Imax First Quarter Revenues Rise on Asian Box Office Recovery
Giant-screen exhibitor Imax posted higher first-quarter revenues as it was lifted by a recovery in the Asian box office.
Despite the hit to North American movie theaters from the COVID-19 crisis with theater closures and capacity restrictions, Imax has seen strong box office performance for local titles, mainly in China, Korea and Japan as the Asian market reopened. Imax posted an adjusted loss per share of 25 cents, compared with a loss of 48 cents per share in 2020. Analysts had forecast a per-share loss of 26 cents.
Quarterly revenue came in at $38.8 million, against $34.9 million a year earlier when all Imax screens in China were closed. Imax said it posted $110 million in global box office, it's first year-over-year quarterly box office growth during the pandemic era.
During the first quarter, Imax said it experienced a strong Chinese New Year period and screened the Japanese box office hitsDemon SlayerShin Evangelionon its giant screens. Read more: Hollywood Reporter »
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