Imax profit beats as big-name 3D films draw crowds
By Susan Taylor
OTTAWA, April 29 (Reuters) – Big-screen movie company Imax Corp (IMX.TO) (IMAX.O) posted a market-beating profit on Thursday and said it will accelerate its expansion plans, as it benefits from a growing appetite for such 3D blockbusters as “Avatar” and “Alice in Wonderland.”
Imax, which has transformed its business to digital projection from large-format film, said that, based on recent deals, it expects to install more theater systems in 2010 than it previously forecast.
Despite the strong results and sturdy growth prospects, Imax shares dropped more than 5 percent, which analysts attributed to profit-taking after a recent run-up by the stock.
Read the whole story here.