Imax Quarterly Earnings Rise Amid Higher Box-Office Revenue
The giant-screen exhibitor benefited from such hits as 'Guardians of the Galaxy'
Imax on Thursday reported increased third-quarter earnings and revenue as it continued to benefit from global box-office growth.
The giant-screen exhibitor posted earnings of $5.3 million, up from $1.6 million in the year-ago period, on revenue growth of 28 percent to $60.7 million.
Imax delivered $169 million in global box office in the third quarter, up 28 percent from a year earlier, helped by global blockbuster releases like Guardians of the Galaxy and Transformers 4.
The average global digital re-mastering box office per screen was $227,900, compared to $207,500 in the same period of 2013. And production and digital re-mastering revenue came to $18.4 million, compared to $14.5 million last year.
"We were able to leverage the strong box office across a growing theater network, expand margins and generate our strongest quarter ever for operating cash flow," said Imax CEO Richard Gelfond.
On the theater side, Imax signed deals for 42 new systems in the third quarter, taking its backlog to 439 theaters. Imax brought its theater network to 880 systems as of Sept. 30, with 751 being commercial multiplexes.
Gelfond and Imax executives will hold an analyst call to discuss their latest financial results on Thursday morning.