Thanks to summer smashes like “Jurassic World” and “Avengers: Age of Ultron,” Imax reported its highest quarterly revenue in company history on Thursday.
The big screen company picked up $107.2 million in revenue, a 35.5% jump from the $79.1 million it recorded in the year ago period amidst an industry-wide dip in ticket sales. It also and beat analysts’ estimates, with most stock watchers expecting Imax to report revenues of $100.2 million.
Earnings per share for the three month period ending in June topped off at 34 cents, just missing Wall Street’s estimate of 37 cents. In the year-ago period, Imax logged earnings of 19 cents a share. In the case of its earnings miss, Imax would have bested initial estimates of 33 cents, but fell short after consensus projections rose to 37 cents. Imax’s diluted earnings of 40 cents per share, excluding one time costs, bested expectations.
Profits at the company hit $24.3 million, up from $13.3 million in the same period a year ago.
Imax appears to have benefited from a robust slate of tentpole films such as “Furious 7” and “Mad Max: Fury Road,” that benefit from being seen on the widest of screens. Its locations contributed a record $343 million in box office receipts and a per screen average of $414,600, the highest it had seen since “Avatar.”
The company said it is working to get more of its “DNA” into blockbuster films, noting that its Imax cameras will be used to capture certain sequences in “Star Wars: The Force Awakens” and “Captain America: Civil War.” During a call with analysts following the earnings announcement, the company’s leadership said it turns down more projects than it allows to use the cameras.
“What we don’t want to do is make it ubiquitous…it will continue to be something that we’re very conscious and deliberate about,” said Greg Foster, CEO of Imax Entertainment.
Imax’s network of theaters stands at 976, with 391 in backlog. It signed deals for 30 new locations. Shares of the company closed Wednesday up 1.04% at $37.89.