IMAX Corp. plans to cut 100 full-time jobs, or about 14% of its global full-time workforce, including positions at unit IMAX China Holding Inc., as part of a cost-reduction plan.
The company expects to incur a pre-tax restructuring and impairment charge of roughly $15 million this year related to the job cuts, with $11 million expected to be recognized in the second quarter. The cost-reduction initiative is expected to save $20 million annually, beginning in the third quarter, IMAX said.
Additionally, the company's board of directors authorized IMAX to buy back up to $200 million of its common stock. Repurchases are expected to be made from time to time in the open market or in privately negotiated transactions until June 30, 2020. The newly authorized $200 million repurchase program does not include shares repurchased in connection with the administration of employee share-based compensation plans. The new repurchase program follows a similar $200 million repurchase program set to end this month.