Giant screen maker sees fewer theater installations
Profits at giant screen maker IMAX rose slightly to $2.86 million during the first three months of 2013, compared with $2.51 million during the same period a year ago.
Despite the higher profit margins, revenue for the quarter fell to $49.8 million from $55.5 million a year ago.
Box office rose for IMAX releases, but the company installed fewer theaters than it had in the first three months of 2012. IMAX releases like "A Good Day to Die Hard" and "Hansel & Gretel: Witch Hunters" generated $128.7 million globally, an increase from the $121.7 million in box office revenue the company reported during the same quarter last year.
Theater installation fell from 26 to 17 for the quarter.
IMAX said it is currently slated to release 28 films in 2013. Last year it released 35 titles in its format.