Propelled by box office behemoth "Avatar," IMAX Corp. on Thursday reported fourth-quarter adjusted earnings of $20.9 million, compared with $2.6 million for the year-ago quarter.
Total revenue for the fourth quarter ended December 31 rose 98% to $54.2 million, vs. total revenue of $27.4 million in the same period of 2008. That's a quarterly record for the giant-screen company.
That's an especially impressive contribution considering the James Cameron epic opened December 18.
And "Avatar" has continued to lift IMAX in the first quarter of 2010.
IMAX CEO Richard L. Gelfond said, "While the success of Fox's 'Avatar: An IMAX 3D Experience' drove our year-end performance and has provided a very strong start to 2010, we believe the film has many positive implications for our business over the long term. A significant number of moviegoers around the world experienced IMAX for the first time, which we believe has added new repeat customers to our theaters and reinforced the power of the IMAX Experience with both studios and exhibitors. We anticipate that our business momentum -- from theater signings, to our record $187 million of box office quarter-to-date -- is positioning us to deliver a strong first quarter of 2010."
That $187 million thus far in the first quarter, which comes thanks to both "Avatar" and last weekend's box office champ, Tim Burton's "Alice in Wonderland," compares with $14 million at the same point last year.
Also boosting the bottom line were increased revenues from IMAX systems installation, up 69% to $19.6 million from $11.6 million in the year-ago period. IMAX installed and recognized revenue on 16 theater systems, including six digital upgrades, under sales or lease arrangements in the fourth quarter of 2009, compared with six theater systems, including one digital upgrade, in Q4 2008.
The entire statement is below:
TORONTO, March 11, 2010 -- IMAX Corporation (Nasdaq:IMAX) (TSX:IMX) today reported that fourth quarter adjusted EBITDA was $20.9 million, compared to $2.6 million for the fourth quarter last year. Total revenue for the fourth quarter ended December 31, 2009, increased 98% to $54.2 million, a record for a single quarter for the Company, compared to total revenue of $27.4 million in the same period last year. Fourth quarter adjusted net income which excludes the impact of variable stock compensation was $12.9 million, or $0.20 per diluted share, compared to an adjusted net loss of $9.7 million, or $(0.22) per share on the same basis last year. Reported net income was $4.0 million, or $0.06 per diluted share, for the fourth quarter ended December 31, 2009, compared to a reported net loss of $9.0 million, or $(0.21) per share for the fourth quarter last year.
For the twelve-months ended December 31, 2009, adjusted EBITDA was $58.5 million, compared to $8.2 million last year. Total revenue increased 67% to $171.2 million, a record for a full-year for the Company, compared to $102.7 million for the twelve-months ended December 31, 2008. Fiscal 2009 adjusted net income which excludes the impact of variable stock compensation was $20.5
