February 23, 2012 / 12:32 PM / 5 years ago

Imax profit plunges on fewer theatre installations

Feb 23 (Reuters) - Imax Corp reported an 88 percent drop in fourth-quarter profit, hurt in part by fewer new theatre installations, even as it notched solid box office receipts led by the latest Mission: Impossible title.

Net income for the Mississauga, Ontario-based company was $6.3 million, or 9 cents a share, down from $54.2 million, or 80 cents a share, a year ago.

On an adjusted basis, it earned 14 cents a share, down from 21 cents a share, in the year-ago quarter.

Revenue fell 4 percent to $66.7 million.

Most of the company's revenue is in U.S. dollars while the majority of its costs are in Canadian dollars, making currency exchange rates a factor.

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