31 percent this year so far, but shares went up 2.9 percent, to $31, in after-hours trading.

In the latest period, ending June 30, IMAX reported a significant drop in profit: $7.8 million dollars, or 11 cents per share, compared with a year-earlier profit of $24.4 million dollars, or 34 cents per share.

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Revenue fell 14.5 percent, to $91.7 million, compared to a year ago.

Analysts on average expected a per-share profit of 17 cents on revenue of $86.7 million. Adjusted earnings per share were 18 cents per share.

Experts predicted a weak Q2 after box office receipts have declined 20 percent during the period, which has been called a summer slump at the box office.

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IMAX CEO Richard Gelfond boldly proclaimed during the company’s Q1 earnings call that a big second quarter was coming, due to hits including Disney’s “The Jungle Book” and Disney-Marvel’s “Captain America.”

But that did not come to pass.

On Wednesday, Gelfond emphasized the future of the company, noting that more recent deal signings will lead to more IMAX screen installs, “which will lead to more box office, and, ultimately, to greater revenue.”

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He also pointed to greater overall box office receipts, expected in the future months and years.

There were 95 theaters signed in the second quarter, he said, adding, “We have signed nearly as many deals in the first half of 2016 as we did in all of 2015.”

The momentum has resulted in a record backlog, according to Gelfond, which includes a 40-theater full revenue-share agreement with Guangzhou JinYi Media Corporation, a 25-theater deal with AMC Theaters and more multi-theater agreements with other exhibition partners, which “improves visibility into installations and ultimately revenue over the next several years.”

Also Read: 3 Reasons Why Summer Box Office Is Off to Slow Start

As a result, the company is raising its number of installations — to 155 theaters, up from IMAX’s guidance range of 135 to 140 theaters and compared to the company’s original 2016 install guidance range of 115 to 120 that was set late last year.

[graphiq id=”lWnGNAChUQl” title=”Imax (IMAX) Quarterly Revenue” width=”650” height=”502” url=”https://w.graphiq.com/w/lWnGNAChUQl” link=”https://www.graphiq.com” link_text=”Visualization by Graphiq” ]

The big-screen company’s revenue growth in Q1 was as large as its screens, when IMAX reported a 48 percent year-over-year sales increase, thanks primarily to strong box office figures.

IMAX hauled in $92.1 million at its top line in the first quarter of this year, up nearly $30 million from Q1 2015’s $62.1 million take, and blew away Wall Street’s sales figure for the most recent three-month period — thanks to “Deadpool” and “Batman v Superman.”

9 Comic Con Panels We Can't Wait to See: From 'Star Trek' to 'Snowden' (Photos)

Comic-Con 2016 is upon us, so TheWrap has compiled a list of the biggest and best panels that you shouldn't miss when you wing your way to San Diego.
"Snowden"
When: Thursday, 11:45 a.m.
Where: Hall H

The world has long awaited the arrival of Oliver Stone's biopic of the infamous NSA whistleblower, played by Joseph Gordon-Levitt. After several release date delays, the film will screen for the first time in Hall H before its Sept. 16 theatrical premiere.

See video: ‘Snowden’ First Trailer Makes Paranoia Reality
Open Road Films
"Luke Cage"
When: Thursday, 5:45 p.m.
Where: Ballroom 20

Every Marvel/Netflix series has generated tons of buzz and this one looks to be no different. Mike Colter will reprise the role he originated on "Jessica Jones" as the titular hero, who has impenetrable skin thanks to an experiment gone awry.

In addition to first-look footage from the show, we might also get new information about "The Defenders" miniseries, which will see Cage team with, Jones, Daredevil and Iron Fist.

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Netflix/Marvel
"The Walking Dead"
When: Friday, 1 p.m.
Where: Hall H

Everybody's favorite zombie apocalypse series has become a mainstay at Comic-Con. But this year, the cast and creators will have to face down a convention hall filled with fans who are no doubt still stinging from the Season 6 finale cliffhanger. Expect some fireworks to fly.

Also Read: ‘Walking Dead': 11 Theories on Who Negan Killed
AMC
"Game of Thrones"
When: Friday, 2:15 p.m.
Where: Hall H

Season 7 hasn't even begun filming yet, so don't expect any first looks at this panel. But who doesn't relish the chance to see the stars of this megahit dish on every nuance from Season 6? Maybe they'll even address a few of those lingering fan theories.

Also Read: ‘Game of Thrones’ Shortened Season 7 Set for Summer 2017
HBO
"American Gods"
When: Friday, 3:15 p.m.
Where: Room 6BCF

"American Gods" has been trying to become a TV series since at least 2011, when HBO picked up the beloved Neil Gaiman novel for adaptation. It's been a long road to get here, but with the combination of Starz, Bryan Fuller and star Ricky Whittle, we can only hope that the long-awaited story of Shadow Moon has been worth the wait.

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Starz
Warner Bros. Studios
When: Saturday, 11:30 a.m.
Where: Hall H

Fans can expect in-depth looks at "Suicide Squad," "Kong: Skull Island," "Wonder Woman," "King Arthur: Legend of the Sword" and "Fantastic Beasts and Where to Find Them." Get excited.
Warner Bros
"Star Trek"
When: Saturday, 2 p.m.
Where: Hall H

Cast members from every "Star Trek" series, including William Shatner and Jeri Ryan, will come together to celebrate the franchise's 50th anniversary. Bryan Fuller, showrunner for the upcoming CBS All Access series, will moderate. There's a good chance he could also bring some first-look footage or cast members from the new show with him.

Also Read: Netflix to Beam New CBS ‘Star Trek’ Series Internationally
CBS
Marvel Studios
When: Saturday, 5:30 p.m.
Where: Hall H

Disney has been gradually pulling away from Comic-Con in favor of its own rival convention D23, but Marvel's annual Hall H presentation still remains consistently surprising.

"Doctor Strange" footage seems like a sure bet this year, but we can't help but notice rumored "Captain Marvel" actress Brie Larson will also be in town, promoting "Kong: Skull Island." Official confirmation that she is our Carol Danvers would certainly keep up the tradition of Marvel thrilling 6,500 fans who camp out overnight just to hear what the company has to reveal.

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Marvel
"Riverdale"
When: Saturday, 6:30 p.m.
Where: Room 6BCF

That collective groan you heard one early morning in May was fans reacting to The CW putting its highly anticipated new show "Riverdale" onto its less favorable midseason schedule -- and with it, the lack of any footage or promotional material.

Without any photos or trailers from the comic book adaptation, those in attendance will be the first people anywhere to get a glimpse of the new Archie, Betty and Veronica.

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The CW