Bolstered by a rapidly expanding network of theater deals and summer releases like “Inception,” IMAX reported stronger than expected third quarter earnings on Thursday.
The big screen company logged earnings of $9.8 million or 15 cents a share, compared to $1.1 million or 6 cents in the same period a year earlier. Revenue jumped 17 percent to $51.1 million for the period.
Analysts had predicted that IMAX would report earnings of 9 cents per share on revenue of $48.8 million. The market responded strongly to the news that the theater chain had beat the street. Shares of IMAX climbed 6 percent to trade at $20 on the NASDAQ.
The company owes a big bouquet to Christopher Nolan and his mind-bending crime thriller “Inception.”
“Inception,” which grossed over $50 million in IMAX theaters, was the fourth highest grossing title in the company’s history.
Looking ahead, IMAX CEO Richard Gelfond said the company should benefit from upcoming slate of tentpole releases such as Dreamworks Animations’ “Megamind,” Disney’s “Tron: Legacy,” and part one of “Harry Potter and the Deathly Hallows.”
IMAX has also been expanding its international footprint with a series of partnerships in China, and Germany. During the third quarter, the company signed contracts for 100 theater systems, compared to 13 theater systems in the third quarter of 2009.
