Imax earnings plunge, sunk by tentpole desert

Firm outstrips installation goals, adds new agreements

Hit by a dearth of tentpole movies in the first quarter, Imax on Thursday said revenues in the period ending March 31 plummeted to $45 million, from $73 million in 2010 when Avatar was being shown on its large screens. And a net profit of $26 million in the first quarter last year turned to a loss of $1 million this year, largely due to a one-time charge related to stock appreciation rights.

On a positive note, CEO Rich Gelfond said the company had already surpassed its theater installation goals for 2011 in the first three months of the year, signing agreements for 101 new systems. He added that the 2011 outlook for new theater installations is increasing by 40%.

”The types of theater deals signed recently are strategically significant as they highlight two of the growth paths we are pursuing — international and small to mid-tier domestic markets,” said Gelfond.

Imax will release 15 films going forward in 2011, including ”Pirates of the Caribbean: On Stranger Tides” in May and ”Harry Potter and the Deathly Hallows: Part II” in July.

More Film

  • Star Wars: The Last Jedi

    Four Reasons Why 'Star Wars: The Last Jedi' Isn't One for the Ages

    Hit by a dearth of tentpole movies in the first quarter, Imax on Thursday said revenues in the period ending March 31 plummeted to $45 million, from $73 million in 2010 when Avatar was being shown on its large screens. And a net profit of $26 million in the first quarter last year turned to […]

  • Mark Hamill and Ted Cruz Get

    Mark Hamill and Ted Cruz Get in Net Neutrality-Related Twitter Fight

    Hit by a dearth of tentpole movies in the first quarter, Imax on Thursday said revenues in the period ending March 31 plummeted to $45 million, from $73 million in 2010 when Avatar was being shown on its large screens. And a net profit of $26 million in the first quarter last year turned to […]

  • 'Ethel & Ernest' Review

    Film Review: 'Ethel & Ernest'

    Hit by a dearth of tentpole movies in the first quarter, Imax on Thursday said revenues in the period ending March 31 plummeted to $45 million, from $73 million in 2010 when Avatar was being shown on its large screens. And a net profit of $26 million in the first quarter last year turned to […]

  • 'The Thousand Faces of Dunjia' Review

    Film Review: 'The Thousand Faces of Dunjia'

    Hit by a dearth of tentpole movies in the first quarter, Imax on Thursday said revenues in the period ending March 31 plummeted to $45 million, from $73 million in 2010 when Avatar was being shown on its large screens. And a net profit of $26 million in the first quarter last year turned to […]

  • 'Shape of Water,' 'I Tonya' Box

    Awards Contenders 'Shape of Water,' 'I, Tonya' Shine in Limited Release

    Hit by a dearth of tentpole movies in the first quarter, Imax on Thursday said revenues in the period ending March 31 plummeted to $45 million, from $73 million in 2010 when Avatar was being shown on its large screens. And a net profit of $26 million in the first quarter last year turned to […]

  • Star Wars: The Last Jedi..Captain Phasma

    Box Office: 'Star Wars: The Last Jedi' Soars to $220 Million Opening Weekend

    Hit by a dearth of tentpole movies in the first quarter, Imax on Thursday said revenues in the period ending March 31 plummeted to $45 million, from $73 million in 2010 when Avatar was being shown on its large screens. And a net profit of $26 million in the first quarter last year turned to […]

More From Our Brands

Access exclusive content