IMAX Q1 revenues jump, earnings fall

IMAX saw its box office from digitally re-mastered Hollywood titles surge in the first quarter of 2015, even as its earnings fell.

Imax2-1IMAX saw its box office from digitally re-mastered Hollywood titles surge in the first quarter of 2015, even as its earnings fell.

The Toronto-based giant screen exhibitor posted net income of US$391,000 (CAN$470,000), compared to US$579,000 for the first quarter of 2014.

First quarter revenues jumped 30% to US$62.2 million (CAN$74.7 million), however, as releases of Cinderella and American Sniper for its core fan-boy audience performed.

IMAX also saw increased revenue from sales and sales-type leased theaters, and from joint venture theaters where it shares revenues with exhibition partners.

The giant screen exhibitor signed up 21 theatres in all during the latest quarter, down from 36 theatre signings in the first quarter of 2014.

New theater installations jumped to 13 during the first quarter, against 10 in the year-ago period.

And production and digital re-mastering revenues came to US$17.7 million (CAN$21.2 million), up from US$15.2 million in the first quarter of 2014.