Imax Corp. (IMAX:US) shares reached their highest level in 11 months after the company said that growing international demand for movies shown in its large-screen format helped double fourth-quarter profit.
The shares advanced (IMAX:US) 4.3 percent to $26.27 in New York, the highest closing price since March 21. The Mississauga, Canada- based company has gained 17 percent this year.
Imax, which operates 731 theaters in 53 countries, is benefiting from growing consumer demand for movies such as the James Bond thriller “Skyfall” in its large-screen format. Foreign productions helped lift international sales to 51 percent of the company’s total box-office sales in the quarter, Chief Executive Officer Rich Gelfond said in an interview.
“What we’re trying to do is approach the international market on a country-by-country basis and using local content,” Gelfond said in a phone interview today, after the company released its results.
Net income for the quarter ended Dec. 31 was $12.9 million, or 19 cents a share, compared with $6.3 million, or 9 cents, a year earlier, according to a statement today.
Profit excluding some items was 23 cents a share, topping the average analyst estimate of 16 cents, according to data compiled by Bloomberg. Sales rose 17 percent to $77.8 million from $66.7 million.
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