Imax First Quarter Earnings Fall

4:15 AM PST 04/24/2014 by Etan Vlessing
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Imax CEO Richard Gelfond

The dip came as Imax signed contracts for 36 theaters, including 23 across Europe.

TORONTO – Imax Corp. posted a fall in first-quarter earnings on Thursday, on virtually unchanged overall revenues.

The giant screen exhibitor posted a profit of $579,000 for the three months ending on March 31, against earnings of $2.86 million in 2013.

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Revenues came in at $48.1 million, against $49.6 million a year earlier.

"We made significant progress towards our long-term goals this quarter through our multi-picture agreement with Disney and our recently announced transaction with investors in China," said Imax CEO Richard Gelfond in a statement, as he hit the corporate highlights of the quarter.

The first-quarter box office was $139 million, with two-thirds of that take coming from international markets.

Gross box office from digitally re-mastered movie titles was $138.5 million, against $128.7 million the prior year.

Imax signed contracts for 36 theaters during the latest financial frame, including 23 in Europe.

Company executives are to hold an analyst call on Thursday morning to discuss the first-quarter results.

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