Imax Talks Up Live Events Strategy as Company’s Quarterly Results Beat Projections
variety.comBrent Lang Executive Editor of Film and MediaImax has continued to dig out from a global pandemic that devastated the theatrical movie business, posting its best quarterly results since COVID-19 became a facet of daily life.
At the same time, the big screen company made it clear that it is setting its horizons behind the latest new releases, talking up the opportunities it sees in launching special events with filmmakers and musical artists.Revenue at the company topped out at $108.6 million, a 94% year-over-year improvement, while the company reported earnings of 17 cents a share compared with a year-ago loss of 36 cents.
Imax also reported net income of $10.1 million, compared to the $21.2 million in losses that it logged roughly a year ago. Those figures topped Wall Street’s projections, which sent shares climbing more than 7 percent in after-hours trading.
Imax was bolstered by some popular big screen successes, notably “Spider-Man: No Way Home,” which beat the pandemic odds to become one of the most popular film releases in history.
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