July 29, 2010 / 12:34 PM / in 8 years

UPDATE 1-Imax posts 5-fold rise in Q2 profit

* Q2 EPS $0.20 vs $0.05 yr-ago

* Revenue rises 38 pct to $55.6 million

* Says Q3 being driven by Inception, Toy Story 3, Shrek

* Ups FY system installation outlook by 25 pct

July 29 (Reuters) - Big-screen movie company Imax Corp IMX.TO IMAX.O posted a five-fold increase in quarterly profit and raised its theatre system installation outlook by about 25 percent for the year.

Global market opportunity for its theatres is potentially closer to 1,200 to 1,250, up from its previous outlook of 1,000 worldwide theatres, Imax said in a statement.

For 2010, Imax now expects to install 68 to 82 systems, representing a 25 percent increase in previous annual installation outlook, which implies year-over-year commercial multiplex network growth of about 26 percent.

“We believe our signings momentum combined with the recurring revenue nature of our model will serve as a catalyst for EBITDA growth,” Imax said in a statement.

Imax said it earned $13.3 million, or 20 cents a share for the second quarter, up from a profit of $2.6 million, or 5 cents a share, a year ago.

Excluding stock-based compensation, profit was 13 cents a share. Revenue rose 38 percent to $55.6 million.

Analysts on average had expected earnings of 18 cents a share, on revenue of $52.8 million for the second quarter, according to Thomson Reuters I/B/E/S/.

Film revenue rose 28 percent to $20.7 million.

The company said its third quarter got off to solid start with the release of Inception, Toy Story 3 and Shrek, and the Chinese blockbuster, Aftershock.

Imax shares closed at C$14.84 Wednesday on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore; Editing by Gopakumar Warrier)

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