IMAX Q4 Earnings Plunge — But It Meets Street's Expectations

IMAX reported net income of $6.3 million in the last quarter of 2011 — down 88 percent compared to the same quarter in 2010. Giant-screen exhibitor lands “Skyfall,” its first Bond film

IMAX Corporation's fourth quarter profit plummeted 88 percent compared to the same period in 2010 — in line with analyst expectations — the company reported Thursday.

IMAX posted $6.3 million in net income, or 9 cents per share, from Oct. 1 to Dec. 31, 2011. During the same three months in 2010, the company reported $54.2 million — 80 cents per share.

Adjusted net income was $9.2 million, or 14 cents per diluted share. That is down from $14.3 million, or 21 cents per share, in 2010.

Also Thursday, IMAX announced that "Skyfall," the next James Bond movie, will be released in its theaters in sync with the film's international release Oct. 26 and its domestic release Nov. 9.

Also read: IMAX Earnings Fall in Q2 After Expansion, Weak Box Office

The big-screen movie exhibitor noted that it benefited from a deferred tax benefit in 2010 that it could not claim in 2011. 

Fourth-quarter revenue fell 4 percent, from $69.2 million in 2010 to $66.7 million in 2011. Expenses, meanwhile, increased 12 percent, to $36.8 million.

Gross box office in the fourth quarter was $97.6 million, down 4 percent from the previous year.

In 2011, IMAX exceeded 200 theater signings for the second consecutive year and signed a record 190 new theaters. It installed a record 170 IMAX theater systems, growing its commercial theater network by 33 percent.

It also established IMAX China, ending the year with 88 theaters in that country.

This year, IMAX has secured some significant titles, including “The Dark Night Rises,” “The Hobbit,” “Amazing Spiderman" and the new Bond movie.

IMAX expects to install 95 to 100 new theaters in 2012 — 13 to 17 in the first quarter alone.