IMAX Corporation is one of the world's leading entertainment technology companies, specializing in immersive motion picture technologies.
As of June 30, 2009, there were 394 IMAX theatres (273 commercial, 121 institutional) operating in 44 countries.
Imax swings to Q1 profit, sales rise 23%
Theatre systems maker Imax Corp. (NYSE:IMX) swung to a first-quarter profit driven by recurring sales growth and rapid global expansion.
The company swung to a profit of $2.58 million, or four cents per share for the quarter that ended March 31. That compared to a year-earlier net loss of $1.0 million, or two cents a share.
Sales were $55.5 million, up 23 percent from the $45.1 million a year prior, beating analysts’ estimates for $54.3 million, according to Thomson Reuters.
In a statement, chief executive Richard L. Gelfond said the company’s rapid global expansion has led to 32 percent commercial network growth compared to last year.
“Our first-quarter financial results were driven by strong year-over-year increases in recurring revenues, which reflects the powerful combination of film performance and our growing worldwide theatre network."
Total film revenue was $19.1 million, up from $15 million in the comparable quarter a year-earlier.
Production and Imax digitally-re-mastered (DMR) sales were $13.8 million, compared to the year-prior figure of $7.3 million.
Gross box office revenues from DMR titles rose 95 percent to $121.7 million in the latest quarter, compared with last year’s $62.3 million.
The company, which also designs and produces cameras and projection equipment for its Imax motion picture film format, installed eight new theatres under joint revenue sharing contracts in the period.
At the end of its fiscal first quarter, Imax had 265 theatres operating under joint sales-sharing contracts, up from the 181 last year.
For the January-March quarter, the company booked a charge of $700,000 to enable some theatres to play movies like the Dark Knight Rises in either digital or analog format.
Gross margins rose to 48.3 percent from 45.7 percent a year earlier.
Looking ahead, the company said that for the second quarter, it expects to install about 17 to 21 new theatre systems, with a backlog of 261 theatre systems at the end of March.
The New York-based company has offices in Toronto, London and Shanghai.