The box office’s poor performance during the first part of the year has impacted IMAX, too. The giant-screen exhibitor reported first-quarter results this morning that saw revenue and earnings down. “The first quarter lacked event films, particularly compared to the phenomenal strength of last year’s Avatar, and our financial results as compared to last year reflect this,” IMAX CEO Richard Gelfond said. Imax reported a net loss for the first quarter of $1 million, or $0.02 per diluted share, down from $26.6 million last year. Revenue slid from $72.8 million a year ago to $45.2 million.
Imax did boost its outlook for theater installations after saying it signed agreements for 101 theater systems during the first quarter. It also announced that it will expand its credit facility to as much as $110 million, extending the maturity to October 2015.
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