IMAX States Weak Canadian Dollar Hurt 3Q Earnings

The big screen theater company states it produced $8.39M in net gain for 3Q, up 24.6% versus the time this past year, on revenues of $67.5B, up 32.2%. That converted into modified earnings of 16 cents a share, light from the 20 cents the Street expected. But IMAX states it required a 6 cent hit because of “a sudden loss of the Canadian Dollar from the U.S. Dollar in the finish from the third quarter.” The majority of IMAX’s revenues have been in U.S. dollars, but many of their expenses have been in Canadian dollars. Because the finish of September the Canadian dollar has increased, leading IMAX to project a $3.4M grow in 4Q. Boss Wealthy Gelfond states he’s positive about approaching films brought by Vital’s Mission: Impossible — Ghost Protocol: The IMAX Experience in addition to revenues from new theaters being built overseas. Gelfond states that 3Q was the very first time that IMAX saw more gross revenues from overseas theaters than from domestic. The organization elevated its worldwide growth plans by 25% and states individuals marketplaces will take into account about 75% from the new IMAX venues planned for the following 15 several weeks.