Imax Fourth-Quarter Profit Doubles
TORONTO – Giant-screen exhibitor Imax Corp. said Thursday that it doubled its fourth-quarter earnings thanks to growth in Hollywood box office and continued expansion of its theater network.
Toronto-based Imax posted earnings of $12.8 million for the three months ending Dec. 31, up from a year-ago profit of $6.25 million. The figure exceeded Wall Street estimates.
Fourth-quarter revenue rose to $77.7 million, compared with $66.6 million in the year-ago period, due mostly to the timing of deliveries of new screens. Imax has been expanding its global footprint and pushing more supersized Hollywood titles through its theaters.
Films that helped drive box office for the company in the latest quarter included Skyfall and The Hobbit: An Unexpected Journey.
Imax systems revenue was $24.3 million in the quarter, compared with a year-earlier $29.8 million as the exhibitor installed 14 new theater systems under sales and sales-type lease agreements, compared with 17 new theater systems in the same period of 2011.
Revenue from joint revenue-sharing arrangements jumped 103 percent o $17 million.
Full-year earnings jumped sharply to $41.3 million, up from $15.3 million in 2011, as revenue rose 20 percent to $284.3 million.