IMAX reported another strong quarter on Wednesday. Bolstered by the performance of hits such as “Toy Story 3” and “How to Train Your Dragon,” the giant-screen movie company saw its revenues increase by 38 percent to $55.6 million. That’s up from $40.4 million.
Profits increased fourfold, rising to $13.3 million or 20 cents a share, compared with $2.6 million or 5 cents in the same period last year.
The company’s Napoleonic expansion efforts help spur its robust quarterly earnings. IMAX said it had logged 118 theater system signings so far this year, substantially increasing its presence in countries including China, Russia, and Japan. The company had just 35 system signings in all of 2009.
“We believe our signings momentum, combined with the recurring revenue nature of our model, will serve as a catalyst for EBITDA growth,” IMAX CEO Richard L. Gelfond said in a statement.
Gelfond revised earlier projections to speculate that the market opportunity for IMAX theaters is closer to 1,200 to 1,250, as opposed to the 1,000 theaters it had previously projected.
IMAX said it expects to continue its upward trajectory into the third quarter. Residual earnings from films such as “The Twilight Saga: Eclipse” and the release of Christopher Nolan’s “Inception” should add to the company’s coffers.
