Imax's Long-Term Future Bright, but 2021 Likely 'Challenging,' Says Colliers
Though Imax will likely resume “impressive top and bottom-line growth,” 2021 may still be challenging, Colliers analyst Steven Frankel wrote investors Friday. With several high-profile Imax films delayed a year, the “blockbuster slate” looks “satisfactory,” said Frankel, but he expects…
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significantly slower screen growth next year as theater partners look to shore up their financial positions. Crowds will return to theaters in North America and Europe once a COVID-19 vaccine is introduced, said Frankel, who expects Imax to resume market share expansion. Noting the company’s strong cash position, Frankel said results during pandemic-related theater closures and periods of low utilization “have little impact on our 2022 estimates.” Imax reported a 56% Q3 revenue drop Thursday (see 2010290060) to $37.3 million.