NEW YORK, NY — Mar. 22, 2020 — Following a week in which the Company underscored the strength of its financial position, IMAX Corporation (NYSE: IMAX) today released a statement reaffirming its ability to manage through the current temporary closure of theatres:
“IMAX Corporation’s strong cash balance and flexible business model position the Company well to manage through this crisis and prepare to get back to business when theaters reopen. As of year-end 2019, the Company had $109 million in cash and only $20 million drawn on its $300 million revolving credit facility. Other than the revolving credit facility, the Company has no debt on its balance sheet. Last week the Company drew down the revolving credit facility in full to maintain maximum flexibility throughout the duration of any theatre shutdowns.”
About IMAX Corporation
IMAX, an innovator in entertainment technology, combines proprietary software, architecture and equipment to create experiences that take you beyond the edge of your seat to a world you’ve never imagined. Top filmmakers and studios are utilizing IMAX theatres to connect with audiences in extraordinary ways, and, as such, IMAX’s network is among the most important and successful theatrical distribution platforms for major event films around the globe.
IMAX is headquartered in New York, Toronto, and Los Angeles, with additional offices in London, Dublin, Tokyo, and Shanghai. As of December 31, 2019, there were 1,624 IMAX theatre systems (1,529 commercial multiplexes, 14 commercial destinations, 81 institutional) operating in 81 countries and territories. Shares of IMAX China, a subsidiary of IMAX Corp., trade on the Hong Kong Stock Exchange under the stock code “HK.1970.”
IMAX®, IMAX® 3D, IMAX DMR®, Experience It In IMAX®, An IMAX 3D Experience®, The IMAX Experience®, IMAX Is Believing® and IMAX nXos® are trademarks of IMAX Corporation. More information about the Company can be found at www.imax.com. You may also connect with IMAX on Instagram (https://www.instagram.com/imax), Facebook (www.facebook.com/imax), Twitter (www.twitter.com/imax) and YouTube (www.youtube.com/imaxmovies).