There’s nothing like some superhero flicks and family friendly blockbusters to turn things around at the box office.Revenues and profits at Imax jumped during the second quarter thanks to the commercial success of “Spider-Man: Across the Spider-Verse,” “Guardians of the Galaxy Vol.
3” and “The Super Mario Bros.
Movie.” For the three-month period ending in June, revenue jumped 38% to $98 million, while profits topped out at $8.4 million or 15 cents a share, up from a loss of $2.9 million or 5 cents a share in the prior-year period.
Elsewhere on the balance sheet, gross margins improved 31% to $57.9 million, while adjusted Ebitda climbed 29% to $32.8 million.As of June 30, 2023, Imax’s liquidity was $420 million, while total debt was $262.4 million.
The summer box office has struggled to catch fire and there are signs that the exhibition sector has yet to fully recover from Covid shutdowns.
However, Richard L.
Gelfond, CEO of Imax believes that the…
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