Buoyed by having nine of the year's top 10 highest grossing films on its big screens, IMAX reported global box office grosses of $546 million Monday, more than doubling the previous high-water mark of $270 million it took in last year.
As of mid-day trading, the company's stock price had shot up over 2.5 percent to close to $29, based on its year-end report. Shares were trading at only $13.31 a year ago.
Share prices rose steeply last week amid rumors that Sony and Disney were considering acquisition of IMAX. Officials for the chain have denied such a deal is in the works.
Here's the full IMAX release:
IMAX ANNUAL DMR GROSS BOX OFFICE DOUBLES TO $546 MILLION
IN 2010, VERSUS $271 MILLION IN 2009
IMAX Documentary Titles Total an Additional $41 Million in Gross Box Office
TORONTO AND LOS ANGELES – JANUARY 3, 2011 – IMAX CORPORATION (NASDAQ: IMAX; TSX: IMX)today announced that for the fifty-two weeks ended December 31, 2010, IMAX DMR® global gross box office reached a record $546 million, more than doubling the Company’s previous global box office record of $270 million achieved in 2009. The Company’s DMR gross box office for the fourth quarter of 2010 reached $102 million compared to $101 million in the fourth quarter of last year.
Gross box office generated from the Company’s original documentaries including Hubble 3D, Under the Sea 3D and Deep Sea 3D totaled $41 million.
“Our 2010 box office results reflect our model of showcasing the biggest blockbuster titles, whether they are 2D or 3D, our network expansion and the significant increase in box office generated from our existing theatres,” said Richard L. Gelfond, CEO of IMAX Corporation. “In fact, our box office per theatre average grew by 50 percent year-over-year. Looking ahead to 2011, we have more visibility into our future film slate than we have ever had, we will grow the size of our global network and we believe that this year’s strong box office performance will further fuel the theatre signing momentum we enjoyed in 2010 into 2011.”
“IMAX proves time and again to be the magic formula that keeps the excitement of movie-going alive and there is no greater proof of this than the 100% year over year uptick in IMAX’s 2010 box office revenues,” said Paul Dergarabedian president of the box-office division of Hollywood.com, “With nearly $600 million in worldwide box office and same-store revenues up an incredible 50%, the premium IMAX format continues to be a key contributor to the success of more and more big studio titles.”
“In 2010 we released more films to the IMAX network from the most diverse group of studio partners than ever before and our box office results reflect well on our strategic initiatives,” said Greg Foster, Chairman and President, IMAX Filmed Entertainment. “In 2011, we anticipate another record number of DMR titles will be released to a record number of IMAX screens, and we are working closely with new and long-time studio, exhibitor and filmmaker partners to bring mind-blowing and differentiated IMAX experiences to moviegoers around the globe.”
