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IMAX and Cineplexx Expand Partnership for Three New Locations
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Imax (IMAX - Free Report) and Cineplexx Austria recently announced an expansion of their long-standing partnership. This agreement is for three new state-of-the-art IMAX with laser systems in Europe, which is their most advanced experience.
Austria and South-eastern Europe's largest cinema operator, Cineplexx, will install new systems in Kosovo and Austria. Kosovo will get its first IMAX system with this deal.
Management believes that the European market has growth potential and it is the correct time for growth. Management is looking not only to expand in existing markets like Austria but also to enter a new market like Kosovo.
IMAX is currently operated by Cineplexx in eight locations across Serbia, Greece and Austria. It currently has one additional location in backlog. Both the companies have enjoyed a longstanding partnership since 2009.
The three new state-of-the-art IMAX will be equipped with laser technology. The technology is developed from ground-up to deliver crystal clear, lifelike images and precision audio. It also has a 4k laser system with a new optical engine, lenses and proprietary technology that deliver better resolution, contrast and wide range of colors.
Imax has been doing some significant partnerships in the last nine months. Some of them include partnership with Cinema XXI in Indonesia, AMC in Saudi Arabia and Wanda in China.
The latest IMAX laser technology is set to be installed with the new partnerships. Cine XXI is set to open 10 new state-of-the-art facilities in Indonesia, AMC is set to open more six new state-of-the-art facilities in Saudi Arabia and Wanda is set to open another nine in China by the end of 2023.
Some Hollywood films, which helped boost box office revenues in the past year were, Avatar: The Way of Water, Top Gun: Maverick, Doctor Strange and the Multiverse of Madness and some more. Management believes that it is the perfect time for partnerships to boost revenues in the coming years.
Imax’s last-quarter revenues were $98 million, down 10% year over year. Imax completed 52 technology system installations in the last quarter and 92 for the full-year 2022.
China, being their second largest revenue generator, is showing signs of recovery from post-covid effects. IMAX drove a record-breaking Chinese New Year box office of $61.3 million in 2023. It was led by The Wandering Earth 2, which is now the highest grossing Chinese film in Imax.
Some probable high grossing movies to release in 2023, are Mission Impossible 7, Aquaman and the Lost Kingdom, Guardians of the Galaxy Vol.3, The Flash and many more.
Shares of Bluegreen Vacations have increased 30.3% in the past year. The Zacks Consensus Estimate for earnings is pegged at 56 cents per share, which has remained unchanged over the past 30 days.
Shares of Stride have increased 36% in the past year. The Zacks Consensus Estimate for earnings is pegged at $1.08 per share, which has remained unchanged over the past 30 days.
Shares of Century Casinos have declined 18.3% in the past year. Its earnings are estimated to be 2 cents per share, which has remained unchanged over the past 30 days.
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IMAX and Cineplexx Expand Partnership for Three New Locations
Imax (IMAX - Free Report) and Cineplexx Austria recently announced an expansion of their long-standing partnership. This agreement is for three new state-of-the-art IMAX with laser systems in Europe, which is their most advanced experience.
Austria and South-eastern Europe's largest cinema operator, Cineplexx, will install new systems in Kosovo and Austria. Kosovo will get its first IMAX system with this deal.
Management believes that the European market has growth potential and it is the correct time for growth. Management is looking not only to expand in existing markets like Austria but also to enter a new market like Kosovo.
IMAX is currently operated by Cineplexx in eight locations across Serbia, Greece and Austria. It currently has one additional location in backlog. Both the companies have enjoyed a longstanding partnership since 2009.
The three new state-of-the-art IMAX will be equipped with laser technology. The technology is developed from ground-up to deliver crystal clear, lifelike images and precision audio. It also has a 4k laser system with a new optical engine, lenses and proprietary technology that deliver better resolution, contrast and wide range of colors.
IMAX Corporation Price and Consensus
IMAX Corporation price-consensus-chart | IMAX Corporation Quote
Imax to Boost Top Line With Partnerships
Imax has been doing some significant partnerships in the last nine months. Some of them include partnership with Cinema XXI in Indonesia, AMC in Saudi Arabia and Wanda in China.
The latest IMAX laser technology is set to be installed with the new partnerships. Cine XXI is set to open 10 new state-of-the-art facilities in Indonesia, AMC is set to open more six new state-of-the-art facilities in Saudi Arabia and Wanda is set to open another nine in China by the end of 2023.
Some Hollywood films, which helped boost box office revenues in the past year were, Avatar: The Way of Water, Top Gun: Maverick, Doctor Strange and the Multiverse of Madness and some more. Management believes that it is the perfect time for partnerships to boost revenues in the coming years.
Imax’s last-quarter revenues were $98 million, down 10% year over year. Imax completed 52 technology system installations in the last quarter and 92 for the full-year 2022.
China, being their second largest revenue generator, is showing signs of recovery from post-covid effects. IMAX drove a record-breaking Chinese New Year box office of $61.3 million in 2023. It was led by The Wandering Earth 2, which is now the highest grossing Chinese film in Imax.
Some probable high grossing movies to release in 2023, are Mission Impossible 7, Aquaman and the Lost Kingdom, Guardians of the Galaxy Vol.3, The Flash and many more.
Zacks Rank & Stocks to Consider
Imax currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Some better-ranked stocks in the Consumer Discretionary sector are Bluegreen Vacations , Stride (LRN - Free Report) and Century Casinos (CNTY - Free Report) , each sporting a Zacks Rank #1 at present.
Shares of Bluegreen Vacations have increased 30.3% in the past year. The Zacks Consensus Estimate for earnings is pegged at 56 cents per share, which has remained unchanged over the past 30 days.
Shares of Stride have increased 36% in the past year. The Zacks Consensus Estimate for earnings is pegged at $1.08 per share, which has remained unchanged over the past 30 days.
Shares of Century Casinos have declined 18.3% in the past year. Its earnings are estimated to be 2 cents per share, which has remained unchanged over the past 30 days.