IMAX’s Q2 earnings climb as Hollywood’s summer B.O. falls

Giant screen exhibitor IMAX shook off Hollywood’s box office doldrums as it reported Thursday a jump in second quarter profits, despite a revenue dip.

Toronto-based IMAX posted earnings for the three months to June 30 at $13.3 million, compared to a profit of $11.8 million in 2013.

At the same time,  IMAX saw revenue during the latest quarter drop 3% to $79.1 million, as some Hollywood movies failed to perform for IMAX, in addition to competition for eyeballs with the soccer World Cup in Brazil.

Gross box office from movie titles that IMAX digitally re-masters (DMR) into its giant screen format was $216 million in the second quarter, compared to $219.7 million in 2013.

But a bombing summer box office for Hollywood also saw IMAX’s box office per-screen for DMR titles in the second quarter come in at $299,800, compared to $353,300 in the year-earlier period.

IMAX did offset disappointing box office performers at the North American multiplex with a better international showing, especially in China where the large format exhibitor is expanding its footprint.

IMAX installed 30 new theaters across 13 countries in the second quarter, including 12 new theaters in China.

The Canadian-based exhibitor also signed deals for 24 theater systems in the second quarter, bringing its backlog to 419 theaters.

IMAX currently has 170 screens in China, making that market its second-largest, after the U.S.

To bolster that growth, IMAX during the second quarter unveiled a strategic investment by Chinese partners for 20% of its business in China.