UPDATE 3-Imax plans to open more theaters in Brazil, India

Thu Feb 21, 2013 1:46pm EST
 
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* Fourth-quarter revenue up 17 percent to $77.8 million

* Fourth-quarter gross box office from DMR titles up 56 percent

* Shares rise as much as 6 percent to C$27.16 - highest in more than a year (Adds CEO comments, updates shares)

By Shounak Dasgupta

Feb 21 (Reuters) - Imax Corp, a maker of movie cameras and projection equipment for giant screens, plans to open 10 to 15 theaters each in Brazil and India as it seeks growth in emerging markets, its chief executive told Reuters.

Shares of Imax rose as much as 6 percent to C$27.16 -- their highest in more than a year -- on the Toronto Stock Exchange, after the company said fourth-quarter profit more than doubled.

The Canadian company, whose cameras were used to film scenes of upcoming movies "Star Trek Into Darkness" and "The Hunger Games: Catching Fire", expects much of its growth to come from Asia in coming years.

"While the majority of our growth opportunities going forward are expected to be international, we continue to further penetrate the domestic (North American) market as well," CEO Richard Gelfond said on a conference call on Thursday.

Imax also designs and manufactures theater systems and then sells or leases them under revenue-sharing arrangements. It has more than 730 theaters in 53 countries, including six currently in Brazil and three in India.   Continued...