Robust sales drive 4Q earnings growth at Imax

03/10/05 - newratings.com

NEW YORK, March 10 (newratings.com) – Canada-based projection and sound system manufacturer Imax Corp (IMAX) Thursday reported fourth-quarter profits of $0.19 per share, as compared to a loss of $0.01 in the year-ago period.

Imax’s profits growth was driven by a 31% increase in the company’s sales for the quarter at $47.5 million. Imax’s Co-Chief Executive Officers, Richard L Gelfond and Bradley J Wechsler, said in a statement, "The year 2004 was a watershed for Imax, as we significantly grew the commercial IMAX theater network and established it as a valuable new distribution platform for Hollywood event films." The company expects to post 2005 earnings of $0.35-$0.38 per share. The company attributed the robust sales during 2004 to box office successes such as "NASCAR 3D" and "Harry Potter and the Prisoner of Askaban." Imax Corp’s share price appreciated by 8.5% to $10.95 in pre-market trade on Thursday.