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Written by THE CANADIAN PRESS
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Monday, 12 May 2008 |
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TORONTO - Imax Corp. (TSX:IMX) widened its first-quarter net loss to US$10.3 million, compared with $4.7 million a year earlier, as revenue declined 12 per cent in what its co-CEOs characterized as a "transitional" period.
The big-screen movie technology company, reporting in U.S. dollars, said Monday its January-March revenue was $23.5 million, down from $26.8 million a year ago.
But Imax said its pending roll-out of digital projection technology was on schedule.
The loss per share amounted to 25 cents, compared to a loss of 12 cents per share in the same period last year.
Imax said the seasonally weak quarter "faced an especially difficult year-over-year comparison given the strong Imax DMR release of '300: The Imax Experience' in the first quarter of last year."
"As anticipated, our first-quarter results reflect the transitional nature of 2008 from a financial perspective as we continue implementing our key joint venture revenue sharing and digital initiatives," said co-chief executives Richard Gelfond and Bradley Wechsler.
"We continue to expect improved results in the fourth quarter of 2008 and profitability in 2009."
The company signed agreements for 66 Imax theatre systems in the first quarter, compared to 13 in the first quarter of 2007.
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Last Updated ( Wednesday, 08 October 2008 )
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