Thursday, August 8, 2013

RealD Lands Deal With Mexican Theater Chain

Los Angeles-based RealD reported a win in Mexico yesterday, with Cinemex, which it says is Mexico's second largest cinema exhibitor and the sixth largest cinema exhibitor in the world. RealD said it has inked a 10 year agreement to equip approximately 700 auditoriums across Mexico with its 3D projection technology. Financial impact of the win was not announced. RealD said it will also remove 540, competing 3D systems that Cinemex had previously installed. The announcement came on the same day RealD announced its results for the quarter, which it described as "challenging"--the firm lost $1.5M on revenues of $59.2M, compared with revenues of $68.2M for first quarter last year. The firm blamed the drop on moviegoers being "more selective than expected" on which 3D films they watched.