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IMAX Corporation Reports First Quarter 2012 Financial Results

By IMAX on April 26, 2012

IMAX Corporation today reported first quarter 2012 revenues of $55.6 million, adjusted EBITDA as calculated in accordance with the Company's Credit Facility of $16.4 million, adjusted net income of $4.0 million, or $0.06 per diluted share, and reported net income of $2.6 million, or $0.04 per diluted share.  In the first quarter of 2012, the Company incurred a charge of $0.7 million to enable certain theatres to play movies, such as The Dark Knight Rises, in either digital or analog format.  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 first quarter financial results were driven by strong year-over-year increases in recurring revenues, which reflects the powerful combination of film performance and our growing worldwide theatre network, the key ingredients of our business model," said IMAX Chief Executive Officer, Richard L. Gelfond. "Our rapid global expansion has led to 32% commercial network growth versus the same time last year.  In addition, the box office momentum we experienced in the first quarter has continued into the second quarter, with gross box office to date up roughly 500% versus the same period last year and the summer movie season still ahead.  We believe that the momentum we are currently experiencing, together with our growing network, backlog of theatres, cutting-edge technology and the introduction of our new brand campaign should result in continued growth over the long-term." Read more on PRNewswire.com