Imax Posts Sharply Higher Third-Quarter Earnings
The giant screen exhibitor cited strong theater signings and installations and the quality of future theater deals.
TORONTO – Giant screen exhibitor Imax Corp. on Thursday reported sharply higher third-quarter earnings as it continues to push Hollywood titles through an expanding international theater network.
Imax posted earnings of $15 million for the three months ended Sept. 30, compared to a profit of $8.4 million in the same quarter in 2011. Revenue of $80.7 million was up 20 percent from a year-earlier $67.5 million.
"Our strong quarterly financial results once again demonstrate how much the Imax business model has evolved," CEO Richard Gelfond said. “Our view is that we have reached a point of critical mass where our portfolio approach to our film slate combined with our global network expansion is driving scalability in the business."
Imax will hold a conference call with analysts later Thursday morning.