IMAX Corporation (NYSE:IMAX) disclosed in a recent SEC filing that Elizabeth Gitajn, Senior Vice President, Finance & Controller, and principal accounting officer, will resign effective October 31, 2024. The company confirmed that Gitajn is leaving to pursue another professional opportunity and emphasized that her departure is amicable, without any disagreements with the company.
The announcement, made on Monday, comes following Gitajn's notification to the company of her intent to resign on September 11, 2024. IMAX stated that Natasha Fernandes, currently serving as Chief Financial Officer and Executive Vice President, will take over Gitajn's responsibilities on an interim basis immediately following her departure.
Fernandes, whose background information was included in the company's proxy statement filed on April 26, 2024, will not receive any new compensatory arrangements for assuming the additional interim role. Moreover, the filing clarified that there are no familial or related party transactions between Fernandes and any other company directors or executive officers that would necessitate further disclosure.
The company, known for its photographic equipment and supplies, is headquartered in Mississauga, Ontario, Canada, with principal executive offices also located in New York, New York, USA. The information about the organizational changes within IMAX Corporation is based on the company's latest 8-K filing with the Securities and Exchange Commission.
In other recent news, IMAX Corporation has seen substantial developments. The firm recorded robust second quarter revenues of $89 million, surpassing expectations, largely driven by increased system sales and installations.
A significant deal was struck with Wanda Film in China, marking a strategic advancement in content collaboration. The company's release of "Deadpool & Wolverine" set new records as the largest IMAX opening in July and the biggest R-rated debut, with a global haul of $36.5 million, indicating a positive tone for IMAX's third-quarter earnings.
Analysts from Roth/MKM and Macquarie maintained a positive outlook on IMAX. Roth/MKM kept its Buy rating and a $27.00 price target, while Macquarie reiterated an Outperform rating, indicating expectations of the company's continued outperformance in the market. Both firms highlighted IMAX's potential for growth, driven by its project backlog, improving margins, and free cash flow.
In terms of expansion, IMAX has been enhancing its global footprint. The company has partnered with Saudi Arabia's leading cinema operator, muvi Cinemas, to introduce four new IMAX with Laser systems in the country.
Additionally, IMAX has broadened its longstanding partnership with SM Cinema in the Philippines, which includes the installation of 10 advanced IMAX with Laser systems across the SM Cinema network. These are recent developments in IMAX's strategic growth plan.
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