Red ink high and wide for Imax in 1st quarter
EmptyWith Imax spending in the transition to digital projection and joint-venture theaters, the giant-screen exhibitor Monday posted a widened first-quarter loss on weak film revenue.
Imax lost $10.3 million during the three months ending March 31, compared with red ink of $4.6 million a year ago. Revenue fell 12% to $23.5 million.
Beyond rising expenses, the increased loss also was because of an 18% decrease in film revenue to $7.4 million.
Film production and digital remastering revenue tumbled 37% to $2.9 million. In last year's quarter, Imax scored big with Warner Bros.' "300"; during the latest period, supersize versions of Paramount's "The Spiderwick Chronicles" and Paramount Vantage's "Shine a Light" underwhelmed.
Warners' "Speed Racer" followed suit during the weekend as it attracted a tepid $1.9 million on 84 Imax screens. (partialdiff)