February 25, 2016 – 1:23 pm

– 2015 IMAX Global Box Office reaches $1 billion, a 31% increase over 2014, and significantly surpasses worldwide industry box office growth of approximately 10%

– 2015 Adjusted EBITDA grew 30% year-over-year to $140.8 million, resulting in adjusted EBITDA margins of 40.5%, up from 38.3% in the year-ago period

– 2015 adjusted EPS of $1.02 grew 36%, driven by strong box office growth and network installations that were partially offset by FX and investments in new ventures

– IMAX saw sizeable installations growth in 2015 – with 136 new installations up from 113 in 2014

– IMAX raises installation guidance for 2016 from 115-120 range to 135-140 range, consistent with elevated levels seen in 2015

– IMAX successfully listed shares of IMAX China (HKSE: 1970) on the Hong Kong Stock Exchange at HKD$31 on Oct. 8, 2015, and has seen its share price increase 45% through Feb. 24, 2016

NEW YORK, Feb. 24, 2016 /PRNewswire/ — IMAX Corporation (NYSE: IMAX) today reported results for the fourth quarter and full year 2015, including its highest-ever quarter in revenue and among the highest-ever quarters for adjusted EBITDA and adjusted net earnings per diluted share (“EPS”) in the Company’s history.

“2015 was undoubtedly a historic year for IMAX – we delivered a record $1 billion in global box office, added 136 theatres to our network to bring our global total to over 1000 screens, launched our highly anticipated laser projection system, and of course, successfully listed our China business on the Hong Kong Stock Exchange,” said IMAX CEO Richard L. Gelfond. “IMAX is clearly benefiting from a global trend in the film industry to make more big-budget blockbuster movies. And with so many major movie franchises releasing important sequels in 2016 and 2017, we believe we’re extremely well positioned for success in the years ahead.”

Fourth-Quarter 2015 Results

The Company reported revenues of $119.3 million, up 16.5% from the year-ago period. Adjusted EBITDA, as calculated in accordance with the Company’s credit facility, grew 5.8% to $48.1 million. Adjusted net income after non-controlling interest of $27.3 million grew 12.6%. Adjusted diluted earnings per share of $0.39also grew 14.7%. Reported net income after non-controlling interest was $22.5 million, or $0.32 per diluted share. For reconciliations of adjusted net income to reported net income and for the definition of adjusted EBITDA and free cash flow, please see the tables at the end of this press release. The Company also reported a fourth-quarter global per-screen average of $318,600, up 9% over the year-ago period.


  • Sales and Sales-Type Leases (STLs) revenue of $33.0 million, compared to$33.2 million in the fourth quarter of 2014, primarily reflects the installation of 24 full, new theatre systems under sales and sales-type lease arrangements, compared to 26 installations last year. In addition there were two system upgrades in existing locations, compared to two upgrades in the year ago period.
  • Revenue from joint revenue-sharing arrangements was $31.9 million in the quarter, compared to $23.0 million in the prior-year period. During the quarter, the Company installed 32 new theatres under joint revenue-sharing arrangements, compared to 29 in the year ago period. The Company had 529 theatres operating under joint revenue-sharing arrangements as ofDec. 31, 2015, as compared to 451 theatres one year prior.
  • Production and IMAX DMR® (Digital Re-Mastering) revenues were $31.9 million in the fourth quarter of 2015, compared to $25.6 million in the fourth quarter of 2014. Gross box office from DMR titles was $288.4 million in the fourth quarter of 2015, up 27.1% from $226.9 million in the prior-year period. The average global DMR box office per screen in the fourth quarter of 2015 was $318,600 compared to $292,200 in the prior-year period.


  • Signings –52 theatre systems were signed in the fourth quarter of 2015, of which none were upgrades, bringing total signings for the year to 138, of which five were upgrades. Backlog level was replenished to 372 systems at year end.
  • Installations – 62 theatre systems were installed in the quarter, of which six were upgrades of existing theatre locations.

Full-Year 2015 Results

Full-year 2015 revenues of $373.8 million grew 28.7%. Adjusted EBITDA, as calculated in accordance with the Company’s credit facility, rose 29.8% to $140.8 million. Adjusted net income of $73.0 million grew 39.0% and adjusted net earnings per diluted share of $1.02 grew 36.0%. Reported net income attributable to common shareholders was $55.8 million, or $0.78 per diluted share. The Company also reported a global 2015 per-screen average of $1,155,800, up 13.2% from the prior year.

The full-year installation total grew to 154 theatre systems, of which 18 were upgrades, compared with 121 and eight, respectively, in the prior-year period. The total IMAX® theatre network consisted of 1,061 systems as of Dec. 31, 2015, of which 943 were in commercial multiplexes. IMAX signed contracts for 138 theatres in 2015, across 24 countries, resulting in 372 theatre systems in backlog as of Dec. 31, 2015, compared to 397 theatre systems in backlog as of Dec. 31, 2014. The Company’s top three markets for signings were China, the United States and Japan. For a breakdown of theatre system signings, installations, network and backlog by type, please see the end of this press release.

“As we look to 2016, we are very encouraged by what we see in the marketplace regarding our network expansion opportunities not only in China, but in other strategically important markets such as Japan, the Middle East and continentalEurope,” said Mr. Gelfond. “With more than 1,000 theatres in our global network,$1 billion in box office running through our screens, and more than $300 million in cash and virtually no debt, we believe we have significant opportunities to take our Company to the next level.”

Conference Call
The Company will host a conference call on Feb. 24 at 4:30pm ET to discuss its fourth-quarter and full-year 2015 results. To access the call via telephone, interested parties in the US and Canada should dial (800) 505-9568 approximately 5 to 10 minutes before the call begins. International callers should dial (416) 204-9271. The conference ID for the call is 4081404. A replay of the call will be available via webcast on the ‘Investor Relations’ section of or via telephone by dialing (888) 203-1112 (US and Canada), or (647) 436-0148 (international). The Conference ID for the telephone replay is 4081404.

About IMAX Corporation
IMAX, an innovator in entertainment technology, combines proprietary software, architecture and equipment to create experiences that take you beyond the edge of your seat to a world you’ve never imagined. Top filmmakers and studios are utilizing IMAX theatres to connect with audiences in extraordinary ways, and, as such, IMAX’s network is among the most important and successful theatrical distribution platforms for major event films around the globe.

IMAX is headquartered in New York, Toronto and Los Angeles, with offices inLondon, Tokyo, Shanghai and Beijing. As of Dec. 31, 2015, there were 1,061 IMAX theatres (943 commercial multiplexes, 19 commercial destinations and 99 institutions) in 67 countries. On Oct. 8, 2015, shares of IMAX China, a subsidiary of IMAX Corp., began trading on the Hong Kong Stock Exchange under the stock code “HK.1970.”

IMAX®, IMAX® 3D, IMAX DMR®, Experience It In IMAX®, An IMAX 3D Experience®, The IMAX Experience®, IMAX Is Believing® and IMAX nXos® are trademarks of IMAX Corporation. More information about the Company can be found at You may also connect with IMAX on Facebook (, Twitter ( and YouTube (

This press release contains forward looking statements that are based on IMAX management’s assumptions and existing information and involve certain risks and uncertainties which could cause actual results to differ materially from future results expressed or implied by such forward looking statements. Important factors that could affect these 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 wholly-owned 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 , the signing of theatre system agreements; conditions, changes and developments in the commercial exhibition industry; the performance of IMAX DMR films; 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 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 Company’s largest customer accounting for a significant portion of the Company’s revenue and backlog; 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; risks related to the Company’s inability to protect the Company’s intellectual property; risks related to the Company’s implementation of a new enterprise resource planning system; general economic, market or business conditions; the failure to convert theatre system backlog into revenue; changes in laws or regulations; and other factors, many of which are beyond the control of the Company. These factors, other risks and uncertainties and financial details are discussed in IMAX’s most recent Annual Report on Form 10-K.

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