Imax Corp (IMAX)

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IMAX beats by $0.03, beats on revs

7:12 AM ET 7/24/14 | Briefing.com

Reports Q2 (Jun) earnings of $0.25 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.22; revenues fell 3.2% year/year to $79.1 mln vs the $76.37 mln consensus.
"During the second quarter, we showed operating leverage, delivering strong growth in net earnings, which translated to operating cash flow growth in the period. Our bottom line financials reflected expanding margins and continued cost controls""We also made strides in the quarter with respect to key 2014 initiatives, including expanding the network, developing our world-class laser projection system and testing new marketing strategies, which we believe will help further position us to take full advantage of the potentially very strong film slates in 2015 and 2016." The total IMAX theater network consisted of 868 systems as of June 30, 2014, of which 735 were in commercial multiplexes. There were 419 theaters in backlog as of June 30, 2014, compared to 284 in backlog as of June 30, 2013. In the second quarter of 2014, the Company signed contracts for 24 theaters, of which 20 were for new locations and 4 were for upgrades. In the quarter, the Company installed 34 IMAX theater systems, 30 of which were for new theater locations and 12 of which were installed in China.