AMC, IMAX bringing big screens to KC

IMAX Corp., the Canadian company known for its big-screen theater systems, announced a deal Wednesday to install its technology in existing movie megaplexes in five markets, including Kansas City, Mo.

The five-year deal with Kansas City, Mo.-based AMC Entertainment Inc. is described as a joint venture. Financial terms were not disclosed.

Two of the systems will be scheduled to be up and running by June 15. Those will be in Kansas City and Detroit, in time for the June 17 opening of “Batman Begins.”

The theater systems being delivered to AMC follow IMAX’s MPX design, a smaller, less costly version of the big-screen — some eight stories tall — concept made popular by IMAX.

Apparel

April sales soar at American Eagle

American Eagle Outfitters Inc. on Wednesday reported comparable-store sales for locations open at least a year rose 20 percent last month, causing the teen clothing chain to raise first-quarter earnings expectations.

The company — which operates some 884 stores in the U.S. and Canada — said total sales in April rose 30.2 percent to $142.5 million from $109.4 million. American Eagle has a store in downtown Lawrence and a distribution center in Ottawa.

American Eagle said sales for the 13 week period ended April 30 were $454 million, up 36.7 percent from last year’s $332.2 million. Comparable-store sales during the period increased 27.1 percent.

The strong results triggered American Eagle to lift first-quarter profit expectations. The retailer now sees earnings in the range of 33 cents to 34 cents per share — up from its previous forecast of 30 cents to 31 cents per share.

Energy

Oil find surfaces in central Utah

A tiny oil company has snapped up leasing rights to a half-million acres in central Utah that it says could yield a billion barrels or more of oil.

Geologists are calling it a spectacular find — the largest onshore discovery in at least 30 years, located in a region of complex geology long abandoned for exploration by major oil companies. It’s turning out to contain high-quality oil already commanding a premium at refineries.

At today’s prices the oil reserve could bring Utah $5.6 billion in royalties, state auditors conservatively estimate.

Although the discovery is still playing out, the oil will take years to recover and some skeptics question the company’s projections for a region yet to be fully surveyed.

The find, 130 miles south of Salt Lake City, was made by Wolverine Gas & Oil Corp., a privately held company with 25 employees and based in Grand Rapids, Mich.