Tom Cruise Film Lifts Imax to Six-Month High: Toronto Mover
Imax Corp. (IMX), the maker of giant- screen movie-projection systems, rose to a six-month high today after saying box-office revenue increased 45 percent this year through Feb. 12 from the same period in 2011.
Imax shares surged 11 percent to C$24.45 in Toronto after the Mississauga, Ontario-based company said worldwide receipts at Imax cinemas totaled $55 million. About half of the sales came from the Tom Cruise movie “Mission: Impossible - Ghost Protocol,” which has grossed $70 million at Imax theaters since its release in December.
Revenue “is well ahead of our expectations, given that we are forecasting $90 million in box office for the quarter,” Aravinda Galappatthige, an analyst at Canaccord Financial Corp., wrote in a note to clients. “Imax has a very busy film slate in March comprising of ‘The Lorax,’ ‘John Carter’ and the much- awaited ‘Hunger Games.’ Given this, we now believe IMAX may even reach $110 million.”
Imax tumbled 33 percent last year as it missed analysts’ average earnings estimates for the first three quarters amid concern 3-D movies may be losing popularity. The shares have rebounded 31 percent this year.
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