Imax announced a dramatic increase in fourth quarter earnings, to $54.2 million, and the highest annual revenues, earnings, and EBITDA for any of its 43 years.
In an announcement Thursday, the Toronto-based company earned $54.2 million in the fourth quarter compared to 4 million in 2009's fourth quarter on revenue of $69.2 million, up from $54.2 million in the previous fourth quarter.
The company said the fourth quarter and fiscal 2010 results included a non-cash tax benefit of $54.8 million.
Imax credited a 67 percent increase in systems revenue — to $32.9 million — in large part to the the installation of 20 new theater systems in the fourth quarter, compared to 10 full, new systems in 2009's fourth quarter. It installed seven digital upgrades in the fourth quarter of 2010 compared to six in the previous one.
The company also said it received a 62 percent increase in rent, fees and finance income.
Annual revenues increased 45 percent, to $248.6 million and annual adjusted EBITDA increased 73 percent to $101.4 million. EBITDA refers to a company's income before interest, taxes, depreciation and amoritization are subtracted, and is used as an indication of a company's profitability.