Imax Fourth-Quarter Earnings Rise Sharply
UPDATED: The giant-screen exhibitor's results were driven by strong theater installations and a company record for global box office.
OTTAWA -- Giant-screen exhibitor Imax Corp. on Thursday reported improved fourth-quarter results, driven by strong theater installations and a company record for global box office.
Imax, led by CEO Richard Gelfond, reported earnings of $27.8 million for the quarter ending December 31, compared with a profit of $12.8 million in the year-earlier period.
Revenue jumped to $105 million from $77.4 million. "Imax fired on all cylinders in the fourth quarter, with an exceptional number of installations and signings, as well as the highest grossing box office in the company's history," Gelfond said.
During the latest quarter, Imax signed contracts for 119 theater systems and installed 58, of which four were upgrades of existing venues. That brought the full-year total of installations to 112 new theater systems across 23 countries.
Quarterly revenue from sales and sales-type leases came to $32.6 million, compared with $20.2 million in the year-ago period. Revenue from joint revenue-sharing arrangements was $24.5 million, up from a year-earlier $17 million.
Production and digital remastering (DMR) revenue hit $28.6 million, up from $19.2 million in the fourth quarter of 2012.
Gross box office from DMR titles reached $244.5 million in the fourth quarter. That compared with $152 million in the prior-year period.
The average global DMR box office per-screen in the fourth quarter was $366,300 compared with $264,400.