Orlando, FL 2/2/12 (StreetBeat) -- Looks like the 3D movie market is doing better than skeptics had expected.RealD (NYSE: RLD), a licensor of 3D technologies, late Wednesday reported much better-than-expected results for the fiscal third quarter ended December 23. (Note that the company has structured the year not to include the final week of the year, a big period for movie going.)
For the quarter, RealD posted revenue of $49 million, down 15% from a year ago, but well ahead of the Street at $42.8 million. Even better, the company posted a profit of 5 cents a share, while the Street had been projecting a loss of 6 cents.
The company noted that as of year end it had deployed 19,700 RealD-enabled screens, up 74% from a year ago, and up 5% form the September quarter.
CEO Michael Lewis said in a statement that the company through “prudent management of operating expenses” was able to stay profitable despite a “relatively muted 3D film slate.”
He adds that the company is “excited about the promising slate of 3D films” for the March 2013 fiscal year, and also sees continued expansion in international markets. (Among the films on the way: a 3D version of Star Wars Episode 1: The Phantom Menace, Dr. Seuss’ The Lorax, a 3D version of Titanic, Men in Black III, Madagascar III and the new Pixar film Brave. Not to mention Abraham Lincoln: Vampire Hunter.
RLD this morning is up $1.26, or 12.9%, to $11.
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