IMAX posted reduced earnings Thursday during a traditionally soft first quarter.

Despite nearly doubling its new theater signings, Toronto-based IMAX posted earnings of $579,000 for the three months to March 31, against a profit of $2.86 million during the same period of 2013.

Overall revenues were $48.2 million, down 3% from a year-earlier $49.7 million.

IMAX signed up 35 new theaters during the latest quarter, against 14 new signings in 2013.

The giant screen exhibitor, which is growing its theatre network internationally, expanded its backlog to historic high of 431 theatres, up 52% year-over-year.

On the film side, first quarter box office was $139 million, with two-thirds generated from international markets.