Megascreen exhib posts revenue of $55.6 million
After a record-setting 2010 first quarter, megascreen exhib Imax posted a healthy second quarter, with revenues up 38% over last year’s second quarter earnings.
The company reported that revenue for the quarter ending June 30 reached $55.6 million, compared to $40.4 million earned during the year-ago period. Thanks to a massive 120% bump during this year’s first quarter, Imax’s earnings for the first half of the year outpaced the comparable period last year by 75%.
Imax earned an adjusted net income of 13¢ per share, the same as last year’s second quarter.
“We are pleased with our second quarter results, which reflect not only solid performance and revenue growth across our key business segments, but also our ability to leverage strong film performance into significant network expansion,” Imax CEO Richard L. Gelfond said in a statement.
Imax has been beefing up its international presence, with 118 new theater signings since Jan. 1; the company inked only 35 deals in 2009.
Top second-quarter players for Imax were Paramount’s “Iron Man 2,” Disney/Pixar’s “Toy Story 3” and “Inception,” which Warner launched July 16 for a total $700,000 on 197 Imax runs, repping 12% of the pic’s $62.8 million bow. Imax’s first-quarter giant, 20th Century Fox’s “Avatar,” is set for re-release in Imax on Aug. 27.
Overseas, local Chinese production “After Shock” contributed a boffo $640,000 on just 12 Imax screens, averaging $53,000 per screen. “After Shock,” which debuted on July 22, is the first non-U.S. commercial title to get the Imax treatment.
China, Imax’s highest-contributing overseas market, gets “Shrek Forever After” Aug. 12. “Inception” follows in late September.