There will be more Godzilla-sized movie screens coming to Japan. IMAX (Nasdaq: IMAX) is teaming up with Tokyu Recreation in a joint venture to install five new digital projection systems in Japan over the next two years.

Tokyu's no stranger to IMAX. It opened four IMAX screens in Japan last year. It's clearly an encouraging sign to see an overseas revenue-sharing partner agree to more than double its presence.

The buzz for the platform is building in Japan, where Disney's (NYSE: DIS) Alice in Wonderland set an IMAX record during its two-day opening this past weekend.

IMAX has grown up in a hurry, and not just because its stock has popped sevenfold since bottoming out 17 months ago. These joint-venture arrangements with companies including Tokyu, AMC, and Regal (NYSE: RGC) have IMAX assisting in the bankrolling of the new screens but also participating in the profits.

This may have seemed risky a year ago, but everything's changed after News Corp.'s (Nasdaq: NWSA) Avatar validated IMAX's digital 3-D platform.

IMAX posted its first quarterly profit in three years this past summer, and it has been in the black ever since. Analysts see it earning $0.75 a share this year and $0.88 a share come 2011. The optimism continues to grow. Just three months ago, Wall Street figured IMAX would earn just $0.53 a share in 2010 and $0.68 a share the following year.

A couple of years ago, it seemed as if IMAX was at the mercy of Time Warner (NYSE: TWX) blockbusters, with plenty of downtime between the cinematic conversion. That is so 2007. Disney, DreamWorks Animation (NYSE: DWA), and most major studios are making sure that their hit releases receive IMAX's supersized treatment these days.

More than doubling its presence in Japan between now and June of 2012 is incrementally positive news, but hopefully it's merely a sign of coming attractions.

Are you willing to pay a premium for an IMAX experience? Share your perspective in the comments box below.

Walt Disney is a Motley Fool Inside Value choice and IMAX is a Rule Breakers selection. Walt Disney and DreamWorks Animation SKG are Stock Advisor recommendations. Try any of our Foolish newsletters today, free for 30 days.

Longtime Fool contributor Rick Munarriz doesn't like the way he'd look blown up on an IMAX screen. He owns shares in Disney. He is also part of the Rule Breakers newsletter research team, seeking out tomorrow's ultimate growth stocks a day early. The Fool has a disclosure policy, and it looks smoking hot on one of those eight-story IMAX screens.