Revs on the rise 45% to $249 million
Imax on Thursday reported record results for 2010, with revenues rising 45% to $249 million. CEO Rich Gelfond attributed the success to new business models that include a conversion to digital and revenue sharing with studios and theaters.“We believe we are the preeminent brand in entertainment technology,” he said. Adjusted net profits in 2010 were $68 million vs. $20.5 million in 2009. In the fourth quarter, revenues soared 28% to $69.2 million, with net profits hitting $54.2 million vs. $4 million in 2009. Imax’s box office results doubled in 2010 to $546 million, thanks, in part, to Warner Bros.’ “Harry Potter and the Deathly Hallows” and Disney’s “TRON: Legacy.” In 2010, Imax installed a total of 123 theater systems, versus 118 theaters in 2009. The company on Thursday upped its projections for new theater installs for this year to between 80 and 90. Given Imax’s momentum, the fastest in its 43-year-history, Gelfond said the company is doubling efforts to promote its brand and is currently searching for a chief marketing officer. He said the Imax business model is “scaleable and durable.” Imax plans to release 21 films this year.
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