Imax First Quarter Earnings Down Despite Nearly Twice the Theater Signings

Large-screen exhib has had notable success with 'Captain America,' 'Monkey King' in China

While Imax nearly doubled the number of new theater signings during the first quarter 2014 vs. last year, the large-format circuit saw a decline in revenues in the first three months, down nearly 3%, according to the company’s earnings report on Thursday.

Imax reported a profit of $579,000 in the first quarter ending March 31, compared to its $2.86 million posting during the same period last year. The company’s first-quarter revenues came in at $48.2 million vs. $49.7 million in 2013.

“The significant level of interest in our business worldwide is promising and underscores how the Imax brand has become synonymous with the ultimate way to experience blockbuster films,” said Imax CEO Richard Gelfond.

“We believe that our network growth, the continued commitment from our partners and our consumers’ enthusiasm globally … will continue to solidify our position as a unique and dominant player in the global entertainment industry,” Gelfond added.

In the first quarter, Imax signed 35 new theaters worldwide, up from 17 last year.

The company also has contributed $139 million in global box office so far this year. (Two-thirds of that was generated overseas.) By comparison, Imax grossed $128.7 million worldwide in first-quarter 2013. Imax has had significant success this year with “Captain America: The Winter Soldier” and “The Amazing Spider-Man 2,” as well as “The Monkey King” in China.