Strong Box Office Powers Imax Q3 Earnings
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.