You wouldn’t know that Q3 was a tough period for exhibition companies based on the results out this morning from IMAX. The large-screen theater provider reported net income of nearly $15M, up 78.6% from the period last year, on revenues of $80.7M, +19.6%. The revenue figure beat the $76.1M that analysts expected. And earnings per share, at 22 cents, exceeded forecasts by a penny. IMAX says it installed 28 new theater systems in Q3, up from 25 in the period last year, and expects to add 46 in Q4. That would result in a 110 new theaters for all of 2012. It also signed contracts for 32 new systems. The company told analysts that it expects to to build as many as 125 theaters next year, not including digital upgrades. On the movie side, the gross box office at IMAX theaters was $173.2M, +15.9% from last year — but slightly shy of some analyst estimates. IMAX says that it will end this year having run 31 titles including this holiday season’s James Bond film from Sony, Skyfall, Lionsgate’s The Twilight Saga: Breaking Dawn Part 2, and Warner Bros’ The Hobbit: An Unexpected Journey in 3D. It expects to offer the same number of films next year and has announced 10 including Paramount’s Star Trek: Into Darkness in 3D, Warner Bros’ The Man Of Steel, and Lionsgate’s The Hunger Games: Catching Fire. “Our view is that we have reached a point of critical mass where our portfolio approach to our film slate combined with our global network expansion is driving scalability in the business,” CEO Richard Gelfond says.
By DAVID LIEBERMAN, Financial Editor | Thursday October 25, 2012 @ 7:46am EDTTags: IMAX, Skyfall, The Hobbit: An Unexpected Journey, The Twilight Saga: Breaking Dawn Part 2
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