Big screen pioneer Imax said Thursday that it posted a net cash reserve of $ 6.9 million, or $ 0.12 per share, amid uncertainty about Russia’s credit buildup due to rising equity. reserves. Due to the ongoing Russo-Ukrainian war, sanctions and boycotts include all major studies receiving broadcasts from Russia.
“This provision was taken with caution due to the ongoing conflict in Ukraine and substantially covers all of the company’s total net debt risk in the Russian market,” the company said in its first quarter earnings report. Russia has accounted for around 3% of annual global Imax cash registers over the past five years.
The measure reduced revenue. The net loss was down $ 13.6 million from $ 14.8 million a year ago, but it would have been much less.
Revenues increased 55% to $ 60 million from around $ 39 million, mainly Batman, Spider-Man: There is no way to go home And the title in the local language. Battle of Lake Chanjin II Chinese New Year. The total box office was $ 173 million versus $ 110 million.
CEO Rich Gelfond sees cash registers as one-sided upward trajectories, as shale, including “hits for Imax” such as Doctor Strange in the multiverse of madness, Top Gun: Maverick, Jurassic World Dominion Y Year of Light. He is particularly busy with James Cameron. Avatar: Path of the water arrives in December From the first Avatar It eventually became Ajax’s highest-grossing film. Speaking to Wall Streeters, Gelfond said Imax has created a special interior Avatar Working group in departments from technology to distribution and marketing to use the next section.
“We were the last to be caught up in uncertainty. We had less than 300 rooms. “We will be at the forefront of this,” she said.
There has been a great deal of interest in China, given Imax’s important footprints in that country. The market faces a challenge by disabling the government’s no-cash policy. Gelfond said open-air theaters grew from 50 percent at the end of March to 65 percent today. There he said that his team believes that Shanghai will open in the next few weeks.
The industry noted that moving to China was becoming increasingly difficult for American studies. Gelfond said Covid is an important part of this and as soon as the pandemic subsides, “I don’t think it’s going to be a long-term problem there.”
He also went on to say that the day and release date is over and over as the studios acknowledge this is a model that didn’t really work. NATO chief John Fitian made the announcement live this week at CinemaCon, the annual Confederation, which hosts studios and exhibitions during presentation and meeting days.
“For a long time, the existential threat loomed over the world of cinema, which, given the possibility, [studios] “I wanted to stream it,” Gelfond said. “And they got their chance, and it didn’t work out.”
As for the individual streamers, he said: “I wasn’t surprised, I predicted that some streamers would start going to movie theater windows to watch some of their movies.”
Source: Deadline
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