IMAX Corporation (NYSE: IMAX) has reported solid financial results for the Second Quarter of 2022 demonstrating its leadership position in the global resurgence of moviegoing. total gross box office increased to $247.7 million from $108.6 million in the second quarter of 2021. Revenue increased to $74.0 million from $51.0 million and gross margin increased to $44.0 million from $25.6 million in the year-ago period.
For the second quarter of 2022, the net loss attributable to common shareholders was ($2.9) million, or ($0.05) per share, compared to ($9.2) million, or ($0.16) per share, last year and adjusted net income attributable to common shareholders(1) was $3.9 million, or $0.07 per share, compared to an adjusted net loss attributable to common shareholders(1) of ($7.0) million, or ($0.12) per share, last year. the company’s second quarter 2022 adjusted net income attributable to common shareholders includes a $3.2 million, or $0.06 per share impairment of a film investment, due in part to covid related lockdowns and depressed box office levels in China. The company’s second quarter 2022 adjusted net income attributable to common shareholders also includes a $5.1 million, or $0.09 per share, valuation allowance against its deferred tax assets.
Adjusted EBITDA per credit facility of $25.4 million was up from $8.7 million in the second quarter of 2021. On a trailing 12-month basis, adjusted EBITDA per credit facility was $97.3 million as of June 30th.
“IMAX is playing a leading role in the global resurgence in moviegoing, as demonstrated by our strong financial results, global box office growth, and market share gains we delivered in the second quarter. In fact, our second quarter results in North America were on par with our record-breaking 2019, as consumers continue to seek out IMAX as a destination for fandom,” said Richard L. Gelfond, CEO of IMAX Corporation.
“With three consecutive $25 million-plus global openings for the first time in its history, IMAX continued to affirm its position as a critical launch platform for major entertainment franchises. As the year progresses with key titles such as Brad Pitt’s ‘Bullet Train’, Dwayne ‘The Rock’ Johnson’s ‘Black Adam’, ‘Black Panther: Wakanda Forever’ and ‘Avatar: The Way of Water’ and a remarkable offering of franchise tentpoles through 2023, we are focused on driving future growth for the Company across our global network, content portfolio, and technology platform.”
“We are encouraged by recent activity to strengthen key partnerships with global exhibitors, including agreements for new theatres and installations across Asia, Europe, the Middle East, and North America. We also continue to enhance and diversify our content portfolio, with Hollywood blockbusters, more of which feature IMAX DNA, local language blockbusters across a growing international footprint, IMAX documentaries, and exclusive live events and experiences from a growing roster of new partners.”