Image: There are 510 systems installed worldwide

International entertainment and technology group Imax Corporation has posted first quarter profits of US$55.6m (EUR42.8m, £34.5m) - up 23 per cent on the same period last year.

Total film revenue for the three-month period was US$19.1m (EUR14.7m, £11.8m), which compares with US$11.5m (EUR8.9m, £7.1m) during the first quarter of 2011.

Imax continued to expand its international network during Q1 2012, with 23 theatre system contracts signed and 26 systems installed. There are currently 510 systems now in place worldwide.

"Our first quarter financial results were driven by strong year-over-year increases in recurring revenues, which reflects the powerful combination of film performance and our growing worldwide theatre network," said Imax CEO Richard L Gelfond.

"The momentum we are currently experiencing - together with our growing network, backlog of theatres, cutting-edge technology and the introduction of our new brand campaign - should result in continued growth over the long-term."

Details: www.imax.com

Image: Andy Z/shutterstock.com