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IMAX Corporation Message Board

bendawg2k 4 posts  |  Last Activity: Jul 24, 2014 11:36 AM Member since: Apr 12, 2004
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  • Reply to

    At sunup tomorrow

    by ritzkrakow5 Jul 23, 2014 12:57 PM
    bendawg2k bendawg2k Jul 24, 2014 11:36 AM Flag

    Only the gain/loss on sale makes its way to the income statement, and given that this was a straight equity stake in a subsidiary bought at roughly par per the reports, I wouldn't expect to see any major adjustment to income for the company.

    Am I missing something?

  • Reply to

    At sunup tomorrow

    by ritzkrakow5 Jul 23, 2014 12:57 PM
    bendawg2k bendawg2k Jul 23, 2014 6:07 PM Flag

    The equity transaction should not be included in EPS numbers, and would absolutely not be an "above the line" (i.e. prior to gross) revenue figure. I'm half hoping for weak numbers tomorrow based on the reasons discussed--weak North America PSA's, limited installations--as I think this would make the potential 2015-2016 investment potential more compelling.

  • bendawg2k bendawg2k Jul 15, 2014 10:34 AM Flag

    Using 2010 as either a sign of management's skill or its lack there of seems unfair to me. In Q1 2010 gross Imax box office was $232M. For fiscal year 2009 the total gross Imax box office was $271M. That outlier film made Imax look more valuable than it was in 2010, but by the same token using it as a starting point for comparisons makes subsequent performance look worse than it actually is.

    Agree that management greed is what it is. I am investing in Imax despite Gelfond's greed, but I find that management on the whole has performed adequately. The Laser roll-out will truly be the telling success/failure for management, as the potential profits to be derived from system sales and the ability to drive the largest theaters in the business (more seats = more sales/profits) is critical to valuation 3-4 years out.

  • Reply to

    Christopher Nolan is IMAX's ace in the hole

    by ekave36 May 16, 2014 5:27 PM
    bendawg2k bendawg2k May 20, 2014 10:45 AM Flag

    Why is everyone so bothered by the installs for the first quarter? The installs were exactly what management guided to in the conference call after Q4 2013. Management also stated that approximately 50% of installs will come in Q4 2014, which is both consistent with actual results for 2013, and perhaps more importantly, consistent with what management predicted for 2013.

    Given that many Imax theaters are going into new international developments, I'd be shocked if we ever saw an installation rate that was consistently above 125 screens per year. Even if laser is a smashing success, Imax is still going to be constrained by the rate of real estate development. Personally, I am fine with 100-120 installs per year, as this represents an ongoing 10-15% increase in network size. I'm more concerned about a hard landing in China and on what that could mean for growth and performance there.

    I concur with the board that the laser product poses both a huge opportunity and a significant risk for Imax. If they get it right they will have a true differentiator and will have the opportunity to play on the world's largest screens. If they get it wrong or if someone else gets to market way before them, market share is at risk. I few this as more of an Apple situation though--Apple didn't release the first computer, cell phone, or tablet. But when they did release, the product was compelling.

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