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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

Form 10-Q

 

(Mark One)

        QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020

OR

        TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 001-35066

 

IMAX Corporation

(Exact name of registrant as specified in its charter)

 

 

Canada

98-0140269

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification Number)

 

 

2525 Speakman Drive,

Mississauga, Ontario, Canada L5K 1B1

(905) 403-6500

902 Broadway, Floor 20

New York, New York, USA 10010

(212) 821-0100

 

(Address of principal executive offices, zip code, telephone numbers)

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common Shares, no par value

 

IMAX

 

The New York Stock Exchange

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes     No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes     No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.  

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes      No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

 

Class

 

Outstanding as of June 30, 2020

Common Shares, no par value

 

58,857,436

 

 

 

 

 


 

 

IMAX CORPORATION

 

Table of Contents

 

 

2


 

IMAX CORPORATION

 

PART I. FINANCIAL INFORMATION

 

Item 1.  Financial Statements

 

 

3


 

IMAX CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands of U.S. dollars except per share amounts)

(Unaudited)

 

 

 

June 30,

 

 

December 31,

 

 

 

2020

 

 

2019

 

Assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

318,986

 

 

$

109,484

 

Accounts receivable, net of allowance for credit losses

 

 

54,839

 

 

 

99,513

 

Financing receivables, net of allowance for credit losses

 

 

123,865

 

 

 

128,038

 

Variable consideration receivable, net of allowance for credit losses

 

 

39,397

 

 

 

40,040

 

Inventories

 

 

60,179

 

 

 

42,989

 

Prepaid expenses

 

 

12,008

 

 

 

10,237

 

Film assets

 

 

13,147

 

 

 

17,921

 

Property, plant and equipment

 

 

287,220

 

 

 

306,849

 

Investment in equity securities

 

 

13,192

 

 

 

15,685

 

Other assets

 

 

24,575

 

 

 

25,034

 

Deferred income tax assets

 

 

46,826

 

 

 

23,905

 

Other intangible assets

 

 

28,204

 

 

 

30,347

 

Goodwill

 

 

39,027

 

 

 

39,027

 

Total assets

 

$

1,061,465

 

 

$

889,069

 

Liabilities

 

 

 

 

 

 

 

 

Bank indebtedness

 

$

297,765

 

 

$

18,229

 

Accounts payable

 

 

13,668

 

 

 

20,414

 

Accrued and other liabilities

 

 

108,917

 

 

 

112,779

 

Deferred revenue

 

 

104,311

 

 

 

94,552

 

Deferred income tax liabilities

 

 

18,475

 

 

 

 

Total liabilities

 

 

543,136

 

 

 

245,974

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Non-controlling interests

 

 

4,237

 

 

 

5,908

 

Shareholders' equity

 

 

 

 

 

 

 

 

Capital stock common shares — no par value. Authorized — unlimited number.

 

 

 

 

 

 

 

 

58,878,749 issued and 58,857,436 outstanding (December 31, 2019 — 61,362,872 issued and 61,175,852 outstanding)

 

 

405,583

 

 

 

423,386

 

Less: Treasury stock, 21,313 shares at cost (December 31, 2019 — 187,020)

 

 

(329

)

 

 

(4,038

)

Other equity

 

 

172,690

 

 

 

171,789

 

Accumulated deficit

 

 

(134,395

)

 

 

(40,253

)

Accumulated other comprehensive loss

 

 

(4,180

)

 

 

(3,190

)

Total shareholders' equity attributable to common shareholders

 

 

439,369

 

 

 

547,694

 

Non-controlling interests

 

 

74,723

 

 

 

89,493

 

Total shareholders' equity

 

 

514,092

 

 

 

637,187

 

Total liabilities and shareholders' equity

 

$

1,061,465

 

 

$

889,069

 

 

(See the accompanying notes, which are an integral part of these Condensed Consolidated Financial Statements)

4


 

IMAX CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands of U.S. dollars, except per share amounts)

(Unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Technology sales

 

$

2,687

 

 

$

19,694

 

 

 

$

8,349

 

 

 

$

34,894

 

Image enhancement and maintenance services

 

 

3,799

 

 

 

56,662

 

 

 

 

24,520

 

 

 

 

100,809

 

Technology rentals

 

 

(137

)

 

 

25,863

 

 

 

 

5,834

 

 

 

 

44,033

 

Finance income

 

 

2,506

 

 

 

2,578

 

 

 

 

5,054

 

 

 

 

5,259

 

 

 

 

8,855

 

 

 

104,797

 

 

 

 

43,757

 

 

 

 

184,995

 

Costs and expenses applicable to revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Technology sales

 

 

2,546

 

 

 

11,939

 

 

 

 

6,415

 

 

 

 

21,374

 

Image enhancement and maintenance services

 

 

7,244

 

 

 

26,781

 

 

 

 

25,060

 

 

 

 

46,024

 

Technology rentals

 

 

6,753

 

 

 

6,524

 

 

 

 

14,884

 

 

 

 

12,904

 

 

 

 

16,543

 

 

 

45,244

 

 

 

 

46,359

 

 

 

 

80,302

 

(Margin loss) gross margin

 

 

(7,688

)

 

 

59,553

 

 

 

 

(2,602

)

 

 

 

104,693

 

Selling, general and administrative expenses

 

 

29,796

 

 

 

32,136

 

 

 

 

58,432

 

 

 

 

59,785

 

Research and development

 

 

1,232

 

 

 

1,222

 

 

 

 

3,432

 

 

 

 

2,358

 

Amortization of intangibles

 

 

1,344

 

 

 

1,218

 

 

 

 

2,665

 

 

 

 

2,293

 

Credit loss expense

 

 

1,440

 

 

 

927

 

 

 

 

11,657

 

 

 

 

1,358

 

Asset impairments

 

 

 

 

 

 

 

 

 

1,151

 

 

 

 

 

Exit costs, restructuring charges and associated impairments

 

 

 

 

 

 

 

 

 

 

 

 

 

850

 

(Loss) income from operations

 

 

(41,500

)

 

 

24,050

 

 

 

 

(79,939

)

 

 

 

38,049

 

Gain (loss) in fair value of equity securities

 

 

2,025

 

 

 

(4,544

)

 

 

 

(2,514

)

 

 

 

(2,053

)

Retirement benefits non-service expense

 

 

(130

)

 

 

(160

)

 

 

 

(246

)

 

 

 

(320

)

Interest income

 

 

891

 

 

 

572

 

 

 

 

1,256

 

 

 

 

1,142

 

Interest expense

 

 

(1,581

)

 

 

(636

)

 

 

 

(2,229

)

 

 

 

(1,317

)

(Loss) income before taxes

 

 

(40,295

)

 

 

19,282

 

 

 

 

(83,672

)

 

 

 

35,501

 

Income tax benefit (expense)

 

 

10,248

 

 

 

(5,308

)

 

 

 

(5,257

)

 

 

 

(8,956

)

Equity in losses of investees, net of tax

 

 

 

 

 

(138

)

 

 

 

(529

)

 

 

 

(222

)

Net (loss) income

 

 

(30,047

)

 

 

13,836

 

 

 

 

(89,458

)

 

 

 

26,323

 

Less: Net loss (income) attributable to non-controlling interests

 

 

4,080

 

 

 

(2,439

)

 

 

 

14,137

 

 

 

 

(6,661

)

Net (loss) income attributable to common shareholders

 

$

(25,967

)

 

$

11,397

 

 

 

$

(75,321

)

 

 

$

19,662

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income per share attributable to common shareholders - basic and diluted:

 

Net (loss) income per share — basic and diluted

 

$

(0.44

)

 

$

0.19