Imax net income doubles in Q4February 21, 2013 - 19:16 AMT PanARMENIAN.Net - Imax said Thursday, February 21 that its net income doubled in the fourth quarter as the company installed its systems into more theaters and pulled in more money from making Imax movies and converting films to its format, AP reported. The New York company earned $12.9 million, or 19 cents per share, for the three months ended Dec. 31. That's up from $6.3 million, or 9 cents per share, in the prior-year period. Removing stock-based compensation, earnings were 23 cents per share. Analysts expected earnings of 17 cents per share, according to a FactSet poll. Revenue climbed 17 percent to $77.8 million from $66.7 million. Wall Street predicted about $75 million in revenue. Shares of Imax rose 85 cents, or 3.4 percent, to $26.04 in morning trading. During the quarter Imax installed 46 theater systems, compared with 57 in the same period in 2011. Revenue from the sale and rental of projection systems fell 18 percent to $24.3 million. Joint revenue sharing arrangements with theaters that show Imax movies more than doubled to $17 million from $8.4 million. The company is putting more focus on filmmakers who use the Imax format. Revenue from production using Imax cameras and film stock and digital media remastering, or Imax DMR, rose 56 percent to $19.2 million. For the year, Imax Corp. earned $41.3 million, or 61 cents per share. In 2011 the company earned $15.3 million, or 22 cents per share. Revenue rose 20 percent to $284.3 million. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Biden honors resilience of Armenian people on April 24 U.S. President Joe Biden has issued a statement on the 109th anniversary of the Armenian Genocide. Ex-Karabakh leader moved to solitary confinement cell in Baku, his son says David Vardanyan is the son of former Karabakh leader Ruben Vardanyan who who is currently imprisoned in Azerbaijan. Macron says France commemorates 109th anniv. of Armenian genocide Today France commemorates the 109th anniversary of the Armenian genocide of 1915, Macron says. Freedom House concerned by mounting reports of police violence in Armenia Freedom House urged Armenian authorities to investigate this pattern of excessive force and inhumane treatment. |