IMAX Corporation reported second-quarter net income grew 15 percent compared to the same period in 2013, contributing to earnings of $13.3 million. It reported revenues of $79.1 million.
The giant-screen company, which has 868 theater systems, reported net income of $.19 per diluted share, meeting the Zacks consensus estimate. In the second quarter of 2013, it had earnings of $11.8 million or $.17 per diluted share.
Richard L. Gelfond, chief executive officer of IMAX, said “Transformers 4” has become IMAX’s biggest grossing film ever in China. He also predicted better-than-expected box office for “Guardians of the Galaxy” (pictured).
“If we as a company had to pick a film that we think most people don’t have on their radar screen that we think will do very well this summer, it would be ‘Guardians of the Galaxy,” he said.
And the company plans a September re-release of “Forrest Gump,” just as it has previously re-released “Raiders of the Lost Ark” and other films that were not initially released in IMAX.
Revenue from sales and sales-type leases was $14.5 million in the second quarter of 2014, compared to $17.1 million in the previous second quarter. The company installed 11 full, new theater systems, the same as in the second quarter of 2013. There were four digital system upgrades compared to one.
Revenue from joint revenue-sharing arrangements rose to $19.4 million from $18.3 million in the prior-year period.
The company had 408 theaters operating under joint revenue-sharing arrangements as of June 30, 2014, compared to 336 theaters one year prior.
Production and IMAX DMR revenues were $24.1 million in the second quarter of 2014, compared to $26.0 million in the previous second quarter. Gross box office from DMR titles was $216.0 million, compared to $219.7 million. The average global DMR box office per screen in the second quarter of 2014 was $299,800, compared to $353,300.