'Polar Express' Sets Record for Imax Release

Mon Nov 15, 2004 09:02 PM ET
By Jeffrey Hodgson
http://www.reuters.com/newsArticle.jhtm ... ID=6820799

TORONTO (Reuters) - Tom Hanks' holiday movie "The Polar Express" has set an opening weekend record for a Hollywood film released in Imax Corp.'s giant-screen format, the company's co-chief executive said on Monday.

Brad Wechsler said the film grossed $2.1 million over the weekend in 59 North American Imax theaters for a total of $3 million in receipts since Wednesday.

But in the battle of computer-animated cartoons, "The Polar Express" pulled in at a distant No. 2 at North American weekend box offices after "The Incredibles," a performance many considered disappointing.

"The Polar Express," which reportedly cost $270 million to make and market, opened with a modest $23.5 million for the weekend, distributor Warner Bros. Pictures said. Since its release on Wednesday, it has grossed $30.8 million.

"We're extremely pleased in terms of its absolute performance in Imax. We've set a new weekend record for us ... we've had a ton of sold out shows and our advance sales to consumers have been great," Wechsler told Reuters

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'Polar Express' Box Office Pressures Warner

Mon Nov 15, 2004 07:57 PM ET
http://www.reuters.com/newsArticle.jhtm ... ID=6820372

"Given we are not yet in the Christmas season, we are not ready to classify it as a failure and estimate it still has a chance to break even, though not within 12 months," Michael Gallant, financial analyst for CIBC World Markets, wrote in a research note.

Gallant said he estimated the movie might still post $280 million to $310 million at global box offices, and sell 10 million home video and DVD units. The video and DVD are expected to be released in November next year.

Warner's Upcoming Slate and Commitments

Alexander - $51m distribution rights + $60m for marketing
Ocean's 12 - $115m budget - 50/50 with VillageRoadshow
The Aviator - Warners invested $19m
The Phantom of the Opera - Warners invested $19m
Million Dollar Baby - $30m budget - split

ooooh, nice wee record for Polar.