Imax Posts Another Strong Quarter; China Continues to Rebound
Imax reported a strong third quarter as the firm beat consensus projections for the top line and met Street expectations for adjusted EBITDA. The firm reported IMAX box office grosses of $207 million in the third quarter, down 6% year over year on a tough comp. Despite the overall decline, the China market continues to expand with box grosses up 29% in the quarter. Imax signed agreements covering 25 new theaters, along with 12 upgrade signings during the quarter and ended the quarter with a back...IMAX is an entertainment technology company. Co.'s businesses are: the design and manufacture of theater systems and the sale or contribution of those systems to customers under theater system arrangements; and the Digital Re-Mastering of films into the IMAX format and the exhibition of those films in the IMAX theater network. Co. is also engaged in the production and distribution of original large-format films, the provision of services in support of the IMAX theater network, the provision of post-production services for large-format films, the operation of three IMAX theaters and, from time-to-time the conversion of two-dimensional and three-dimensional Hollywood feature films.
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