IMAX sees Q4 earnings rise

"IMAX fired on all cylinders in the fourth quarter, with an exceptional number of installations and signings, as well as the highest-grossing box office in the company's history," CEO Richard Gelfond said.
Imax2-1

IMAX on Thursday posted sharply higher fourth quarter earnings on the back of increased theater installations and record quarterly global box office.

“IMAX fired on all cylinders in the fourth quarter, with an exceptional number of installations and signings, as well as the highest grossing box office in the company’s history,” IMAX CEO Richard Gelfond said in a statement.

Toronto-based IMAX posted a profit of $27.8 million in the three months to Dec. 31, compared to earnings of $12.8 million in the fourth quarter of 2012.

Revenue was $105 million, against a year-ago $77.4 million.

“Breakout performances by films such as Gravity, Hobbit, and Stalingrad internationally, exemplify the power and differentiation of the IMAX format,” Gelfond added, as he underlined IMAX growing internationally, and releasing local language titles like Fedor Bondarchuk’s Stalingrad in Russia and elsewhere internationally.

“Overall, 2013 was a very exciting and productive year at IMAX as we effectively streamlined costs, expanded the network, signed a record number of deals and continued to execute on the film front,” he said.