“ Inside Out 2 ” helped lift Imax ‘s quarterly earnings, but a slower start to summer blockbuster season took a bite out of the company’s profits and revenues. The big screen company logged $89 million in revenue for the three-month period ending in June, down 9% from the $98 million it reported in the prior-year quarter. Net income stood at $3.
6 million, a 56% drop from the $8.4 million that Imax delivered in the year-ago period, while earnings per-share hovered at 18 cents, a 36% decline from the 26 cents that the company reported in the prior-year quarter. Adjusted EBITDA declined 14% to $31 million, down from $34 million in the year-ago period.
Despite the declines, Imax trounced Wall Street’s estimates. The company has been projected to report quarterly earnings of 8 cents per share and revenues of $79 million, according to Zacks. Shares of Imax surged more than 3.
7% on the stronger-than-expected earnings announcement. The company said its global box office tally stood at $196.4 million, which it attributed to the popularity of “Inside Out 2,” the summer’s biggest hit.
Imax also sold “The Blue Angel,” an original aviation documentary that it produced, to Amazon, which bolstered revenue. The film earned $2.2 million during its run in Imax theaters.
But overall, the theatrical box office was in a rut for much of the quarter, with movies like “Furiosa” and “The Fall Guy” failing to draw crowds. Some analysts attributed the lack of pop in popcorn .