IMAX Earnings: Positioning the Company for Future Success
Going into IMAX Corporation's (NYSE: IMAX) quarterly financial report, investors wanted to know if the weak slate of Hollywood blockbusters that weighed on results earlier in the year had improved enough to break the company out of its downward trajectory. It turns out that moviegoers found little reason to venture out, and IMAX results continued to pay the price.
IMAX reported revenue of $87.8 million, a 4% year-over-year decline, and a GAAP net loss of $1.7 million, which translated to a $0.03 loss per share. Accounting for one-time items related to cost-cutting initiatives and reorganization, the company produced earnings per share of $0.15, a 17% drop from the prior-year quarter.
Theater owners continue to show confidence in the ability of IMAX theaters to attract customers. During the most recent quarter, the company signed agreements to install 92 new theaters, bringing the backlog to 580 systems, a 31% increase over the prior-year quarter. With 34 system installations in the current quarter, the global network of IMAX theaters grew to 1,257 locations in 75 countries.
Source: Fool.com
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