IMAX Q4 Earnings Hurt By Soft Box Office But Match Expectations

Not much to crow about in Q4 aside from the nice business Imax did with Paramount’s Mission:Impossible — Ghost Protocol. The large screen exhibition company generated net income of $6.3M in Q4, down 88.3% vs the period in 2010, on revenues of $66.7M, down 3.6%.The revenue figure exceeded the $63.4M that analysts projected. Imax’s adjusted earnings came in at 14 cents a share, which hits the Street’s target. The company says that it installed 17 new Imax systems in the quarter, down from 20 at the end of 2010. Gross box office for Imax films also fell 4.2% to $97.6M. “While we are disappointed that 2011 did not meet our financial objectives, in 2012 we believe we are positioning ourselves for both financial and strategic success through our continued focus on differentiation, executing on network growth, and creating a compelling film slate,” CEO Richard Gelfond says.

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