Movie Company – IMAX Posts 4Q Profit On 98% Revenue Jump
Category Business, Sci/Tech | Thursday, March 11th, 2010
imax
Imax Corp. (IMAX) posted another profit in the last quarter of 2009, capping off a year that marked a return to profitability for the first time in three years.
Imax returned to profitability in the second quarter as its digital transition began to pay off.
The Canadian large-format movie company earned $4.0 million or 6 cents a share in the fourth quarter, compared with a loss of $9.0 million or 21 cents a year earlier.
Adjusted earnings, which exclude the effects of variable stock compensation, were 20 cents a share versus a loss of 22 cents a year earlier.
The Thomson Reuters mean estimate was for a profit of 7 cents a share.
Revenue of $54.2 million was about double the year-earlier level and well ahead of the Thomson Reuters mean estimate of $45 million. Imax said revenue was a record for a single quarter.
System revenue rose 69% to $19.6 million and revenue from joint revenue-sharing arrangements jumped to $9.1 million from $1.4 million. Total film revenue more than doubled to $15 million.