Large-format theater co. profits in third quarter
Imax’s big picture looked a lot rosier during the past three months, with the large-format theater company posting a profit of $1.1 million during the third quarter on a 33% surge in revenue. It’s also secured a $75 million credit facility from Wachovia.It’s the second consecutive quarterly profit for the Canadian company in three years. It lost $2.1 million during the third quarter, that ended Sept. 30, a year ago. Much of the $44 million in revenue came from strong sales of its theater equipment, which doubled to $20 million. It installed 13 theater systems, which includes five digital upgrades, during the quarter. It will install around 30 Imax bigscreen projection systems during the fourth quarter. It expects to have 120 joint revenue-sharing theaters in operation, mostly through deals with exhibs Regal Entertainment and AMC Entertainment, by the end of the year. Overall, its film revenue fell 4% to $12.5 million. Imax will use much of the new credit facility from Wachovia to pay off its $180 million in debtdue in December 2010.