IMAX (NYSE:IMAX) announced Monday that it has signed agreements to open three new IMAX theatre systems in Russia. New partner Kronverk Cinema has already opened one of the theaters in Syktivkar. Kinomax will install an IMAX theatre (its sixth such) in Moscow. Finally, Formula Kino will be opening one -- its third -- in St. Petersburg.
IMAX says it now has a presence among all six of the top cinema chains in Russia.
Despite the good news, IMAX shares declined along with the rest of the market Monday, falling 2.2% to close at $24.02.
Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool recommends and owns shares of IMAX. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
More from The Motley Fool
China's Government Takes Aim at IMAX
IMAX's main rival in China has the company in its crosshairs -- and it has the backing of the Chinese government.
2 Stocks I'd Never Buy, and 1 I'll Consider
All three of these stocks have tumbled more than 20% lower in 2017. Only one of them seems poised to make a comeback.
How IMAX Is Crushing the Rest of the Movie Industry
While most theaters are dealing with declining attendance, audiences are turning to IMAX for a premium experience -- and growth is booming.