October 25, 2012 / 11:43 AM / 6 years ago

Imax profit soars on box office revenue growth

Oct 25 (Reuters) - Giant movie system maker Imax Corp’s third-quarter profit rose 79 percent, driven mainly by strong box office revenue and continued network growth globally.

Net income rose to $15.0 million, or 22 cents per share, from $8.4 million, or 12 cents per share, a year earlier.

On an adjusted basis, it earned 26 cents per share.

Imax, which designs and produces cameras and projection equipment for its namesake motion picture film format, said revenue rose 20 percent to $80.7 million.

Gross box office from its DMR (digital media remastering) titles rose to $173.2 million, from $149.5 million, a year earlier.

Imax said it signed contracts for 41 theatres globally and installed 33 theatres in the third quarter. The company said it expects to install another 110 to 125 theatres in 2013. It has more than 660 theaters operating in over 52 countries worldwide.

Shares of the Mississauga, Ontario-based company, which has a market value of C$1.41 billion, closed at C$21.63 on the Toronto Stock Exchange on Wednesday.

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