NEW YORK (AP) — Shares of RealD, which licenses 3-D movie equipment to theaters, declined on Friday as the company's June box office figure disappointed investors.

THE SPARK: RealD Inc. said on Thursday that the total box office draw for RealD-enabled movie screens was about $291 million in June. That's down from $345 million in May.

For its fiscal first quarter, which ended in June, the box office for RealD-enabled screens was about $838 million.

THE BIG PICTURE: The summer months are critical for those in the movie industry. Many studios release their big-budget films then, while children are on break from school and many adults take vacation, giving consumers ample free time to head to theaters.

THE ANALYSIS: Bejamin Mogil of Stifel Nicolaus lowered RealD's price target to $15 from $20 but kept a "Buy" rating, saying he wants to see what the July results are like before changing the rating.

B. Riley & Co.'s Eric Wold said that even though more 3-D films are making their way into theaters, consumers seem to be getting increasingly more selective as to which 3-D movies they go to see. 3-D movies are more expensive. The analyst reduced RealD's price target to $15 from $16.25. Wold has a "Neutral" rating on RealD stock.

A representative for RealD did not immediately respond to an email seeking comment.

SHARE ACTION: Down $1.28, or 9.5 percent, to $12.23 in afternoon trading. The stock hit a 52-week high of $16.05 in early June.