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IMAX First-Quarter Results Fall Short of Estimates

By Anders Bylund - Apr 25, 2013 at 8:26AM

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Management falls short of Street targets but points to a promising slate of IMAX films in the second quarter and continued international expansion.

IMAX (IMAX 0.88%) reported results for the first quarter of fiscal year 2013. Non-GAAP earnings fell 9% year over year to $0.08 per share. Sales came in 10.3% lower, at $49.9 million. Analysts had expected adjusted earnings of $0.09 per share on $54.1 million in revenue.

The big-screen ciena technologist installed six full-theater systems, and four joint revenue-sharing venues in this quarter, compared to eight full and eight joint installations in the year-ago period. The backlog of system orders increased from 261, to 283. Production and remastering revenue rose 4.3%. Box office from remastered titles was stable year over year, but average box office per screen fell by 14%.

"We are excited about the promising upcoming lineup of films in IMAX, particularly in the second quarter," said IMAX CEO Richard Gelfond. The second quarter includes high-profile IMAX releases such as Star Trek: Into Darkness, the next Iron Man sequel, and Superman reboot Man of Steel.

Gelfond also underscored steady growth in international markets. "We are very pleased that we continue to penetrate different countries around the world, strengthening our presence in some and building strong theaters in new markets to catalyze future growth in others," he said.

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