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Imax Corp. (ticker: IMAX) reported  results on March 10, 2005 for
the fourth quarter and year end 2004.  Below are some highlights.

Results 4Q04 vs. 4Q03:

  • EPS: $0.19 vs. $(0.02)
  • Adjusted EPS: $0.19 vs. $(0.01)
  • Consensus EPS was $0.19
  • Revenue: $47.5M vs. $29.9M (+59%)
  • Consensus revenue was $40M
  • Gross profit: $24.5M vs. $12.0M (+104%)
  • Gross margin: 51.6% vs. 40.1% (+1,150bps)
  • EBITDA: $15.9M vs. $10.1M (+57%)
  • EBITDA margin: 33.5% vs. 33.8% (-30bps)
  • Operating Income: $11.5M vs. $6.0M (+92%)
  • Operating margin: 24.2% vs. 20.1% (+410bps)
  • Net income (continuing operations): $7.6M vs. $(0.8M)
  • Net margin (continuing operations): 16% vs. -2.7%
  • Net income: $7.8M vs. $(0.5M)
  • Net margin: 16.4% vs. -1.7%
  • Cash: $29M vs. $52M (-44%)
  • Debt: $160M vs. $189M (-15%)

Revenue breakdown 4Q04 vs. 4Q03:

  • Imax: $28.8 vs. $19.9 (+45%)
  • Film: $10.7 vs. $6.2 (+73%)
  • Theater operations: $6.2 vs. $3 (+107%)
  • Other: $1.8 vs. $0.8 (+125%)

Guidance:

  • Revised 2005 EPS forecast to $0.35-$0.38
  • 2005 Consensus EPS was $0.34

Previous Guidance:
During Imax's Q3 earning release, the company issued the following guidance.  Imax has already revised its EPS forecast.  Investors will be watching to see if it revises the other metrics as well during today's conference call at 10:30AM.

  • 40-45 theater signings
  • 35 installations
  • Total revenues: $140M-$145M
  • EPS: $0.32-$0.35

2005 Film lineup:

  • Disney's (ticker: DIS) Aliens of the Deep (January 28, 2005)
  • Robots (March 11, 2005)
  • Batman Begins (June 17, 2005)
  • Charlie and the Chocolate Factory (July 15, 2005)
  • Magnificent Desolation: Walking on the Moon 3D (September 2005)

Quick comments:

  • Q4 earnings included an $848,000 ($0.02 per share) write-down of camera rental assets
  • Imax reported 36 new theater signings in 2004, exceeding guidance of 30-35 new signings
  • Polar Express 3D set an Imax record with $45M in revenues to date; Polar Express is the first Hollywood film which has been converted to Imax 3D; the film took in $500k per screen

Imax_4

Source: IMAX (IMAX) reports another strong quarter; increases 2005 EPS estimates