Imax Reports Sharply Higher Q2 Profits on Expanding Theater Network
The giant screen exhibitor is maintaining momentum with Christopher Nolan's "The Dark Knight Rises" currently screening in its global network.
TORONTO – Imax Corp. on Thursday reported sharply higher second quarter earnings as it continues to bank on recurring revenues from Hollywood titles screening in an expanding global theater network.
Toronto-based Imax saw earnings to June 30 jump to $11.1 million, compared to a profit of $1.8 million in 2011, on revenue up 23 percent to $70.2 million.
Imax CEO Richard Gelfond said Christopher Nolan's The Dark Knight Rises will power its current third-quarter results as it screens on the giant screen exhibitor’s domestic and international screens.
“We believe that the success of this film will drive longer term benefits to our business like continued theatre signings momentum and interest in Imax differentiation among filmmakers,” he said in a statement about the game-changing Dark Knight pic before addressing financial analysts Thursday morning.
In the second quarter of 2012, Imax signed contracts for 40 theater systems, and installed 20 theater systems.
Q2 film revenue was $26.5 million, against $18.7 million the same period of 2011.
Production and digital remastering revenues was $19.7 million, well up on a year-earlier $12.4 million.
And gross box office from DMR titles, mostly Hollywood films, was $173.5 million during the latest quarter, against $107.7 million in 2011.