The large-screen theater company says it generated $8.39M in net income for 3Q, up 24.6% vs the period last year, on revenues of $67.5M, up 32.2%. That translated into adjusted earnings of 16 cents a share, light of the 20 cents that the Street expected. But IMAX says it took a 6 cent hit due to “a sudden decrease of the Canadian Dollar against the U.S. Dollar at the end of the third quarter.” Most of IMAX’s revenues are in U.S. dollars, but most of its expenses are in Canadian dollars. Since the end of September the Canadian dollar has strengthened, leading IMAX to project a $3.4M gain in 4Q. CEO Rich Gelfond says he’s optimistic about upcoming films led by Paramount’s Mission: Impossible — Ghost Protocol: The IMAX Experience as well as revenues from new theaters being built overseas. Gelfond says that 3Q was the first time that IMAX saw more gross revenues from overseas theaters than from domestic. The company increased its international growth plans by 25% and says those markets will account for about 75% of the new IMAX venues planned for the next 15 months.
IMAX Says Weak Canadian Dollar Hurt 3Q Earnings
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