Imax misses profit estimates by a cent

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(Reuters) – Imax Corp’s quarterly net profit missed estimates by a cent, even as the Canadian giant movie screen maker posted higher recurring revenue and continued to expand its global footprint.

The company expects to install 17 to 21 new theatre systems in the second quarter, with a backlog of 261 theatre systems at the end of March.

Imax, which also designs and produces cameras and projection equipment for its namesake motion picture film format, installed 16 new systems in the first quarter.

The company recorded a net income of $2.6 million for the quarter ended Match 31, or 4 cents per share, compared with a net loss of $1.0 million, or 2 cents per share, a year ago.

Revenue rose 23 percent to $55.6 million, ahead of analysts’ average estimate of $54.3 million, according to Thomson Reuters I/B/E/S.

Total film revenue in the quarter was $19.1 million, up from $11.5 million last year.

Adjusted earnings at 6 cents per share fell a cent short of expectations.

The company incurred a $700,000 charge in the quarter to enable some theatres to play movies in either digital or analog formats.

Imax shares closed at C$24.21 on Thursday on the Toronto Stock Exchange and at $24.65 on the New York Stock Exchange.

(Reporting by Abhiram Nandakumar in Bangalore)

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