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IMAX

IMAX

$24.00

-0.1 (-0.41%)

16:32
06/12/17
06/12
16:32
06/12/17
16:32

IMAX announces new $200M share repurchase plan, cost reduction initiative

IMAX announced a number of actions aimed at increasing company value, including the approval by the company's Board of Directors of a new share-repurchase program which authorizes the repurchase of up to $200M of its common shares by June 30, 2020. In addition, the company is implementing a cost-reduction plan that will target approximately $20M in annualized cost savings aimed at increasing profitability, operating leverage and free cash flow. The company's previously announced $200M repurchase program, which will conclude this month, is expected to result in the total repurchase of more than 6.4M shares and a 4% net reduction in shares outstanding since the program began in 2014. This includes second-quarter-to-date repurchases of 1,468,100 shares. As part of its cost-reduction plan IMAX expects approximately 100 full-time positions, including positions at IMAX China, will be eliminated, equal to roughly 14% of the company's full-time global workforce. IMAX expects to report an aggregate pre-tax restructuring and impairment charge of approximately $15M in 2017 in connection with its cost-reduction efforts. The Company further expects approximately $11M of the restructuring and impairment charges will be recognized in the second quarter of 2017. The Company anticipates the cost savings to take effect beginning in the third quarter of 2017. IMAX will provide updated 2017 cost guidance on its upcoming second-quarter earnings call in late July.

  • 13

    Jun

IMAX IMAX
$24.00

-0.1 (-0.41%)

06/07/17
BNCH
06/07/17
DOWNGRADE
BNCH
Hold
IMAX downgraded to Hold from Buy at Benchmark
06/07/17
06/07/17
DOWNGRADE

Hold
IMAX downgraded to Hold on deteriorating per screen averages at Benchmark
As previously reported, Benchmark analyst Mike Hickey downgraded IMAX to Hold from Buy, saying he fears movie goers' enthusiasm for recliner installations has shifted share away from IMAX and he now worries that recent per screen average deterioration could "prove less than transitory." Weaker than expected box office this quarter will likely lead to a fifth straight quarter of declining global PSAs, leading Hickey to make an "aggressive reduction" to his Q2 and FY17 expectations for IMAX.
06/07/17
06/07/17
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. PepsiCo (PEP) and Coca-Cola (KO) were downgraded to Market Perform from Outperform at BMO Capital. 2. Rent-A-Center (RCII) downgraded to Sell from Hold at Loop Capital with analyst Anthony Chukumba saying the secular shift to "virtual" rent-to-own has impaired the value of the company's core U.S. business. 3. HD Supply (HDS) was downgraded to Neutral from Outperform at Baird and to Hold from Buy at Drexel Hamilton. 4. IMAX (IMAX) downgraded to Hold from Buy at Benchmark with analyst Mike Hickey saying he fears movie goers' enthusiasm for recliner installations has shifted share away from IMAX and he now worries that recent per screen average deterioration could "prove less than transitory." 5. Danaher (DHR) downgraded to Neutral from Buy at Janney Capital with analyst Paul Knight saying he sees the company having more work to do optimizing its portfolio. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
06/08/17
ADAM
06/08/17
NO CHANGE
Target $39
ADAM
Buy
IMAX pullback overdone, says Canaccord
Canaccord analyst Aravinda Galappatthige said shares of IMAX have fallen 25% over the past two months driven by weekly box office results that indicate Q2 is underperforming expectations. He believes IMAX's valuation appears considerably low even with lower PSA assumptions and said the booked backlog and installed base support his Buy rating and views the weakness as overdone. The analyst did lower his price target to $33 from $39 to reflect downward estimate revisions.

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