Imax Third-Quarter Earnings, Revenue Down Sharply
The giant screen exhibitor faced lower box office results despite an increase in theater signings.
TORONTO - Sharply lower revenue hit Imax's bottom line, as the giant screen exhibitor on Thursday reported reduced earnings.
Toronto-based Imax reported reported earnings at $1.6 million for the three months to Sept. 30, well off a year-earlier $15 million, on weaker box office results.
Overall revenues came to $51.7 million, compared to $80.7 million in 2012.
Q3 revenue from sales and sales-type leases was $6.4 million, against a year-earlier $21.9 million, and joint venture theater revenue came to $12 million, compared to $13.2 million in 2012.
And production and digital re-mastering revenues, a barometer of the Hollywood releases Imax thrives on for its global network, were $14.5 million, compared to $25.2 million in 2012.
Gross box office from DMR titles was $132.5 million in the third quarter, against a year-earlier $173.2 million.
And the average global DMR box office per screen was $207,500, compared to $312,000 in the prior-year period.
"We continued to make significant progress this quarter toward our key strategic initiatives, including strong signings, controlling SG&A and continued advancements on differentiation," said Imax CEO Richard Gelfond in a statement ahead of an analyst call Friday morning.