Imax Corp. (IMAX) shares reached their highest level in 11 months after the company said that growing international demand for movies shown in its large-screen format helped double fourth-quarter profit.
Imax, which operates 731 theaters in 53 countries, is benefiting from growing consumer demand for movies such as the James Bond thriller “Skyfall” in its large-screen format. Foreign productions helped lift international sales to 51 percent of the company’s total box-office sales in the quarter, Chief Executive Officer Rich Gelfond said in an interview.
“What we’re trying to do is approach the international market on a country-by-country basis and using local content,” Gelfond said in a phone interview today, after the company released its results.
Net income for the quarter ended Dec. 31 was $12.9 million, or 19 cents a share, compared with $6.3 million, or 9 cents, a year earlier, according to a statement today.
Profit excluding some items was 23 cents a share, topping the average analyst estimate of 16 cents, according to data compiled by Bloomberg. Sales rose 17 percent to $77.8 million from $66.7 million.
To contact the editor responsible for this story: Anthony Palazzo at firstname.lastname@example.org