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Imax CEO Continuing To Monitor Situation In China Closely As Company Blows Past Q4 Forecasts

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Imax beat Wall Street’s fourth-quarter financial estimates Wednesday as the big-screen entertainment company’s CEO said it’s carefully monitoring the situation in China, where it has hundreds…

per share of 35 cents, up 35% from the year before and higher than the 30 cents anticipated. Revenue rose 14% to $124.3 million, also topping forecasts.

“In terms of the health crisis in China, where movie theaters nationwide remain closed, we are continuing to monitor the situation closely and needless to say the safety of our team and audiences is our top priority,” said CEO Richard Gelfond. “We look forward to circumstances improving and Imax continuing to satisfy China’s strong demand for premium quality content and entertainment experiences.”

Management will host a conference call at 4:30 ET to discuss the company’s earnings and outlook and investors are sure to look for more detail on the situation in China, where Imax has offices and 660 screens, all shuttered due to the deadly coronovirus outbreak. Imax is headquartered in New York, Toronto and Los Angeles, with offices in London, Dublin, Tokyo, and Shanghai. A subsidiary, Imax China Holding, trades on the Hong Kong Stock Exchange.

As of December 31, 2019, there were 1,624 Imax theater systems operating in 81 countries and territories.

 

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