The box office heroics of Inception (pictured) boosted Imax Corporation’s third quarter total revenues by 17% to $51.1m compared to $43.5m in the third quarter of 2009, company top brass announced today .
Reported net income for the third quarter increased to $6.7m or $0.10 per diluted share, from $1.1m or $0.02 per diluted share in last year’s third quarter.
The company said that adjusted net income, which excludes the impact of the change in the value of the company’s variable stock compensation, increased 151% to $9.8m or $0.15 per diluted share.
This compares to adjusted net income of $3.9m or $0.06 per diluted share on the same basis in the third quarter of 2009.
During the third quarter the company signed contracts for 100 theatre systems compared to 13 theatre systems in the third quarter of 2009. Through the first nine months, Imax Corporation has signed contracts for 198 theatre systems, compared to 23 theatre systems for the same period in 2009.
“We experienced another strong quarter of box office growth, lead by Christopher Nolan and Warner Bros Pictures’ 2D sci-fi actioner Inception, which grossed over $50m in IMAX theatres, making it our fourth highest grossing DMR title of all time,” CEO Rich Gelfond said.
“The performance of Inception demonstrated how our fans seek out IMAX because it is the best way to experience a movie, whether in 2D or 3D. As we look ahead to the fourth quarter, we are excited about our coming line-up of titles, which includes DreamWorks Animation’s Megamind, part one of Harry Potter And The Deathly Hallows from Warner Bros. and Disney’s TRON: Legacy.”
For the nine-month period ended September 30, 2010, adjusted net income increased to $53.5m or $0.81 per diluted share, compared to adjusted net income of $7.6m or $0.15 per share on the same basis last year.
Total revenues increased 53% to $179.5m for the nine-month period compared to $117m for the same period last year.
Reported net income for the nine-month period increased to $46.6m or $0.70 per diluted share, compared to $1m or $0.02 per share in the same period in 2009.