Shares are up slightly in after market trading as the 3D technology company served up results that it sees as a win for the quarter that ended in March. It reported net income of $5.5M, up 32% vs the same period last year, on revenues of $50.0M, down 14.5%. The revenue decline is partly due to an $8.1M drop in international product revenue which the company says reflects how overseas movie goers are re-using their RealD 3D glasses. Still, revenues beat analysts’ predictions of $46.2M. And profits, at 10 cents a share, were well ahead of forecasts for a 7 cent loss. It was helped, though, by a $2.1M income tax benefit — which equals about 4 cents a share. The company says it made 49% of its licensing revenue from overseas vs 64% last year, which benefited from titles including Tangled, Chronicles of Narnia, Tron Legacy, Megamind, and Gulliver’s Travels. In addition to the financial results, RealD says that it plans to repurchase $50M of its stock. Also the company announced a deal with China’s HNA Vigor Film Investment to install its 3D technology at 500 screens. Looking forward, CEO Michael Lews says that “the record-setting opening of The Avengers further demonstrates the strong consumer demand for premium presentations in RealD 3D as well as the compelling economics of 3D film making for our studio and exhibitor partners.”
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