Imax First-Quarter Earnings Rise Despite Fewer Theater Installations
The giant-screen exhibitor is looking ahead to the international release of "Iron Man 3."
TORONTO – Giant-screen exhibitor Imax on Thursday posted higher first-quarter earnings despite lower revenue due to fewer theater signings and installations.
Toronto-based Imax saw earnings for the three months ended March 31 climb to $2.86 million, compared with a year-ago profit of $2.51 million. Quarterly revenue of $49.8 million was down from the $55.5 million recorded in the year-ago period.
Imax installed 17 theater systems in the latest quarter, of which 10 were in new theater locations, compared to 23 theaters installed in the same period of 2012. Revenue from sales and sales-type leases came to $9.8 million during the latest quarter, compared with $12.9 million in the same period of 2012.
On the film side, production and digital re-mastering (DMR) revenue was $14.4 million, compared to $13.8 million in the first quarter of 2012. Gross box office from DMR titles was $128.7 million in the first quarter, up from a year-earlier $121.7 million.
At the same time, the average global DMR box office per-screen in the first quarter declined to $212,900 from $247,600 in 2012. Imax executives will hold an analyst call Thursday morning to discuss the results.