IMAX revenues surge on box office, China returns in Q1

Fortune

This post is in partnership with TheWrap. The article below was originally published at thewrap.com.

By Todd Cunningham, TheWrap

Imax [fortune-stock symbol= »IMAX »] revenues climbed 29% to $62 million in the first quarter of this year behind a stronger-than-expected domestic box office and solid returns from China and abroad, the company reported Thursday.

While the revenues were up from $48.2 million last year, first quarter earnings for the giant-screen chain fell. Net income was $391,000, down from $579,000 a year ago and earnings per share were at zero, down from one cent per share a year ago. That reflected the company’s aggressive growth strategy and the introduction of its laser projection technology, and was in line with analysts’ expectations.

Box office grosses hit $166 million, up 20% from 2014’s first quarter, and that was the key. China powered a strong foreign performance that drove 64% of that total, and the…

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