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IMAX CORPORATION REPORTS Q4 AND FULL-YEAR 2023 RESULTS

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8 months ago

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Global entertainment technology platform delivers over 25% YoY growth in FY23 across Revenue, Net Income, Adjusted EBITDA(1) and Adjusted EPS(1)(2)Full-Year GAAP EPS of $0.46, up from a loss of ($0.40) in FY22; Full-Year Adjusted EPS of $0.94, up from $0.06 in FY22Net Income of $25 million in FY23 increased from a loss of $(23) million in 2022 while Adjusted EBITDA(2) increases to $128 million in FY23, up 52% from $84 million in FY22System sales activity increases 174% YoY to 129 signings worldwide in FY23Company delivers on high end of guidance with 128 system installations in FY23, up from 92 in FY22IMAX achieves global box office of approximately $1.1 billion, approaching previous recordFull-Year cash from operations more than triples to $59 million in FY23, up from $17 million FY22

NEW YORK, Feb. 27, 2024 /PRNewswire/ — IMAX Corporation (NYSE: IMAX) today reported financial results for the Fourth Quarter and Full-Year 2023, highlighted by strong top and bottom-line growth for the full-year.

“IMAX delivered excellent results in 2023 — we grew Net Income by $48 million, Adjusted EPS by 88 cents, Adjusted EBITDA by 52%, and system installations by nearly 40%  — on the strength of demand for our technology, our unique premium model, and a clear preference among consumers worldwide for awe-inspiring IMAX experiences,” said Rich Gelfond, CEO of IMAX.

“As the entertainment landscape transforms, it is clear that IMAX is among its premier, in-demand destinations. We drove significant expansion and diversification of our global footprint, with a record 61 of our system installations coming from strategic Rest of World markets such as Japan, South Korea and Europe. Even as we deliver an outsized share of the global box office, we estimate the current IMAX network is only at 47% penetration — with the opportunity to open nearly 2,000 additional locations worldwide.”

“Our strong network growth is a direct result of our global content strategy, which has yielded the biggest and most diverse portfolio of IMAX Experiences ever. 2023 saw IMAX deliver a record at the North American box office, highest grossing year ever for local language films and overall box office approaching our best year ever. We are strategically managing our content portfolio to drive greater share of Hollywood releases, grow local language, accelerate our pipeline of IMAX Documentaries, and push further into emerging verticals including music and gaming, live experiences and recurring programming.”

“Through our global technology platform, IMAX powers awe-inspiring experiences for audiences around the world — capitalizing on the limitlessness of human imagination and need for shared experiences. We look forward to further capturing this opportunity, growing our network and content portfolio, to deliver results for our shareholders.”

_______________

(1)

Non-GAAP Financial Measure. See the discussion at the end of this earnings release for a description of the non-GAAP financial measures used herein, as well as reconciliations to the most comparable GAAP amounts.

(2)

Attributable to common shareholders.

 

Fourth Quarter and December Full-Year Financial Highlights

Three Months Ended

Year Ended

December 31,

December 31,

In millions of U.S. Dollars, except per share data

2023

2022

YoY %
Change

2023

2022

YoY %
Change

Total Revenue

$

86.0

$

98.0

(12 %)

$

374.8

$

300.8

25 %

Gross Margin

$

43.7

$

48.8

(11 %)

$

214.3

$

156.4

37 %

Gross Margin (%)

51

%

50

%

57

%

52

%

Adjusted EBITDA – attributable to common shareholders(1)(3)

$

23.0

$

27.8

(17 %)

$

128.2

$

84.5

52 %

Adjusted EBITDA Margin (%) – attributable to common shareholders(1)(3)

28

%

31

%

(8 %)

37

%

30

%

22 %

Total Adjusted EBITDA(1)(3)(4)

$

25.2

$

31.5

(20 %)

$

144.0

$

95.7

51 %

Total Adjusted EBITDA Margin (%)(1)(3)(4)

29

%

32

%

(9 %)

38

%

32

%

21 %

Net Income (Loss)(2)

$

2.5

$

2.6

(3 %)

$

25.3

$

(22.8)

N/A

Net Income (Loss) per share(2) – basic and diluted

$

0.05

$

0.05

—

$

0.46

$

(0.40)

N/A

Adjusted Net Income(1)(2)

$

9.3

$

10.6

(12 %)

$

52.1

$

3.2

N/A

Adjusted Earnings Per Share(1)(2)

$

0.17

$

0.19

(11 %)

$

0.94

$

0.06

N/A

Weighted average shares outstanding (in millions)(5):

Basic

54.0

54.8

(2 %)

54.3

56.7

(4 %)

Diluted

55.0

55.7

(1 %)

55.1

57.4

(4 %)

_______________

(1)

Non-GAAP Financial Measure. See the discussion at the end of this earnings release for a description of the non-GAAP financial measures used herein, as well as reconciliations to the most comparable GAAP amounts.

(2)

Attributable to common shareholders.

(3)

Per Credit Facility.

(4)

Total Adjusted EBITDA is equivalent to Total Adjusted EBITDA Attributable to Non-controlling Interests and Common Shareholders.

(5)

Reflects weighted average shares outstanding used in Adjusted Earnings Per Share calculation.

 

Fourth Quarter and Full Year Segment Results(1)

Content Solutions

Technology Products and Services

Revenue

Gross Margin

Gross
Margin %

Revenue

Gross Margin

Gross
Margin %

4Q23

$

19.1

$

9.7

51

%

$

62.5

$

29.9

48

%

4Q22

29.3

12.1

41

%

66.1

35.2

53

%

% change

(35)

%

(20)

%

(5)

%

(15)

%

FY23

$

126.7

$

74.1

58

%

$

234.3

$

129.9

55

%

FY22

101.8

51.2

50

%

192.4

101.1

53

%

% change

24

%

45

%

22

%

28

%

_______________

(1)

Please refer to the Company’s Form 10-K for the year ended December 31, 2023 for additional segment information.

Content Solutions Segment

Content Solutions revenue of $126.7 million increased 24% year-over-year for the full year 2023 while Q4 revenue of $19.1 million decreased 35% year-over-year. Gross box office from IMAX locations for full year 2023 of approximately $1.1 billion was up 25% while Q4 2023 of $170 million was down 32% year-over-year. IMAX set numerous records for box office during 2023 including:Highest full year local language box office of $227 millionHighest full year domestic box office of $393 millionHighest Q3 box office of $347 millionGross margin for Content Solutions of $74.1 million for the full year 2023 increased 45% year-over-year while Q4 gross margin of $9.7 million decreased 20% year-over-year. The Company saw significant margin expansion for the full year 2023 (up 800 basis points) and Q4 2023 (up 1000 basis points) driven by the operating leverage in our business along with our disciplined cost management.

Technology Products and Services Segment

Technology Products and Services revenues and gross margin for full year 2023 increased 22% year-over-year to $234.3 million and 28% year-over-year to $129.9 million, respectively. Q4 revenue and gross margin decreased 5% year-over-year to $62.5 million and 15% year-over-year to $29.9 million, respectively.For the full year 2023 the Company installed 128 systems compared to 92 systems in full year 2022. Of those, 75 systems were under sales and hybrid JRSA arrangements, compared to 46 systems in the prior year.During the fourth quarter the Company installed 69 systems compared to 52 systems in the fourth quarter of 2022. Of those, 38 systems were under sales and hybrid JRSA arrangements, compared to 24 systems in the prior year.Commercial network growth accelerated with the number of IMAX locations increasing 4% year-over-year to 1,693. The Company ended 2023 with a backlog of 450 IMAX systems.

Operating Cash Flow and Liquidity

Net cash provided by operating activities for full year 2023 was $58.6 million compared to $17.3 million in the prior period with the increase reflecting the higher profits year-over-year and improvements in working capital.

As of December 31, 2023, the Company’s available liquidity was $407 million. The Company’s liquidity includes cash and cash equivalents of $76 million, $276 million in available borrowing capacity under the Credit Facility, and $55 million in available borrowing capacity under IMAX China’s revolving facilities. Total debt, excluding deferred financing costs, was $257 million as of December 31, 2023.

In 2021, the Company issued $230.0 million of 0.500% Convertible Senior Notes due 2026 (“Convertible Notes”). In connection with the pricing of the Convertible Notes, the Company entered into privately negotiated capped call transactions with an initial cap price of $37.2750 per share of the Company’s common shares. 

Share Count and Capital Return

The weighted average basic and diluted shares outstanding used in the calculation of adjusted EPS for the full year of 2023 were 54.3 million and 55.1 million, respectively, compared to 56.7 million and 57.4 million, respectively for the full year 2022, a decrease year-over-year of 4% for both basic and diluted shares outstanding.

For the full year 2023, the Company repurchased 1.6 million common shares at an average price of $16.45 per share, for a total of $26.4 million, excluding commission, with $24.2 million of repurchases coming in the fourth quarter of 2023. Subsequent to year-end, the Company repurchased 1.2 million common shares at an average price of $13.99 per share, for a total of $16.2 million, excluding commission, year-to-date through February 26, 2024.

On June 14, 2023, the Company announced a 3-year extension to its share-repurchase program through June 30, 2026. The current share-repurchase program authorizes the Company to repurchase up to $400.0 million of its common shares, of which approximately $151.0 million remains available.

2024 Guidance

The Company expects the following for the full year 2024:

IMAX Gross Box Office: Similar to 2023System Installations: 120 to 150 SystemsTotal Consolidated Adjusted EBITDA Margin: High 30’s percent

Supplemental Materials

For more information about the Company’s results, please refer to the IMAX Investor Relations website located at investors.imax.com.

Investor Relations Website and Social Media

On a monthly basis, the Company posts quarter-to-date box office results on the IMAX Investor Relations website located at investors.imax.com. The Company expects to provide such updates within five business days of month-end, although the Company may change this timing without notice.

The Company may post additional information on the Company’s corporate and Investor Relations website which may be material to investors. Accordingly, investors, media and others interested in the Company should monitor the Company’s website in addition to the Company’s press releases, SEC filings and public conference calls and webcasts, for additional information about the Company.

Conference Call

The Company will host a conference call today at 4:30 PM ET to discuss its full year and fourth quarter 2023 financial results. This call is being webcast and can be accessed at investors.imax.com. To access the call via telephone, interested parties please pre-register here: https://register.vevent.com/register/BI5eba9aa253da46dfb62bb6d573394a9d and you will be provided with a dial-in number and unique pin. To avoid delays, we encourage participants to dial into the conference call ten minutes ahead of the scheduled start time. A replay of the call will be available via webcast at investors.imax.com.

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 systems to connect with audiences in extraordinary ways, making IMAX’s network 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, 2023, there were 1,772 IMAX systems (1,693 commercial multiplexes, 12 commercial destinations, 67 institutional) operating in 90 countries and territories. Shares of IMAX China Holding, Inc., a subsidiary of IMAX Corporation, trade on the Hong Kong Stock Exchange under the stock code “1970”.

IMAX®, IMAX® 3D, Experience It In IMAX®, The IMAX Experience®, DMR®, Filmed For IMAX®, IMAX LIVETM, IMAX Enhanced® are trademarks and trade names of IMAX Corporation or its subsidiaries that are registered or otherwise protected under laws of various jurisdictions. For more information, visit www.imax.com. You can also connect with IMAX on Instagram (www.instagram.com/company/imax), Facebook (www.facebook.com/imax), LinkedIn (www.linkedin.com/company/imax), X (www.twitter.com/imax), and YouTube (www.youtube.com/imaxmovies).

For additional information please contact:

Investors:

IMAX Corporation, New York

Jennifer Horsley

212-821-0154

jhorsley@imax.com

Media: 

IMAX Corporation, New York
Mark Jafar
212-821-0102
mjafar@imax.com

Forward-Looking Statements

This earnings release contains forward looking statements that are based on IMAX management’s assumptions and existing information and involve certain risks and uncertainties which could cause actual results to differ materially from future results expressed or implied by such forward looking statements. These forward-looking statements include, but are not limited to, business and technology strategies and measures to implement strategies, competitive strengths, goals, expansion and growth of business, operations and technology, future capital expenditures (including the amount and nature thereof), industry prospects and consumer behavior, plans and references to the future success of IMAX Corporation together with its consolidated subsidiaries (the “Company”) and expectations regarding the Company’s future operating, financial and technological results. These forward-looking statements are based on certain assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances. However, whether actual results and developments will conform with the expectations and predictions of the Company is subject to a number of risks and uncertainties, including, but not limited to, risks associated with investments and operations in foreign jurisdictions and any future international expansion, including those related to economic, political and regulatory policies of local governments and laws and policies of the United States and Canada, as well as geopolitical conflicts; risks related to the Company’s growth and operations in China; the performance of IMAX remastered films and other films released to the IMAX network; the signing of IMAX System agreements; conditions, changes and developments in the commercial exhibition industry; risks related to currency fluctuations; the potential impact of increased competition in the markets within which the Company operates, including competitive actions by other companies; the failure to respond to change and advancements in digital technology; risks relating to consolidation among commercial exhibitors and studios; risks related to brand extensions and new business initiatives; conditions in the in-home and out-of-home entertainment industries; the opportunities (or lack thereof) that may be presented to and pursued by the Company; risks related to cyber-security and data privacy; risks related to the Company’s inability to protect the Company’s intellectual property; risks related to climate change; risks related to weather conditions and natural disasters that may disrupt or harm the Company’s business; risks related to the Company’s indebtedness and compliance with its debt agreements; general economic, market or business conditions; risks related to political, economic and social instability; the failure to convert system backlog into revenue; changes in laws or regulations; any statements of belief and any statements of assumptions underlying any of the foregoing; other factors and risks outlined in the Company’s periodic filings with the SEC; and other factors, many of which are beyond the control of the Company. Consequently, all of the forward-looking statements made in this earnings release are qualified by these cautionary statements, and actual results or anticipated developments by the Company may not be realized, and even if substantially realized, may not have the expected consequences to, or effects on, the Company. These factors, other risks and uncertainties and financial details are discussed in the Company’s most recent Annual Report on Form 10-K. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Primary Reporting Groups

The Company’s Chief Executive Officer (“CEO”) is its Chief Operating Decision Maker (“CODM”), as such term is defined under U.S. GAAP. The CODM, along with other members of management, assesses segment performance based on segment revenues and gross margins. Selling, general and administrative expenses, research and development costs, the amortization of intangible assets, provision for (reversal of) current expected credit losses, certain write-downs, interest income, interest expense, and income tax (expense) benefit are not allocated to the Company’s segments.

In the first quarter of 2023, the Company revised its internal segment reporting, including the information provided to the CODM to assess segment performance and allocate resources.

The Company has the following reportable segments:

(i)                 

Content Solutions, which principally includes the digital remastering of films and other content into IMAX formats for distribution to the IMAX network. To a lesser extent, the Content Solutions segment also earns revenue from the distribution of large-format documentary films and exclusive experiences ranging from live performances to interactive events with leading artists and creators, as well as film post-production services.

(ii)                 

Technology Products and Services, which includes results from the sale or lease of IMAX Systems, as well as from the maintenance of IMAX Systems. To a lesser extent, the Technology Product and Services segment also earns revenue from certain ancillary theater business activities, including after-market sales of IMAX System parts and 3D glasses.

Transactions between segments are valued at exchange value. Inter-segment profits are eliminated upon consolidation, as well as for the disclosures below.

 

IMAX Network and Backlog

Three Months
Ended December 31,

Year
Ended December 31,

System Signings(1):

2023

2022

2023

2022

Sales Arrangements

10

11

64

21

Hybrid JRSA

—

—

—

3

Traditional JRSA

25

1

65

23

   Total IMAX System signings

35

12

129

47

Three Months
Ended December 31,

Year
Ended December 31,

System Installations(2):

2023

2022

2023

2022

Sales Arrangements

35

21

70

38

Hybrid JRSA

3

3

5

8

Traditional JRSA

31

28

53

46

   Total IMAX System installations

69

52

128

92

 

Year
Ended December 31,

System Backlog:

2023

2022

Sales Arrangements

164

162

Hybrid JRSA

103

120

Traditional JRSA

183

168

Total System backlog

450

450

Year
Ended December 31,

System Network:

2023

2022

Commercial Multiplex Systems

Sales Arrangements

769

702

Hybrid JRSA

138

151

Traditional JRSA

786

780

Total Commercial Multiplex Systems

1,693

1,633

Commercial Destination Systems

12

12

Institutional Systems

67

71

Total System network

1,772

1,716

______________

(1)

System signings include new signings of 32 in Q4 2023, 9 in Q4 2022, 108 in the full year 2023 and 30 in the full year 2022.

(2)

System installations include new systems installations of 47 in Q4 2023, 21 in Q4 2022, 86 in the full year 2023 and 56 in the full year 2022.

 

IMAX CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands of U.S. dollars, except per share amounts)

Three Months Ended

December 31,

Year Ended

(Unaudited)

December 31,

2023

2022

2023

2022

Revenues

Technology sales

$

35,337

$

33,888

$

100,792

$

69,158

Image enhancement and maintenance services

35,508

44,094

189,752

161,379

Technology rentals

12,954

18,060

75,566

61,786

Finance income

2,219

2,004

8,729

8,482

86,018

98,046

374,839

300,805

Costs and expenses applicable to revenues

Technology sales

17,805

17,346

46,756

37,610

Image enhancement and maintenance services

18,586

25,575

88,056

81,834

Technology rentals

5,939

6,278

25,686

25,006

42,330

49,199

160,498

144,450

Gross margin

43,688

48,847

214,341

156,355

Selling, general and administrative expenses

35,070

37,862

144,406

138,043

Research and development

2,722

1,633

10,110

5,300

Amortization of intangible assets

1,250

1,417

4,578

4,829

Credit loss expense (reversal), net

170

398

1,759

8,547

Asset impairments

144

—

144

4,470

Restructuring and executive transition costs

1,593

—

2,946

—

Income (loss) from operations

2,739

7,537

50,398

(4,834)

Realized and unrealized investment gains (losses)

29

(29)

465

70

Retirement benefits non-service expense

(179)

(139)

(411)

(556)

Interest income

648

252

2,486

1,428

Interest expense

(1,776)

(1,523)

(6,821)

(5,877)

Income (loss) before taxes

1,461

6,098

46,117

(9,769)

Income tax recovery (expense)

1,850

(2,017)

(13,051)

(10,108)

Net income (loss)

3,311

4,081

33,066

(19,877)

Net income attributable to non-controlling interests

(771)

(1,468)

(7,731)

(2,923)

Net income (loss) attributable to common shareholders

$

2,540

$

2,613

$

25,335

$

(22,800)

Net income (loss) per share attributable to common shareholders

Basic

$

0.05

$

0.05

$

0.47

$

(0.40)

Diluted

$

0.05

$

0.05

$

0.46

$

(0.40)

Weighted average shares outstanding (in thousands):

Basic

53,973

54,816

54,310

56,674

Diluted

54,983

55,659

55,146

56,674

Additional Disclosure:

Depreciation and amortization

$

13,545

$

13,998

$

60,022

$

56,661

Amortization of deferred financing costs

$

493

$

712

$

2,235

$

3,177

 

IMAX CORPORATION

CONSOLIDATED BALANCE SHEETS

(In thousands of dollars, except share amounts)

As of December 31,

2023

2022

Assets

Cash and cash equivalents

$

76,200

$

97,401

Accounts receivable, net of allowance for credit losses

136,259

136,142

Financing receivables, net of allowance for credit losses

127,154

129,384

Variable consideration receivable, net of allowance for credit losses

64,338

44,024

Inventories

31,584

31,534

Prepaid expenses

12,345

12,343

Film assets, net of accumulated amortization

6,786

5,277

Property, plant and equipment, net of accumulated depreciation

243,299

252,896

Investment in equity securities

—

1,035

Other assets

20,879

15,665

Deferred income tax assets, net of valuation allowance

7,988

9,900

Goodwill

52,815

52,815

Other intangible assets, net of accumulated amortization

35,022

32,738

Total assets

$

814,669

$

821,154

Liabilities

Accounts payable

$

26,386

$

25,237

Accrued and other liabilities

111,013

117,286

Deferred revenue

67,105

70,940

Revolving credit facility borrowings, net of unamortized debt issuance costs

22,924

36,111

Convertible notes and other borrowings, net of unamortized discounts and debt issuance costs

229,131

226,912

Deferred income tax liabilities

12,521

14,900

Total liabilities

469,080

491,386

Commitments, contingencies and guarantees

Non-controlling interests

658

722

Shareholders’ equity

Capital stock common shares — no par value. Authorized — unlimited number.

53,260,276 issued and outstanding (December 31, 2022 — 54,148,614 issued and outstanding)

389,048

376,715

Other equity

185,087

185,678

Statutory surplus reserve

3,932

3,932

Accumulated deficit

(292,845)

(293,124)

Accumulated other comprehensive loss

(12,081)

(9,846)

Total shareholders’ equity attributable to common shareholders

273,141

263,355

Non-controlling interests

71,790

65,691

Total shareholders’ equity

344,931

329,046

Total liabilities and shareholders’ equity

$

814,669

$

821,154

 

IMAX CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands of dollars)

Years Ended December 31,

2023

2022

Operating Activities

Net income (loss)

$

33,066

$

(19,877)

Adjustments to reconcile net income (loss) to cash provided by operating activities:

Depreciation and amortization

60,022

56,661

Amortization of deferred financing costs

2,235

3,177

Credit loss expense, net

1,759

8,547

Write-downs, including asset impairments

1,884

7,176

Deferred income tax benefit

(1,447)

(2,073)

Share-based and other non-cash compensation

24,230

27,573

Unrealized foreign currency exchange (gain) loss

(212)

1,108

Realized and unrealized investment gain

(465)

(70)

Changes in assets and liabilities:

Accounts receivable

(1,907)

(29,003)

Inventories

(285)

(5,529)

Film assets

(20,394)

(19,598)

Deferred revenue

(3,882)

(11,572)

Changes in other operating assets and liabilities

(35,989)

801

Net cash provided by operating activities

58,615

17,321

Investing Activities

Purchase of property, plant and equipment

(6,491)

(8,424)

Investment in equipment for joint revenue sharing arrangements

(18,000)

(19,803)

Interest in film classified as a financial instrument

—

(4,731)

Acquisition of other intangible assets

(8,344)

(4,394)

Proceeds from sale of equity securities

1,045

—

Acquisition of SSIMWAVE Inc., net of cash and cash equivalents acquired

—

(15,939)

Net cash used in investing activities

(31,790)

(53,291)

Financing Activities

Proceeds from revolving credit facility borrowings

39,717

37,871

Repayments of revolving credit facility borrowings

(53,248)

(3,600)

Proceeds from other borrowings

322

—

Repayment of other borrowings

(53)

—

Credit facility amendment fees paid

(46)

(2,279)

Repurchase of common shares, IMAX Corporation

(26,823)

(80,124)

Repurchase of common shares, IMAX China

(15)

(3,043)

Taxes withheld and paid on employee stock awards vested

(6,466)

(3,687)

Principal payment under finance lease obligations

(480)

(948)

Dividends paid to non-controlling interests

(1,438)

(2,704)

Net cash used in financing activities

(48,530)

(58,514)

Effects of exchange rate changes on cash

504

2,174

Decrease in cash and cash equivalents during year

(21,201)

(92,310)

Cash and cash equivalents, beginning of year

97,401

189,711

Cash and cash equivalents, end of year

$

76,200

$

97,401

 

Segment Revenue and Gross Margin

(In thousands of dollars)

Three Months Ended

Years Ended

December 31,

December 31,

2023

2022

2023

2022

Revenue

Content Solutions

19,093

29,320

126,698

101,820

Technology Products and Services

62,490

66,107

234,303

192,368

Sub-total for reportable segments

81,583

95,427

361,001

294,188

All Other(1)

4,435

2,619

13,838

6,617

Total

$

86,018

$

98,046

$

374,839

$

300,805

Gross Margin

Content Solutions

9,709

12,122

74,106

51,240

Technology Products and Services

29,880

35,179

129,946

101,055

Sub-total for reportable segments

39,589

47,301

204,052

152,295

All Other(1)

4,099

1,546

10,289

4,060

Total

$

43,688

$

48,847

$

214,341

$

156,355

______________

(1)     All Other includes the results from Streaming and Consumer Technology and other ancillary activities.

IMAX CORPORATION
NON-GAAP FINANCIAL MEASURES
(in thousands of U.S. dollars)

In this release, the Company presents adjusted net income attributable to common shareholders and adjusted net income attributable to common shareholders per basic and diluted share, EBITDA, Adjusted EBITDA per Credit Facility, Adjusted EBITDA margin as supplemental measures of the Company’s performance, which are not recognized under U.S. GAAP. Adjusted net income attributable to common shareholders and adjusted net income attributable to common shareholders per basic and diluted share exclude, where applicable: (i) share-based compensation; (ii) COVID-19 government relief benefits, net; (iii) realized and unrealized investment gains or losses; (iv) transaction-related expenses; and (v) restructuring and executive transition costs, as well as the related tax impact of these adjustments.

The Company believes that these non-GAAP financial measures are important supplemental measures that allow management and users of the Company’s financial statements to view operating trends and analyze controllable operating performance on a comparable basis between periods without the after-tax impact of share-based compensation and certain unusual items included in net income (loss) attributable to common shareholders. Although share-based compensation is an important aspect of the Company’s employee and executive compensation packages, it is a non-cash expense and is excluded from certain internal business performance measures.

A reconciliation from net income (loss) attributable to common shareholders and the associated per share amounts to adjusted net income attributable to common shareholders and adjusted net income attributable to common shareholders per diluted share is presented in the table below. Net income (loss) attributable to common shareholders and the associated per share amounts are the most directly comparable GAAP measures because they reflect the earnings relevant to the Company’s shareholders, rather than the earnings attributable to non-controlling interests.

In addition to the non-GAAP financial measures discussed above, management also uses “EBITDA,” as such term is defined in the Company’s Credit Agreement, and which is referred to herein as “Adjusted EBITDA per Credit Facility.” As allowed by the Credit Agreement, Adjusted EBITDA per Credit Facility includes adjustments in addition to the exclusion of interest, taxes, depreciation and amortization. Adjusted EBITDA per Credit Facility measure is presented to allow a more comprehensive analysis of the Company’s operating performance and to provide additional information with respect to the Company’s compliance against its Credit Agreement requirements when applicable. In addition, the Company believes that Adjusted EBITDA per Credit Facility presents relevant and useful information widely used by analysts, investors and other interested parties in the Company’s industry to evaluate, assess and benchmark the Company’s results.

EBITDA is defined as net income or loss excluding (i) income tax expense or benefit; (ii) interest expense, net of interest income; (iii) depreciation and amortization, including film asset amortization; and (iv) amortization of deferred financing costs. Adjusted EBITDA per Credit Facility is defined as EBITDA excluding: (i) share-based and other non-cash compensation; (ii) realized and unrealized investment gains or losses; (iii) transaction-related expenses; (iv) restructuring and executive transition costs; and (v) write-downs, net of recoveries, including asset impairments and credit loss expense.

A reconciliation of net income (loss) attributable to common shareholders, which is the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA per Credit Facility is presented in the table below. Net income (loss) attributable to common shareholders is the most directly comparable GAAP measure because it reflects the earnings relevant to the Company’s shareholders, rather than the earnings attributable to non-controlling interests.

In this release, the Company also presents free cash flow, which is not recognized under U.S. GAAP, as a supplemental measure of the Company’s liquidity. The Company definition of free cash flow deducts only normal recurring capital expenditures, including the Company’s investment in joint revenue sharing arrangements, the purchase of property, plant and equipment and the acquisition of other intangible assets (from the Consolidated Statements of Cash Flows), from net cash provided by or used in operating activities. Management believes that free cash flow is a supplemental measure of the cash flow available to reduce debt, add to cash balances, and fund other financing activities. Free cash flow does not represent residual cash flow available for discretionary expenditures. A reconciliation of cash provided by operating activities to free cash flow is presented below.

These non-GAAP measures may not be comparable to similarly titled amounts reported by other companies. Additionally, the non-GAAP financial measures used by the Company should not be considered as a substitute for, or superior to, the comparable GAAP amounts.

 

Adjusted EBITDA per Credit Facility

For the Three Months Ended December 31, 2023 (1)

For the Three Months Ended December 31, 2022 (1)

Attributable to
Non-controlling

Less:

Attributable to
Non-controlling

Less:

Interests and

Attributable to

Attributable to

Interests and

Attributable to

Attributable to

Common

Non-controlling

Common

Common

Non-controlling

Common

Shareholders

Interests

Shareholders

Shareholders

Interests

Shareholders

(In thousands of U.S. Dollars)

Reported net income

$

3,311

$

771

$

2,540

$

4,081

$

1,468

$

2,613

Add (subtract):

Income tax expense

(1,850)

(147)

(1,703)

2,016

786

1,230

Interest expense, net of interest income

636

(137)

773

559

(15)

574

Depreciation and amortization, including film asset
amortization

13,545

1,161

12,384

13,998

1,109

12,889

Amortization of deferred financing costs(2)

493

—

493

712

—

712

EBITDA

$

16,135

$

1,648

$

14,487

$

21,366

$

3,348

$

18,018

Stock and other non-cash compensation

6,400

144

6,256

8,063

205

7,858

Unrealized investment (gains) losses

(29)

—

(29)

29

—

29

Transaction-related expenses(3)

327

208

119

166

—

166

Write-downs, including asset impairments and
credit loss expense

812

(37)

849

1,867

162

1,705

Restructuring and executive transition costs(4)

1,593

258

1,335

—

—

—

Adjusted EBITDA per Credit Facility

$

25,238

$

2,221

$

23,017

$

31,491

$

3,715

$

27,776

Revenues attributable to common shareholders(5)

86,018

4,687

81,331

98,046

7,273

90,773

Adjusted EBITDA margin attributable to common
shareholders

29.3

%

47.4

%

28.3

%

32.1

%

51.1

%

30.6

%

For the Twelve Months Ended December 31, 2023 (1)

For the Twelve Months Ended December 31, 2022 (1)

Attributable to
Non-controlling

Less:

Attributable to
Non-controlling

Less:

Interests and

Attributable to

Attributable to

Interests and

Attributable to

Attributable to

Common

Non-controlling

Common

Common

Non-controlling

Common

Shareholders

Interests

Shareholders

Shareholders

Interests

Shareholders

(In thousands of U.S. Dollars)

Reported net income (loss)

$

33,066

$

7,731

$

25,335

$

(19,877)

$

2,923

$

(22,800)

Add (subtract):

Income tax expense

13,051

1,725

11,326

10,108

1,256

8,852

Interest expense, net of interest income

2,101

(408)

2,509

1,272

(251)

1,523

Depreciation and amortization, including film asset
   amortization

60,022

5,312

54,710

56,661

4,820

51,841

Amortization of deferred financing costs(2)

2,235

—

2,235

3,177

—

3,177

EBITDA

$

110,475

$

14,360

$

96,115

$

51,341

$

8,748

$

42,593

Stock and other non-cash compensation

24,230

774

23,456

27,573

760

26,813

Unrealized investment gains

(465)

(93)

(372)

(70)

—

(70)

Transaction-related expenses(3)

3,569

208

3,361

1,122

—

1,122

Write-downs, including asset impairments and
credit loss expense

3,273

362

2,911

15,723

1,723

14,000

Restructuring and executive transition costs(4)

2,946

258

2,688

—

—

—

Adjusted EBITDA per Credit Facility

$

144,028

$

15,869

$

128,159

$

95,689

$

11,231

$

84,458

Revenues attributable to common shareholders(5)

374,839

25,674

349,165

300,805

20,883

279,922

Adjusted EBITDA margin attributable to common
shareholders

38.4

%

61.8

%

36.7

%

31.8

%

53.8

%

30.2

%

______________

(1)

The Senior Secured Net Leverage Ratio is calculated using Adjusted EBITDA per Credit Facility determined on a trailing twelve-month basis.

(2)

The amortization of deferred financing costs is recorded within Interest Expense in the Condensed Consolidated Statement of Operations.

(3)

Reflects costs incurred resulting from the Company’s proposal to acquire the outstanding 96.3 million shares in IMAX China.

(4)

Reflects costs in connection with the departure of the President, IMAX Entertainment and Executive Vice President of the Company and other employees to capture efficiencies and centralize certain operational roles.

(5)

(In thousands of U.S. Dollars)

Three months ended
December 31, 2023

Three months ended
December 31, 2022

Year ended
December 31, 2023

Year ended
December 31, 2022

Total revenues

$

86,018

$

98,046

$

374,839

$

300,805

Greater China revenues

$

16,521

$

25,728

$

90,496

$

73,330

Non-controlling interest ownership
percentage(6)

28.37

%

28.27

%

28.37

%

28.48

%

Deduction for non-controlling interest
share of revenues

(4,687)

(7,273)

(25,674)

(20,883)

Revenues attributable to common
shareholders

$

81,331

$

90,773

$

349,165

$

279,922

(6)

Weighted average ownership percentage for change in non-controlling interest share

 

Adjusted Net Income Attributable to Common Shareholders and Adjusted Net Income Per Share

Three Months Ended

Three Months Ended

December 31, 2023

December 31, 2022

(In thousands of U.S. dollars, except per share amounts)

Net Income

Per Diluted
Share

Net Income

Per Diluted
Share

Net income attributable to common shareholders

$

2,540

$

0.05

$

2,613

$

0.05

Adjustments(1):

Share-based compensation

6,074

0.11

7,730

0.14

Unrealized investment gains

(32)

—

29

—

Transaction-related expenses(2)

119

—

166

—

Restructuring and executive transition costs(3)

1,335

0.02

—

—

Tax impact on items listed above

(747)

(0.01)

17

—

Adjusted net income(1)

$

9,289

$

0.17

$

10,555

$

0.19

Weighted average basic shares outstanding

53,973

54,816

Weighted average diluted shares outstanding

54,983

55,659

Year Ended

Year Ended

December 31, 2023

December 31, 2022

(In thousands of U.S. dollars, except per share amounts)

Net Income

Per Diluted
Share

Net (Loss)
Income

Per Diluted
Share

Net income (loss) attributable to common shareholders

$

25,335

$

0.46

$

(22,800)

$

(0.40)

Adjustments(1):

Share-based compensation

23,184

0.42

26,382

0.46

COVID-19 government relief benefits, net

—

—

(373)

(0.01)

Unrealized investment gains

(558)

(0.01)

(70)

—

Transaction-related expenses(2)

3,361

0.06

1,122

0.02

Restructuring and executive transition costs(3)

2,688

0.05

—

—

Tax impact on items listed above

(1,931)

(0.04)

(1,054)

(0.02)

Adjusted net income(1)

$

52,079

$

0.94

$

3,207

$

0.06

 Weighted average shares outstanding – basic

54,310

56,674

 Weighted average shares outstanding – diluted

55,146

57,371

 _______________

(1)

Reflects amounts attributable to common shareholders.

(2)

Reflects costs in connection with the Company’s proposal to acquire the outstanding 96.3 million shares in IMAX China in 2023 and costs incurred associated with the acquisition of SSIMWAVE in 2022.

(3)

Reflects costs in connection with the departure of the President, IMAX Entertainment and Executive Vice President of the Company and other employees to capture efficiencies and centralize certain operational roles.

 

Free Cash Flow

Year Ended

Year Ended

(In thousands of U.S. Dollars)

December 31, 2023

December 31, 2022

Net cash provided by operating activities

$

58,615

$

17,321

Purchase of property, plant and equipment

(6,491)

(8,424)

Acquisition of other intangible assets

(8,344)

(4,394)

Free cash flow before growth CAPEX

43,780

4,503

Investment in equipment for joint revenue sharing arrangements

(18,000)

(19,803)

Free cash flow

$

25,780

$

(15,300)

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SOURCE IMAX Corporation

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EVERSANA Transforms Pharmacovigilance & Drug Safety Industry with Oracle Collaboration, New Global Patient Support Model

Published

48 mins ago

on

October 10, 2024

By

CHICAGO, Oct. 10, 2024 /PRNewswire/ — EVERSANA, a leading provider of global commercialization services to the life sciences industry, today announced transformational elements to its pharmacovigilance and drug safety offering to meet the growing needs of the industry.

First, EVERSANA has signed an agreement with Oracle Argus Cloud to offer comprehensive features and functionalities including AI-enabled automation, workflow optimization, and conditional touchless processing to manage rapidly increasing caseloads and changing regulations across the life sciences industry. Several EVERSANA pharmacovigilance customers have transitioned to the platform, and all future customers can benefit from the unmatched power of the leading drug safety management system.

Additionally, as an Oracle Partner Network Member since 2023, EVERSANA is committed to investing and growing its drug safety management capabilities and is now promoted by Oracle to global customers for our pharmacovigilance and implementation services.

Both milestones reinforce EVERSANA’s continued growth in drug safety management capabilities and the role it plays in commercialization success.

“We believe that pharmacovigilance services across the life sciences industry are powered by innovation and transformational thinking,” said Jim Lang, CEO, EVERSANA. “Together with Oracle’s leading systems, we are doing just this, combining our experience and operational excellence with best-in-class systems to drive better outcomes and put patient safety first.”

Complimenting Technology Solutions with New Global Support Model with Leading Skilled Workforce

In addition to the power of technology to drive greater efficiency and operational excellence, EVERSANA has also rapidly expanded its global medical information contact center capabilities. The company now offers multi-language and around-the-clock support across four regional hubs including North America, Europe, India and Japan. Here, trained experts are available to answer calls from clinicians, patients, and caregivers in their native language to ensure they have the latest information on therapy and can report any adverse effects or product complaints as necessary.

“Today’s drug safety industry demands that service providers deliver critical medical information to doctors and patients in their region and at any time,” noted Lang. “Our investments in global experts  top talent  and transformational technology will help bring this commitment to life.”

To learn more about EVERSANA’s global compliance services and pharmacovigilance offering, click here.

About EVERSANA®

EVERSANA® is a leading independent provider of global services to the life sciences industry. The company’s integrated solutions are rooted in the patient experience and span all stages of the product life cycle to deliver long-term, sustainable value for patients, prescribers, channel partners and payers. The company serves more than 650 organizations, including innovative start-ups and established pharmaceutical companies, to advance life sciences solutions for a healthier world. To learn more about EVERSANA, visit eversana.com or connect through LinkedIn and X.

MEDIA CONTACTS

EVERSANA

Matt Braun
Vice President, Corporate Communications
E-mail: matt.braun@eversana.com

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SOURCE EVERSANA

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2024 ASCAP Lab “AI and the Business of Music” Challenge Teams Revealed

Published

48 mins ago

on

October 10, 2024

By

Upcoming ASCAP VERSED Podcast Explores Benefits of Teams’ Music Industry Tools

NEW YORK, Oct. 10, 2024 /PRNewswire/ — The ASCAP Lab, ASCAP’s innovation initiative, announces the cohort for the 2024 AI and the Business of Music Challenge. The ASCAP Lab Challenge brings together the society’s senior strategy, operations and legal experts; key ASCAP writer, composer and publisher members; and some of the most promising music tech entrepreneurs and early-stage startups in an effort to shape how artificial intelligence(AI) tools can benefit music creators. This year’s ASCAP Lab Challenge explored commercial solutions enabled by AI that can transform music industry workflows, business processes and data exchanges.

To highlight the 2024 ASCAP Lab Challenge teams, VERSED: The ASCAP Podcast will debut “The ASCAP Lab Gets Down to Business with AI” on October 24. The episode will feature this year’s entrepreneurs explaining their innovations and how the industry can leverage these advances. ASCAP composer and producer Gregg Lehrman (trailers for Avatar, Inglourious Basterds) will share his experience as one of the mentors for the Challenge teams and as a startup founder himself.

Launched in 2020, the annual ASCAP Lab Challenge is an accelerator program, operated in partnership with the NYC Media Lab led by the NYU Tandon School of Engineering, that provides selected startups and university teams with mentorship and small grants to develop and expand upon their emerging technologies during the 12-week program. The ASCAP Lab works closely with each selected team to optimize its product development for the music creator community. It is one way in which the ASCAP Lab explores the intersection of technology, art and business to drive value for music creators and users.

ASCAP Chief Strategy and Digital Officer Nick Lehman said: “ASCAP’s creator-first, future-forward commitment makes it imperative for us to embrace technology while simultaneously protecting the rights of creators. The dialogue, understanding and relationships that the ASCAP Lab Challenge creates with the music startup community enable us to drive progress for the industry and deliver on this commitment.”

The 2024 ASCAP Lab Challenge teams are:

CRESQA: An AI social media content assistant designed for songwriters and musicians that automates the process of social media strategy development and helps generate fully personalized post ideas and schedules for TikTok, Instagram, YouTube Shorts, Facebook and more. https://cresqa.com/

Music Tomorrow: Analytics tools that monitor and boost artists’ algorithmic performance on streaming platforms, using AI for advanced audience insights and automation that improve an artist’s content discoverability, listener engagement and team efficiency. https://www.music-tomorrow.com/

RoEx: AI-driven tools for multitrack mixing, mastering, audio cleanup and quality control, designed to streamline and enhance the last steps of the creative process by delivering a professional and balanced mix with ease. http://www.roexaudio.com

SoundSafe.ai: Robust, state-of-the-art audio watermarking using AI to enhance security, reporting and the detection of real-time piracy and/or audio deepfakes. http://www.SoundSafe.ai

Wavelets AI: Tools for artists, labels, copyright holders, content distributors and DSPs that help reduce IP infringement by detecting AI vocals in music. https://wavelets.ai/

This year’s ASCAP Lab Challenge program expands upon the 2023 Challenge, which focused on startups utilizing AI for making and experiencing music. The story of the 2023 Challenge is captured in an ASCAP Lab-produced documentary short “Prelude in AI Major: Crafting a Creator-First Future for AI.” The film takes an in-depth look at the 2023 Challenge teams and how they leveraged AI to build innovative tools for making and experiencing music, informed by their own backgrounds as composers and musicians. ASCAP mentors, including songwriter and composer members, shared their experiences guiding the teams in developing their technologies and exploring the copyright implications of their work.

As part of its ongoing effort to educate ASCAP members on AI, ASCAP has hosted panels and symposia on the creative possibilities and legal challenges of the technology in Los Angeles, New York and Nashville. The New York and Nashville sessions are available on demand on the ASCAP YouTube Channel:

“How Creators Are Unlocking the Potential of Artificial Intelligence“”Navigating AI for Music Creators: Legal & Copyright Issues“”Melody, Lyrics & Algorithm: Music Creators in the Age of AI“”Navigating AI: Evolving Legal & Policy Frameworks“

Additional past ASCAP Lab programming available on demand includes:

“NFTs: What Every Music Creator Needs to Know” – Presented by the ASCAP Lab, this 2022 ASCAP Experience panel features experts CrossBorderWorks CEO Vickie Nauman, nft now CEO Matt Medved and writer/producer/artist Poo Bear explaining non-fungible tokens, how to buy NFTs and some of the best use cases for music NFTs – to create collectibles, build community, foster direct fan access and more.“Music in the Metaverse: 4 Startups Shaping our New (Extended) Reality” – The metaverse is an immersive platform for creativity, community and identity, rich in potential for music creators and their fans. This ASCAP Experience panel presented by the ASCAP Lab features the 2022 Challenge teams demonstrating new ways to create and experience music, express digital identity through music, and connect music creators and fans in the metaverse.

More information on the ASCAP Lab can be found at https://www.ascap.com/ascap-lab.

About ASCAP
The American Society of Composers, Authors and Publishers (ASCAP) is a membership association of more than one million songwriters, composers and music publishers, and represents some of the world’s most talented music creators. In 2023, ASCAP reported record-high financial results of $1.737 billion in revenues and $1.592 billion available in royalty distribution monies to its members. Over the last eight years, ASCAP has delivered a 7% compound annual growth rate for total revenues, and an 8% compound annual growth rate for total royalty distributions to members. Founded and governed by songwriters, composers and publishers, it is the only performing rights organization in the U.S. that operates on a not-for-profit basis. ASCAP licenses a repertory of over 20 million musical works to hundreds of thousands of businesses that use music, including streaming services, cable television, radio and satellite radio and brick and mortar businesses such as retail stores, hotels, clubs, restaurants and bars. ASCAP collects the licensing fees; identifies, matches and processes trillions of performances every year; and returns nearly 90 cents of every dollar back to its members as royalties. The ASCAP blanket license offers an efficient solution for businesses to legally perform ASCAP music while respecting the right of songwriters and composers to be paid fairly. ASCAP puts music creators first, advocating for their rights and the value of music on Capitol Hill, driving innovation that moves the industry forward, building community and providing the resources and support that creators need to succeed in their careers. Learn more and stay in touch at www.ascap.com, on X and Instagram @ASCAP and on Facebook.

About the NYC Media Lab
The NYC Media Lab connects media and technology companies with both NYU Tandon and industry affiliates to drive innovation, entrepreneurship and talent development. Our interdisciplinary community of innovators from industry and academia allows our network to gain valuable insights, explore the potential of emerging technology and address the challenges and opportunities created by the rapidly evolving digital media landscape. Learn more at engineering.nyu.edu/nyc-media-lab.

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SOURCE ASCAP – American Society of Composers, Authors and Publishers

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CYBER ENVIRO-TECH INC ANNOUNCES PARTNERSHIP WITH SOME OF ITS SHAREHOLDERS TO FOCUS ON THE LAUNDRY INDUSTRY

Published

48 mins ago

on

October 10, 2024

By

SCOTTSDALE, Ariz., Oct. 10, 2024 /PRNewswire/ — Cyber Enviro-Tech Inc. (CETI) (OTCQB: CETI) CETI, is pleased to announce a partnership with its shareholder-based subsidiary, CETI Axenic (CAX), to pursue opportunities in the commercial laundry business. This industry, which consumes over 1.7 trillion gallons of water annually at a cost exceeding $3.5 billion, currently recycles only about 32% of the water used. With CETI’s innovative water remediation systems, recycling rates can increase to over 90%, resulting in potential annual savings of more than $1 billion.

Beyond the significant water conservation benefits, CETI’s offers numerous advantages over conventional wastewater cleaning methods. It provides up to 48 hours of residual disinfectant, is eco-friendly, removes PFAS (“forever chemicals”) by over 85% and eliminates water softening measures. By circumventing the use of such chemicals, CETI’s bio-mechanical process eliminates effluent, eliminating the need for sewage treatment. Recycling water creates a 50% energy savings by reducing the use of heat on incoming water and the demand on local water resources to lower the laundromat environmental footprint.  These combined benefits could yield over 20% in cost savings while enhancing cleaning and disinfection efficiency.

“We were pleased to be approached by a small group of CETI’s shareholders who believe in our products and processes enough to drive deployment of our technologies into their respective industries. This will allow us to focus on our current markets while providing ancillary revenues to CETI.  Such revenues include a licensing fee along with a revenue sharing arrangement between both companies,” said Kim D. Southworth, co-founder and CEO of Cyber Enviro-Tech, Inc.

CETI remains committed to advancing sustainable, efficient water remediation technologies and solutions for cleaning industrial wastewater and is currently focused on contaminated crude oil and sludge, consistently prioritizing cost-effective, environmentally responsible practices.

ABOUT CYBER ENVIRO-TECH, INC. CETI is an international eco-conscious, oil/sludge, water and soil remediation Company. Using bio remedial material and other proprietary equipment and processes, we are able to extract and eliminate many hazardous waste materials found in today’s oil, industrial wastewater and soil. CETI has designed safe, cost-effective remediation systems including 4th Industrial Revolution technologies. This would include machine learning, artificial intelligence, the cloud, SCADA, etc., along with the application of our non-chemical, bio remedial material. Our core business model is focused on cleaning oil/sludge ponds, storage tanks, oil spills, mining and other soil remediation projects and all bodies of contaminated industrial wastewater.

FORWARD-LOOKING STATEMENTS
Any statements contained in this press release that do not describe historical facts constitute forward-looking statements. Forward-looking statements may include, without limitation, financial projections, statements regarding the plans and objectives of management for current and future operations, the development, regulatory approvals, and commercialization of the Company’s products, or any of the Company’s proposed services, systems, services, licensing arrangements, joint ventures, partnerships, or acquisitions. Such forward-looking statements are not meant to predict or guarantee actual results and performance and actual events or results may differ considerably. Factors that may cause actual results to differ materially from any projections may include, without limitation, delays in the Company’s development of its products and services, the inability to obtain additional financing, the impact of significant new or changing government regulation on the industry, existing or increased competition, results of arbitration and litigation, stock volatility and illiquidity, and the Company’s general failure to effectively implement the Company’s business plans or strategies. The Company assumes no obligation to update any forward-looking statements to reflect any change in events or circumstances that may arise after the date of this release.

CONTACT:
Winston McKellar,
Dir of IR/PR
Cyber Enviro-Tech, Inc.
6991 E. Camelback Rd., Suite D-300
Scottsdale, AZ 85251
866.687.6856

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SOURCE Cyber Enviro-Tech

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