Imax Corp. (IMAX) reports earnings tomorrow and with shares trading toward the lower end of its 52-week range, investors are waiting for any type of good news. 
IMAX is currently showing the movie 300 and over the weekend it set a record $3.6M in ticket sales at 62 Imax theaters. With just about every male in America dying to see this movie, expect Imax to keep raking in the cash. Kudos to Frank Miller for a killer graphic novel that made an incredible jump to the big screen. If you haven’t seen it, you have to, it’s unbelievable.
But besides the 300, what else does Imax have going for itself?
On Monday shares of IMAX jumped 5.2% to $4.86 after they announced that Dickinson Theatres Inc. has agreed to open five Imax theaters in new multiplexes in the Midwest. Imax didn’t disclose how much the deal was worth but said "it’s the company’s largest lease agreement since 2004." Imax also reported that Regal Cinemas Inc. will install two Imax MPX theater systems at multiplexes in California and Oregon in the next two months. It’s been a tough run for IMAX over the last year, they failed to ever find a buyer after putting the company up for sale and their share price has fallen with the lack of performance by the company. Should tomorrow’s call provide an improved guidance or a better than expected quarter, shares of IMAX will be off to the races. If you think IMAX has the right stuff, it’s time to throw down, however with the stock trading so low, its best to sit back and watch. IMAX shares have a long way to go before they hit a new 52-week high, so if Imax is a turnaround story, you’ve got time to play it.
Comments From The Stock Masters 3/15/07
Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
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TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.
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