Imax Corp. first-quarter profit up from year ago mark, sales down

TORONTO – Imax Corp. (TSX:IMX) says it earned US$2.9 million in its latest quarter, up from $2.5 million a year ago.

The big screen movie company, which keeps its books in U.S. dollars, said Thursday it earned four cents per share for the quarter ended March 31 compared with four cents per share a year ago.

Revenue slipped to $49.9 million compared with $55.6 million.

Imax said revenue from sales and sales-type leases totalled $9.8 million in the quarter compared with $12.9 million in the first quarter of 2012, as it installed or upgraded fewer new theatre systems.

Revenue from joint revenue-sharing deals in the quarter amounted to $9.4 million, compared to $11.7 million in the prior-year period, while production and digital remastering revenues were $14.4 million, up from $13.8 million.

The gross box office from digitally remastered titles was $128.7 million in the quarter, up from $121.7 million a year ago.

The company said the Imax theatre network included 738 systems as of March 31.

Imax signed contracts for 25 theatre systems during the quarter including 17 in new theatre locations.