Imax Profit Hopes Hang on String of Films
Money-losing Imax Corp. is pegging its hopes to return to profitability next year on a slate of about a dozen films--two of them from Walt Disney Co.--which executives believe represents the best subject matter in the big-screen cinema company’s 34-year history.
“We have really strong hopes for revenue growth,” said Richard Gelfond, Imax’s co-chairman.
Disney’s January release of “Beauty and the Beast,” one of the highest-grossing animated films, should be a major sales driver for Imax, Gelfond said.
Disney last year released “Fantasia 2000” for Imax screens and had $80 million in sales.
Shares of Mississauga, Canada-based Imax rose 11 cents to close at 90 cents on Nasdaq.
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