The Soori isn’t the only High Line building upping its game—a few blocks away, the Zaha Hadid-designed 522 West 29th Street has a building-exclusive iMax screening room—“the only private iMax in the city,” noted Joanna Rose, a senior vice president at Related. “The idea behind it was to create a truly unique and immersive screening experience that can be had in the privacy of your own building.” The iMax theater seats 12, and while planned content hasn’t yet been confirmed, anything can be played on the screen—not just iMax films. There are still 10 available units in the building, ranging from $4.895 million to $25 million; expected occupancy is 2017
pictures are in the article
This has been talked about for since I first bought shares of IMAX in 2002 and supposedly is 30 years in the making. Part of the footage was in The Tree of Life and that scene was just draw dropping. Looking forward to this finally getting out there and hoping for a wide release.
Director Terrence Malick's movies frequently cover grand concepts (just ask anyone who saw The Tree of Life), but his latest might just top them all. After a long development process, his all-encompassing documentary Voyage of Time will reach IMAX theaters on October 7th. The studio is shy about Voyage's exact contents, but the flick covers time from the "birth of the universe to its final collapse" -- it doesn't get more comprehensive than that. Brad Pitt is narrating the 40-minute IMAX version, while Cate Blanchett will do the same for the as-yet undated 2-hour movie version.
The Russo Brothers-directed film blew away expectations by delivering an epic $9.6 million on 205 overseas IMAX screens, or a heroic $47K per screen – nearly double the IMAX per screen average of Captain America: Winter Soldier‘s $25K for its early international weekend. Next week, another 750 IMAX screens will open Captain America: Civil War with the North American launch as well as more overseas territories, including the all-important China market.
Here are the international highlights so far:
Hong Kong $6.8M
Benjamin Mogil - Stifel, Nicolaus & Co., Inc.
That's great. Thanks. I'll just ask one more and then let someone else get the queue. When you look at North America, where you're seeing exhibitor consolidation, which is clearly favorable, given the consolidators and just given the fact the market is proven to be deeper, I think than anyone would have thought, any thoughts given some of the zone sizes to going back and trying to sort of work out deals, where you can shrink the zone size for one and compensate them somewhere else or any thoughts on selective second screen opportunities?
Richard L. Gelfond - Chief Executive Officer & Director
Ben, on second screens, the jury is still out, but there are number of empty zones and the way you phrased it was pretty correct in terms of putting second theaters in existing zones, we're making trades on existing zones.
In my prepared remarks, I gave kind of a short-hand version, but I think we all believe right now that there's more opportunity in North America than we had expected. And I think consolidation will unlock some of that, but also I think the high PSAs and the good returns are going to unlock some of that. And I think, we'll all be pleasantly surprised that there's more in North America than we have thought.
He actually said when employees complain about the stock price he tells them they should be happy and buy more. Wish he would take his own advice. Wechsler is holding more shares than Gelfond today.
Sounds like they prioritized some institutional theaters over commercial theaters. From last conference call.
Steven Frankel - Dougherty & Co. LLC
Good morning. First, for Joe. How many more of the old film locations that were moved to temporary digital or left to convert to laser?
Joseph Sparacio - Chief Financial Officer & Executive Vice President
There's really only a handful of commercial sites that remained, Steve. Most of the sites that would be upgraded at this point would be institutional sites.
Also the biggest advance seller in Marvel history and so far 33 out of 34 positive reviews.
This is pretty much an Avengers movie and fans seem to be treating it as such.
The entire world outside of China grew by almost 80% while China only grew by the same amount as the IMAX network grew. Clearly the problem was that neither Star Wars or Batman vs. Superman were big hits in China and Deadpool was not allowed to play in China. Hopefully tomorrow we'll see this start going up tomorrow.
Domestic PSAs of $281,000 grew 78% versus last year and highlight how stronger content and flexible programming can move the needle in our business during what we normally call our shoulder periods, when big event movies are not released as frequently in theaters.
IMAX box office and PSAs from international territories outside of China grew 79% and were driven by strong PSAs in regions like Japan, the Middle East and Continental Europe. Together domestic and international box office in Q1, excluding China, grew 84% and accounted for 69% of our global box, that's up from 62% last year. It is quite an accomplishment when you consider how strong China is growing overall.
Joe will get into more specifics on some of these other geographies and how they are tracking in just a moment; but suffice it to say, outside of China, we believe there is a significant opportunity ahead.
Greater China box office grew 33% in the quarter with box office growth of 39% in the PRC, driven by a healthy mix of Hollywood and local titles. Locally produced content deserves a special mention because it drove much of the record-breaking Chinese New Year week growing the holiday box office by 83% year-over-year.
Our screen network in China grew by over 30% since last year and yet saw virtually no dilution of per screen averages, which as many of you know is no small feat and is a testament to the strong consumer demand for movies in IMAX.
As we said last quarter, while there has been understandable concerns raised about the broader Chinese economy, the cinema, as an affordable form of entertainment remains very strong and on track to pass the U.S. by 2017.
Estimates were for 84 million and 15 cents
Year ago period was 62 million and 5 cents
272 million at the box office and another 50 million added to buyback program.
a monster hit. Looking for 15% to 20% upside from here if we beat expectations significantly on Thursday.
a new way for inside cycling. Looks promising.
Jungle Book this weekend, Earnings next Thursday, IMAX China up 15% in two days and this Captain America will be huge because it is the setup for the next two Avengers movies and is almost an Avengers movie with Iron Man & many of the other Marvel heroes being part of it. It also has some great early reviews. 15 out of 15 on Rotten Tomatoes while Jungle Book has 73 out of 79 positive reviews.
Branding makes the difference. First of all I don't think this will ever be a moneymaker but with Golden State having the season they're having the combination of AMEX, IMAX and TNT pulled this one game off.
I can see IMAX working with Fathom events at some point for something bigger but remember these are one night one show things.
IMAX gets press out of it. I don't think just any PLF would have the pizzazz to make it an event.
We are raising our revenue and adjusted Ebitda estimates to $94 million (up 50%) and $27 million (up 71%), respectively, from our prior outlook of $78 million and $26 million (consensus is lower at $82 million and $24 million). Our increased view is driven by: 1) higher system sales revenue associated with laser projection upgrades; and 2) a higher-than-forecasted gross global box office. Flow through from the revenue upside is likely to be limited as we believe the margin from laser upgrades is around 15%-20%, and we have also increased marketing spending associated with the opening of Star Wars in China in January.
We estimate System Installation sales of $21 million (up 141%), which includes six new systems ($7 million) and eight laser upgrades ($14 million). Global box-office revenue is projected at $240 million (up 45%), which is above our prior $210 million forecast. Domestic contributions were notable with box-office revenue up 84% and average revenue per screen up 81%. International box-office revenue was likely up 23% (and down slightly on a revenue-per-screen basis). The box-office contributions should result in joint revenue sharing arrangements (JRSA) and digital media remastering (DMR) fees of $26 million for each segment and growth of 61% and 47%, respectively.
Last year in the first quarter revenues were 62.2 million and EBITDA was 17 million (this is prior to China IPO)
Two years ago the first quarter revenues were 48.2 million and EBITDA was 12.6 million.
SunEdison shares are up 82% since Thursday morning as Delaware court rules in favor
By Faraz Illahi on Feb 26, 2016 at 6:12 am EST
Shares of SunEdison Inc (NYSE:SUNE), one of the largest renewable energy developers, are skyrocketing today after the company won a legal battle against David Tepper’s Appaloosa Management on Thursday.
SunEdison had agreed to acquire Vivint Solar — a residential solar energy provider — last year for $1.9 billion. As per the terms of the deal, a part of Vivint’s portfolio would be transferred to TerraForm Power Inc., a yieldco vehicle owned and operated by SunEdison, for $799 million.
Mr. Tepper’s hedge fund recently sued SunEdison, seeking to block the transfer of Vivint Solar’s assets to TerraForm. Appaloosa, which owns a 9.5% stake in the yieldco, argues the deal to be fundamentally unfair for TerraForm’s shareholders.
André Bouchard, Judge at Delaware Court of Chancery, rejected the hedge funds claims on Thursday. He ruled that representatives of Appaloosa were unable to “prove” that the deal with Vivint harms TerraForm’s shareholders.
Mr. Bouchard’s ruling removes a major overhang over the deal’s fate. If the decision had gone in Appaloosa’s way, SunEdison would be looking at an $800 million hole in its balance sheet. The decision has paved the way for a successful closure of the deal, settling some major investor concerns about the renewable energy company.
“The deal’s going to go through at this point. Now, it’s up to SunEdison to execute,” Michael Morosi of Avondale Partners said. “They’re picking up a business that’s been distracted for seven months,” he added. Mr. Bouchard’s decision comes a day after Vivint Solar’s own shareholders voted to approve the deal.
SunEdison has responded favorably to the court’s ruling. “We are gratified that the court denied the injunction and now we look forward to continuing to navigate current market conditions,” the company said in a statement.
The company’s stock rose 36% during regular trade on Thursday to close at $1.70. The stock is currently trading at $2.26 in after-hours, taking its total gain to 82.5%. Vivint Solar stock also benefited from resolution of the legal conflict. It currently trades 32% higher in after-hours trading.
Appaloosa’s lawsuit had been acting as an overhang on SunEdison shares as it accused the renewable energy company of unfair handling. He argues that offloading residential solar assets to TerraForm would affect the quality of its plants, as it currently only caters to commercial, utility, and industrial customers.