14.08.02
IMAX Corporation Reports Second Quarter Results |
(Toronto, August 2002) - IMAX Corporation (Nasdaq: IMAX; TSX: IMX) has reported net earnings of $0.09 per share for the second quarter ended June 30, 2002, versus net losses of $0.37 per share in the second quarter of 2001. For the six-months ending June 30, 2002, the Company reported net earnings of $0.41 per share versus net losses of $0.82 per share for the comparable period of 2001.
"We are pleased with our second quarter results which mark another step in completing the financial transformation of the Company and our return to profitability," said IMAX Co-Chief Executive Officers Richard L. Gelfond and Bradley J. Wechsler. "The trend of improving performance at IMAX(R) theatres that began in the first quarter is continuing with strong attendance to IMAX's SPACE STATION, which exceeded our expectations and has already grossed more than $21 million in just 16 weeks. A number of recent strong new theatre openings, including our first two theatres in The People's Republic of China and a number of new theatres in Europe, coupled with an increased level of interest among potential IMAX theatre customers makes us optimistic about IMAX's long term future."
IMAX will introduce its new IMAX DMR technology on September 20th with the release of Apollo 13: The IMAX Experience. The IMAX DMR technology allows the Company to convert virtually any live-action 35mm film into IMAX's 15/70 format at an approximate cost of $2 to $4 million per picture.
The Company recently announced a new relationship with Creative Artists Agency (CAA) to accelerate the availability of event Hollywood films for IMAX theatres. Because of its strong relationships with key filmmakers and studio executives, CAA should facilitate IMAX's access to important film properties for day-and-date releases using IMAX's DMR technology.
Messrs. Gelfond and Wechsler continued, "We are extremely excited about the upcoming premiere of Apollo 13: The IMAX Experience and the introduction of IMAX DMR. Building on the box office success of The Walt Disney Company's Fantasia 2000: The IMAX Experience and Beauty and the Beast, the launch of Apollo 13 is the next important step in positioning IMAX as the newest release window for Hollywood event films. Thus far, the response to both Apollo 13 and the DMR process has been extremely positive in the filmmaking community. The addition of CAA as a strategic partner in securing these event films will help to accelerate the process of bringing these key films to IMAX theatres."
(This press release contains forward-looking statements that are based on management assumptions and existing information and involve certain risks and uncertainties which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Important factors that could affect these statements include the timing of theatre system signings and installations, the mix of theatre systems shipped, the timing of the recognition of revenues and expenses on film production and distribution agreements, the viability of new businesses and technologies and fluctuations in foreign currency and in the large format and general commercial exhibition market. These factors and other risks and uncertainties are discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2001 and in the subsequent reports filed by the Company with the Securities and Exchange Commission.)
CONTACT: Media - Romi Schutzer of IMAX Corporation, New York, +1-212-821-0144, rschutzer@imax.com; or Analysts - Stephen G. Abraham of IMAX Corporation, New York, +1-212-821-0140, sabraham@imax.com; or Financial Media - Whit Clay of Sloane & Company, New York, +1-212-446-1864, wclay@sloanepr.com; or Entertainment Media - Al Newman of Newman & Company, Los Angeles, +1-818-784-2130, asn@newman-co.com.
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