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BIG SCREEN COMPANY HAS SMALL PROFITS IN FIRST QUARTER

April 24, 2014 by · Leave a Comment 

The first quarter of any year is rarely a good period for the film business in general, and it’s particularly unrewarding for IMAX, which depends mostly on big-budget blockbusters for its existence, because, well, at that time of year there are hardly any of them. This year, IMAX posted a profit of just $579,000 for the first quarter versus a profit of $2.86 million a year ago. Total revenue, however, was virtually unchanged: $48.1 million this year versus $49.6 million a year ago. In a statement, IMAX chief Richard Gelfond said, “While first-quarter box office is traditionally the softest of the year, just a few weeks into the second quarter, we are encouraged by the strong international opening of The Amazing Spider-Man 2 — just one of the many highly anticipated movies in our portfolio of films for the remainder of the year.”