Imax's stock was up 2.22% at $23.05 in after-hours trading.” />
That wasn't the only piece of good news. Net income came in at $7.6 million compared to a loss of $1.7 million. In the prior-year quarter, Imax logged a loss of 3 cents a share and revenues of $87.8 million. Imax's adjusted EBITDA of $39.5 million represented a 35% increase from the second quarter in 2017. Both figures improved upon the year-ago results.
Imax reported income of $98.3 million, falling short of the $98.9 million that analysts were projecting. "Jurassic World: Fallen Kingdom," "Avengers: Infinity War," and other summer blockbusters goosed profits at Imax. However, revenues missed the mark. The exhibition company reported earnings of 30 cents per share for the three-month period ending June 30, handily beating Wall Street's expectations.
Imax also signaled it is ready to profit from Saudi Arabia's decision to end a three-decade-long ban on movie theaters. In May, Imax installed its first commercial theater in the Kingdom in conjunction with Vox Cinemas.
Revenues for that business segment were $30.9 million, compared with $32.7 million in the same quarter in 2017. Imax's cut of the box office from the films it re-formatted to fit its screens was $36.2 million, up from $27.8 million in the prior-year period. There have been plenty of those films this summer, a deluge of sequels and spinoffs that's resulted in a record second quarter box office. That aided Imax, which said its healthier results were attributable to robust ticket sales. That off-set a slight decline in theater installations.
Imax, with its vast screens and wider projection, has become a favored platform for fanboys and fangirls looking to experience comic book movies and special effects-fueled popcorn fare in a more immersive setting. That's helped it benefit from the movie business' greater emphasis on superhero flicks and action franchises.