New York, NY, USA (February 23, 2012) /PRNewswire/ — IMAX Corporation (NYSE: IMAX; TSX: IMX) today reported fourth quarter 2011 revenues of $66.7 million, adjusted net income of $9.2 million, or $0.14 per diluted share, reported net income of $6.3 million, or $0.09 per diluted share, and adjusted EBITDA as calculated in accordance with the Company’s Credit Facility of $21.1 million. For reconciliations of adjusted net income to reported net income and for the definition of adjusted EBITDA, please see the tables at the end of this press release.
“Our fourth quarter financial results came in as expected and the year ended on a positive note with the success of Paramount’s Mission: Impossible – Ghost Protocol, which was released five days early in IMAX,” said IMAX Chief Executive Officer Richard L. Gelfond. “Overall, 2011 was highly productive from a strategic perspective. In addition to the success of Mission: Impossible, we made progress toward introducing best-in-class laser based projection technology, and grew our commercial network by 33%, installing a record 170 IMAX® theatre systems. This strategic momentum has carried into 2012, as the recent WTO agreement with China, highlighting IMAX, should enhance programming flexibility in our biggest international market, and we have also made early progress toward igniting network growth in Latin America and Europe. While we are disappointed that 2011 did not meet our financial objectives, in 2012, we believe we are positioning ourselves for both financial and strategic success, through our continued focus on differentiation, executing on network growth, and creating a compelling film slate.”
Read the full press release on IPM NewsDocs
IMAX Corporation is one of the world’s leading entertainment and technology companies, specializing in the creation and delivery of premium, awe-inspiring entertainment experiences. With a growing suite of cutting-edge motion picture and sound technologies, and a globally recognized entertainment brand, IMAX is singularly situated at the convergence of the entertainment industry, innovation and the digital media world. The industry’s top filmmakers and studios are utilizing IMAX theatres to connect with audiences in extraordinary ways, and as such, the IMAX network is among the most important and successful theatrical distribution platforms for major event films around the globe. The Company’s new digital projection and sound systems – combined with a growing blockbuster film slate – are fueling the rapid expansion of the IMAX network in established markets such as North America, Western Europe, and Japan, as well as emerging markets such as China and Russia. IMAX deliver the world’s best cinematic presentations using proprietary IMAX®, IMAX 3D®, and IMAX DMR® (Digital Re-Mastering) technologies. IMAX DMR enables virtually any motion picture to be transformed into the unparalleled image and sound quality of The IMAX Experience®. www.imax.com