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IMAX Corporation (IMAX) has reported a 99.34 percent plunge in profit for the quarter ended Mar. 31, 2017. The company has earned $0.08 million in the quarter, compared with $11.30 million for the same period last year. On the other hand, adjusted net income for the quarter stood at $3.87 million, or $0.06 a share compared with $15.25 million or $0.22 a share, a year ago.
Revenue during the quarter dropped 25.48 percent to $68.66 million from $92.13 million in the previous year period. Gross margin for the quarter contracted 453 basis points over the previous year period to 52.10 percent. Operating margin for the quarter stood at negative 0.42 percent as compared to a positive 20.55 percent for the previous year period.
Operating loss for the quarter was $0.29 million, compared with an operating income of $18.93 million in the previous year period.
"Building on our record signings in 2016, our momentum in the first four months of 2017 has continued at an extremely strong pace. Not only have we witnessed record signings to date, we have also seen exceptional box office performance from titles such as The Fate of the Furious, which did $30 million in its opening weekend in IMAX and broke numerous box office records including our biggest opening weekend ever in China," said IMAX chief executive officer Richard L Gelfond. "We closed the first quarter with a 30-theatre deal with Bona and just recently announced a 40-theatre deal with Omnijoi and a 25-theatre deal with AMC-Odeon, bringing our year-to-date signings to a record 104 new theaters. Not only do these deals demonstrate our partners' continued optimism in the IMAX business, they also underscore the global diversity of our future expansion."
Operating cash flow turns negative IMAX Corporation has spent $0.62 million cash to meet operating activities during the quarter as against cash inflow of $5.04 million in the last year period. The company has spent $14.21 million cash to meet investing activities during the quarter as against cash outgo of $9.34 million in the last year period.
Cash flow from financing activities was $0.50 million for the quarter as against cash outgo of $53.29 million in the last year period.
Cash and cash equivalents stood at $190.48 million as on Mar. 31, 2017, down 26.67 percent or $69.27 million from $259.75 million on Mar. 31, 2016.
Debt comes down
IMAX Corporation has recorded a decline in total debt over the last one year. It stood at $26.83 million as on Mar. 31, 2017, down 6.81 percent or $1.96 million from $28.79 million on Mar. 31, 2016. Total debt was 3.19 percent of total assets as on Mar. 31, 2017, compared with 3.27 percent on Mar. 31, 2016. Debt to equity ratio was almost stable at 0.04 as on Mar. 31, 2017, when compared with the last year. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
