RealD Reports Income Boost During Quarterly Earnings
Shares of RealD held steady during after-hours trading after the 3D technology company reported earnings that failed to meet Wall Street's expectations.
The Beverly Hill-based company said revenue dropped 6 percent to $55.4 million for the fiscal first quarter. Net income was 10 cents per share, compared to a loss of 3 cents per share during the same period last year.
But analysts were expecting more. Wall Street estimated revenue of $61.1 million and net income of 11 cents per share for the quarter.
"The year is off to a strong start with RealD delivering meaningful improvements in our key profitability metrics," said CEO and chairman Michael Lewis. "Looking ahead, we will continue to capitalize on expansion opportunities in our growth markets including China and Russia, maintain our prudent and disciplined approach to R&D investment and focus on increasing shareholder value."
RealD-enabled screen generated $787 million at the box office during the quarter.
There were 10 3D films released during the fiscal first quarter. RealD-enabled screens generated $787 million — including $400 million from international markets — at the box office during the quarter. That's down from the $838 million generated during the same period last year.
The company currently has 25,600 screens in 3,000 U.S. theaters and 3,000 international theaters.
Shares were trading even, hovering at around $10.30, during after-hours trading on the New York Stock Exchange.