Imax Gets Bigger
IMAX reported strong fourth-quarter results today (Thursday), noting that revenue from its digital remastering business -- converting 35mm films into high-resolution digital formats, especially enhanced for the giant IMAX screens -- increased 56.3 percent in the fourth quarter versus the same period a year earlier. Gross box office from digitally remastered films climbed to a record of $152 million versus $97.6 million in the 2011 period. At the end of 2012 there were 598 IMAX theaters operating in multiplexes worldwide and an additional 19 in stand-alone commercial locations. There were also 114 IMAX theaters located in museums and other institutions. In a statement accompanying today's SEC filing, IMAX chief Richard Gelfond said, Our 2013 objectives are straight forward -- continue to expand our footprint worldwide, maximize the scalability of our business and further leverage our differentiated end-to-end technology platform to enable more leading filmmakers and studios to create an entertainment experience that cannot be found anywhere else.