October 28, 2010 / 11:58 AM / 7 years ago

CORRECTED - CORRECTED-UPDATE 2-Imax Q3 earnings jump, sees faster growth

(Corrects paragraph 1 to clarify that net income rose six fold, not 80 percent)

* Q3 adj. EPS $0.15 vs est. $0.09

* Q3 rev up 17 pct to $51.1 mln, beats mkt

* Says to install 81-88 theaters in 2010 (Adds details)

Oct 28 (Reuters) - Big-screen movie company Imax Corp IMX.TO IMAX.O posted a six-fold rise in quarterly earnings, beating estimates, and expects its theater network to grow faster in 2010.

The company now expects to install 22-24 joint revenue sharing systems and 15-20 new sales-type lease systems in the fourth quarter.

Imax, with a market value of about $1.17 billion, also said it expects to install 81-88 new theaters in fiscal 2010.

Earlier this month, Imax and its joint venture partner extended their agreement by three years and plan to install 16-25 Imax theaters in the United States. [ID:nSGE6900HD]

As of Sept. 30, the company had 144 theaters in operation under joint revenue share arrangements.

For the third quarter, net income was $6.7 million, or 10 cents per share, compared with $1.1 million, or 2 cents per share, a year ago.

Excluding items, it earned 15 cents a share.

Revenue rose 17 percent to $51.1 million.

Analysts on average were expecting the company to earn 9 cents per share on revenue of $48.8 million, according to Thomson Reuters I/B/E/S.

In the July-September third quarter, Imax installed 29 theater systems, compared with 19 last year. Order backlog at Sept. 30 stood at 257 theater systems.

Shares of Toronto-based Imax, which have risen 22 percent in the last three months, closed at C$19.38 Wednesday on the Toronto Stock Exchange. (Reporting by Abhiram Nandakumar in Bangalore; Editing by Unnikrishnan Nair)

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