Strong Box Office Powers Imax Q3 Earnings

5:00 AM PST 10/27/2011 by Etan Vlessing
Paramount

Imax unveils its latest quarterly earnings from China, where it expects major expansion in the coming years.

TORONTO - The strong box office performance of movies such as Transformers: Dark of the Moon and Harry Potter and the Deathly Hallows Part 2 drove up third quarter earnings at Imax Corp., as its revenue reached record territory.

Toronto-based Imax posted a 25 percent rise in earnings to $8.3 million for the three months to September 31, against a profit of $6.7 million in 2010.

Revenue was up 32 percent to $67.4 million, against a year-earlier $$51 million.

“The combination of strong film performance, a growing theatre network and prudent expense management resulted in strong third quarter results," Imax CEO Richard Gelfond said in a statement Thursday from China, where the giant screen exhibitor released its results.

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