Imax profit soars as theater network grows

Imax Corp. (IMX-T) said on Thursday its fourth-quarter profit rose, driven largely by a growing network of big-screen Imax theaters across the globe.

The company said its net income in the quarter rose to $54.2 million US, or 80 cents per share, compared with $4 million, or 6 cents, a year ago.

Excluding one-time items, earnings in the quarter rose to $14.3 million, or 21 cents a share, from $12.9 million, or 20 cents, a year earlier.

Imax has ridden the wave of popularity for 3-D movies in North America and predicted rapid growth as it expands its theater network, especially in emerging markets such as China.

The Toronto-based company said it expects to increase both revenue and earnings in 2011.