IMAX Partners With NCG Cinemas for 3 Locations in the US
IMAX Corporation IMAX has announced a new agreement with the U.S. exhibitor, NCG Cinemas, to expand the partnership with three state-of-the-art IMAX with Laser Systems across the United States.
The deal involves the construction of two new IMAX theaters in Tennessee and Georgia and an upgrade to an existing location in Michigan. The new standalone IMAX theater, in Kingsport, TN, is expected to open to the public in March 2025.
The three new locations will be equipped with IMAX with Laser, which is considered the company's most advanced theater experience. This technology is designed to deliver crystal-clear, lifelike images and precision audio for a unique moviegoing experience.
IMAX with Laser features a groundbreaking 4K laser projection system, custom-designed lenses and proprietary technology for brighter images, increased resolution, deeper contrast and a wider range of colors exclusively for IMAX screens.
IMAX and NCG Cinemas have had a successful partnership since 2010, starting with the opening of the Grand Blanc IMAX location in Michigan.
This agreement reflects the commitment to enhancing the cinematic experience for moviegoers by offering the latest IMAX technology at selected locations.
IMAX Corporation Price and Consensus
IMAX Corporation price-consensus-chart | IMAX Corporation Quote
IMAX Benefits From Box Office Sales, Expands Footprint
The partnership expansion reflects the strong demand for the IMAX experience in the North American market and indicates the company’s momentum for future growth.
This Zacks Rank #1 (Strong Buy) company continues to achieve strong box office results both domestically and globally. You can see the complete list of today’s Zacks #1 Rank stocks here.
IMAX set a new record for third-quarter box office in 2023 with $347 million and had a highly successful month of July, partly driven by the performance of Christopher Nolan's Oppenheimer.
Shares of the company have gained 29.9% year to date compared with the Zacks Consumer Discretionary sector’s rise of 2.7%, driven by the strong performances of blockbusters like Barbie and Gran Tourismo among others.
Disney’s DIS The Marvels, Warner Bros. Discovery’s WBD Aquaman And The Lost Kingdom and Sony’s SONY Napoleon are few upcoming releases, which are expected to drive box office sales in 2023. Sony’s upcoming grand historical drama is set to release on Nov 22. Aquaman And The Lost Kingdom, centered around WBD’s favorite DC character Aquaman, is slated to release on Dec 20.
The company expects to achieve $1.1 billion in global box office revenues for the year 2023. These projections reflect IMAX's confidence in its ability to deliver high-quality entertainment experiences and attract audiences to its theaters.
The Zacks Consensus Estimate for IMAX’s 2023 revenues is pegged at $386.68 million, indicating a year-over-year increase of 28.55%. The consensus estimate for 2023 earnings is pegged at a profit of 86 cents per share, indicating year-over-year growth of 1333.33%.
IMAX's strategy of forging partnerships aligns with its goal of delivering premium entertainment experiences beyond traditional theaters. The company is expanding partnership with TGV Cinemas for seven state-of-the-art IMAX with Laser Systems in Malaysia.
The company’s next-generation streaming technology, Stream Smart, is an enterprise software developed through a combination of groundbreaking scientific research, advanced engineering, trusted studio relationships and collaboration with Disney Streaming Services and SSIMWAVE. It focuses on delivering the highest-quality video content at reduced distribution costs.
IMAX will expand access to its Stream Smart technology to Prime Focus Technologies’ customers across Europe, Asia and Australia.
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