- 2015 IMAX Global Box Office reaches $1 billion, a 31% increase over 2014, and significantly surpasses worldwide industry box office growth of approximately 10%

- 2015 Adjusted EBITDA grew 30% year-over-year to $140.8 million, resulting in adjusted EBITDA margins of 40.5%, up from 38.3% in the year-ago period

- 2015 adjusted EPS of $1.02grew 36%, driven by strong box office growth and network installations that were partially offset by FX and investments in new ventures

- IMAXsaw sizeable installations growth in 2015 – with 136 new installations up from 113 in 2014

- IMAXraises installation guidance for 2016 from 115-120 range to 135-140 range, consistent with elevated levels seen in 2015

- IMAX successfully listed shares of IMAX China(HKSE: 1970) on the Hong Kong Stock Exchangeat HKD$31 on Oct. 8, 2015, and has seen its share price increase 45% through Feb. 24, 2016

NEW YORK, Feb. 24, 2016/PRNewswire/ -- IMAX Corporation(NYSE: IMAX) today reported results for the fourth quarter and full year 2015, including its highest-ever quarter in revenue and among the highest-ever quarters for adjusted EBITDA and adjusted net earnings per diluted share ("EPS") in the Company's history.

"2015 was undoubtedly a historic year for IMAX– we delivered a record $1 billionin global box office, added 136 theatres to our network to bring our global total to over 1000 screens, launched our highly anticipated laser projection system, and of course, successfully listed our Chinabusiness on the Hong Kong Stock Exchange," said IMAXCEO Richard L. Gelfond. "IMAXis clearly benefiting from a global trend in the film industry to make more big-budget blockbuster movies. And with so many major movie franchises releasing important sequels in 2016 and 2017, we believe we're extremely well positioned for success in the years ahead."

Fourth-Quarter 2015 Results

The Company reported revenues of $119.3 million, up 16.5% from the year-ago period. Adjusted EBITDA, as calculated in accordance with the Company's credit facility, grew 5.8% to $48.1 million. Adjusted net income after non-controlling interest of $27.3 milliongrew 12.6%. Adjusted diluted earnings per share of $0.39also grew 14.7%. Reported net income after non-controlling interest was $22.5 million, or $0.32per diluted share. For reconciliations of adjusted net income to reported net income and for the definition of adjusted EBITDA and free cash flow, please see the tables at the end of this press release. The Company also reported a fourth-quarter global per-screen average of $318,600, up 9% over the year-ago period.

Revenue
- Sales and Sales-Type Leases (STLs) revenue of $33.0 million, compared to $33.2 millionin the fourth quarter of 2014, primarily reflects the installation of 24 full, new theatre systems under sales and sales-type lease arrangements, compared to 26 installations last year. In addition there were two system upgrades in existing locations, compared to two upgrades in the year ago period.
- Revenue from joint revenue-sharing arrangements was $31.9 millionin the quarter, compared to $23.0 millionin the prior-year period. During the quarter, the Company installed 32 new theatres under joint revenue-sharing arrangements, compared to 29 in the year ago period. The Company had 529 theatres operating under joint revenue-sharing arrangements as of Dec. 31, 2015, as compared to 451 theatres one year prior.
- Production and IMAX DMR® (Digital Re-Mastering) revenues were $31.9 millionin the fourth quarter of 2015, compared to $25.6 millionin the fourth quarter of 2014. Gross box office from DMR titles was $288.4 millionin the fourth quarter of 2015, up 27.1% from $226.9 millionin the prior-year period. The average global DMR box office per screen in the fourth quarter of 2015 was $318,600compared to $292,200in the prior-year period.
Network
- Signings –52 theatre systems were signed in the fourth quarter of 2015, of which none were upgrades, bringing total signings for the year to 138, of which five were upgrades. Backlog level was replenished to 372 systems at year end.
- Installations – 62 theatre systems were installed in the quarter, of which six were upgrades of existing theatre locations.

Full-Year 2015 Results

Full-year 2015 revenues of $373.8 milliongrew 28.7%. Adjusted EBITDA, as calculated in accordance with the Company's credit facility, rose 29.8% to $140.8 million. Adjusted net income of $73.0 milliongrew 39.0% and adjusted net earnings per diluted share of $1.02grew 36.0%. Reported net income attributable to common shareholders was $55.8 million, or $0.78per diluted share. The Company also reported a global 2015 per-screen average of $1,155,800, up 13.2% from the prior year.

The full-year installation total grew to 154 theatre systems, of which 18 were upgrades, compared with 121 and eight, respectively, in the prior-year period. The total IMAX® theatre network consisted of 1,061 systems as of Dec. 31, 2015, of which 943 were in commercial multiplexes. IMAXsigned contracts for 138 theatres in 2015, across 24 countries, resulting in 372 theatre systems in backlog as of Dec. 31, 2015, compared to 397 theatre systems in backlog as of Dec. 31, 2014. The Company's top three markets for signings were China, the United Statesand Japan. For a breakdown of theatre system signings, installations, network and backlog by type, please see the end of this press release.

"As we look to 2016, we are very encouraged by what we see in the marketplace regarding our network expansion opportunities not only in China, but in other strategically important markets such as Japan, the Middle Eastand continental Europe," said Mr. Gelfond. "With more than 1,000 theatres in our global network, $1 billionin box office running through our screens, and more than $300 millionin cash and virtually no debt, we believe we have significant opportunities to take our Company to the next level."

Conference Call
The Company will host a conference call on Feb. 24at 4:30pm ETto discuss its fourth-quarter and full-year 2015 results. To access the call via telephone, interested parties in the US and Canadashould dial (800) 505-9568 approximately 5 to 10 minutes before the call begins. International callers should dial (416) 204-9271. The conference ID for the call is 4081404.A replay of the call will be available via webcast on the 'Investor Relations' section of www.imax.comor via telephone by dialing (888) 203-1112 (US and Canada), or (647) 436-0148 (international). The Conference ID for the telephone replay is 4081404.

About IMAX Corporation
IMAX, an innovator in entertainment technology, combines proprietary software, architecture and equipment to create experiences that take you beyond the edge of your seat to a world you've never imagined. Top filmmakers and studios are utilizing IMAXtheatres to connect with audiences in extraordinary ways, and, as such, IMAX'snetwork is among the most important and successful theatrical distribution platforms for major event films around the globe.

IMAXis headquartered in New York, Torontoand Los Angeles, with offices in London, Tokyo, Shanghaiand Beijing. As of Dec. 31, 2015, there were 1,061 IMAXtheatres (943 commercial multiplexes, 19 commercial destinations and 99 institutions) in 67 countries. On Oct. 8, 2015, shares of IMAX China, a subsidiary of IMAX Corp., began trading on the Hong Kong Stock Exchangeunder the stock code "HK.1970."

IMAX®, IMAX® 3D, IMAX DMR®, Experience It In IMAX®, An IMAX 3D Experience®, The IMAX Experience®, IMAX Is Believing® and IMAXnXos® are trademarks of IMAX Corporation. More information about the Company can be found at www.imax.com. You may also connect with IMAXon Facebook(www.facebook.com/imax), Twitter (www.twitter.com/imax) and YouTube(www.youtube.com/imaxmovies).

This press release contains forward looking statements that are based on IMAXmanagement's 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, but are not limited to, references to future capital expenditures (including the amount and nature thereof), business and technology strategies and measures to implement strategies, competitive strengths, goals, expansion and growth of business, operations and technology, plans and references to the future success of IMAX Corporationtogether with its wholly-owned subsidiaries (the "Company") and expectations regarding the Company's future operating, financial and technological results. These forward-looking statements are based on certain assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances. However, whether actual results and developments will conform with the expectations and predictions of the Company is subject to a number of risks and uncertainties, including, but not limited to , the signing of theatre system agreements; conditions, changes and developments in the commercial exhibition industry; the performance of IMAX DMR films; the potential impact of increased competition in the markets within which the Company operates; competitive actions by other companies; the failure to respond to change and advancements in digital technology; risks associated with investments and operations in foreign jurisdictions and any future international expansion, including those related to economic, political and regulatory policies of local governments and laws and policies of the United Statesand Canada; risks related to the Company's growth and operations in China; the Company's largest customer accounting for a significant portion of the Company's revenue and backlog; risks related to new business initiatives; conditions in the in-home and out-of-home entertainment industries; the opportunities (or lack thereof) that may be presented to and pursued by the Company; risks related to cyber-security; risks related to the Company's inability to protect the Company's intellectual property; risks related to the Company's implementation of a new enterprise resource planning system; general economic, market or business conditions; the failure to convert theatre system backlog into revenue; changes in laws or regulations; and other factors, many of which are beyond the control of the Company. These factors, other risks and uncertainties and financial details are discussed in IMAX'smost recent Annual Report on Form 10-K.

For additional information please contact:

Investors:

IMAX Corporation, New York

Jessica Kourakos

212-821-0100

jkourakos@imax.com

Business Media:

Sloane & Company, New York

Whit Clay

212-446-1864

wclay@sloanepr.com

Media:

IMAX Corporation, New York

Ann Sommerlath

212-821-0155

asommerlath@imax.com

Entertainment Media:

Principal Communications Group, Los Angeles

Melissa Zuckerman/Paul Pflug

323-658-1555

melissa@pcommgroup.com

paul@pcommgroup.com

Additional Information

Signings and Installations
December 31, 2015
			Twelve Months
			Ended December 31,
	Theater Signings:		2015		2014
		Full new sales and sales-type lease arrangements	55	⁽¹⁾	81	⁽¹⁾
		New joint revenue sharing arrangements	78		23
	Total new theaters		133		104

		Upgrades of IMAX theater systems	5	⁽²⁾⁽³⁾	14	⁽²⁾⁽³⁾
	Total Theater Signings		138		118

			Twelve Months
			Ended December 31,
	Theater Installations:		2015		2014
		Full new sales and sales-type lease arrangements	56		46
		New joint revenue sharing arrangements	80		67
	Total new theaters		136		113
		Upgrades of IMAX theater systems	18	⁽⁴⁾⁽⁵⁾	8	⁽⁴⁾
	Total Theater Installations		154		121

			As of December 31,
	Theater Backlog:		2015		2014
		New sales and sales-type lease arrangements	145		153
		New joint revenue sharing arrangements	212		217
	Total new theaters		357		370

		Upgrades of IMAX theater systems	15		27
	Total Theaters in Backlog		372	⁽⁶⁾⁽⁷⁾	397	⁽⁶⁾⁽⁸⁾

			As of December 31,
	Theater Network:		2015		2014
	Commercial Multiplex Theaters:
		Sales and sales-type lease arrangements	414		358
		Joint revenue sharing arrangements	529		451
	Total Commercial Multiplex Theaters		943		809

	Commercial Destination Theaters		19		19
	Institutional Theaters		99		106
	Total IMAX Theater Network		1,061		934

______________________

(1)	Includes four signings which replaced theatres under an existing arrangement in backlog (2014 – four signings).
(2)	Includes three signings for the installation of laser-based digital systems under sales and sales-type lease arrangements in existing theatre locations (2014 – five signings).
(3)	Includes two signings for the installation of an upgrade to a xenon-based digital system under sales and sales-type lease arrangements (2014 – three signings under sales and sales-type lease arrangements, three signings under short-term operating lease arrangements and three signings under joint revenue sharing arrangements).
(4)	Includes two installations of an upgrade to a xenon-based digital system, one of which is under a sales and sales-type lease arrangement and another under a short-term operating lease arrangement (2014 – three under sales and sales-type lease arrangements, two under short-term lease arrangement, one under an operating lease arrangement and two under joint revenue sharing arrangement).
(5)	Includes 16 installations of an upgrade to a laser-based digital system (10 under sales and sales-type lease arrangements, one under an operating lease arrangement and five under joint revenue sharing arrangements)
(6)	Includes 24 laser-based digital theatre system configurations (2014 – 71), including upgrades. The Company continues to develop and roll out its laser-based digital projection system. See "Research and Development" in this Part I for additional information.
(7)	Includes 15 upgrades to a digital theatre system, in existing IMAX theatre locations (2 xenon and 13 laser).
(8)	Includes 27 upgrades to a digital theatre system, in existing IMAX theatre locations (2 xenon and 25 laser, of which 4 are under joint revenue sharing arrangements).

Additional Information (continued)

2015 DMR Films:

In 2015, 44 films were converted through the IMAX DMR process and released to theatres in the IMAXnetwork by film studios as compared to 40 films in 2014. These films were:

Taken 3: TheIMAXExperience(20th Century Fox, January 2015, select international markets);
American Sniper: TheIMAXExperience(Warner Bros. Pictures, January 2015);
Game of Thrones: TheIMAXExperience(Season 4, Episodes 9 and 10)(Warner Bros. Pictures, January 2015);
Kingsman: The Secret Service: TheIMAXExperience(20th Century Fox, January 2015, international only);
Jupiter Ascending: AnIMAX3DExperience(Warner Bros. Pictures, February 2015);
Fifty Shades of Grey: TheIMAXExperience(Universal Studios, February 2015, Domestic only);
Wolf Totem: AnIMAX3DExperience(China Film Group, February 2015, Chinaonly);
Dragon Blade: AnIMAX3DExperience(Shanghai Film Group, February 2015, Chinaonly);
Focus: TheIMAXExperience(Warner Bros. Pictures, February 2015);
Chappie: TheIMAXExperience(Sony Pictures Entertainment, March 2015);
Cinderella: TheIMAXExperience(Walt Disney Studios, March 2015);
The Divergent Series: Insurgent: AnIMAX3DExperience(Summit Entertainment, March 2015);
Furious 7: TheIMAXExperience(Universal Studios, April 2015);
The Water Diviner: TheIMAXExperience(Warner Bros. Pictures, April 2015);
Dragon Ball Z: Revival of 'F': AnIMAX3DExperience(Toei Animation, April 2015, Japanonly);
The Avengers: Age of Ultron: AnIMAX3DExperience(Walt Disney Studios, May 2015);
Tomorrowland: TheIMAXExperience(Walt Disney Studios, May 2015);
San Andreas: AnIMAX3D Experience(Warner Bros. Pictures, May 2015);
Mad Max: Fury Road: AnIMAX3D Experience(Warner Bros. Pictures, May 2015);
Inside Out: AnIMAX3D Experience(Walt Disney Pictures, June 2015, select theatres);
The Monk Comes Down the Mountain: AnIMAX3D Experience(Columbia Pictures, June 2015, Chinaonly);
Jurassic World: AnIMAX3D Experience(Universal Studios, June 2015);
Minions: AnIMAX3D Experience(Universal Pictures, July 2015, international only);
Terminator Genisys: TheIMAXExperience(Paramount Pictures, July 2015);
Monster Hunt: AnIMAX3D Experience(Edko Films, July 2015, Chinaonly);
Ant Man: AnIMAX3D Experience(Walt Disney Pictures, July 2015);
Pixels: AnIMAX3D Experience(Sony Pictures, July 2015);
Mission: Impossible ― Rogue Nation: TheIMAXExperience (Paramount Pictures, July 2015);
Attack on Titan: Part 1: TheIMAXExperience(Toho Pictures, August 2015, Chinaonly);
To the Fore: TheIMAXExperience(Emperor Motion Pictures, August 2015, Chinaonly);
The Man from U.N.C.L.E: TheIMAXExperience(Warner Bros. Pictures, August 2015);
Go Away Mr. Tumor: TheIMAXExperience(Wanda Media Co. Ltd., August 2015, Chinaonly);
The Transporter Refueled: TheIMAXExperience(EuropaCorp, September 2015);
Everest: AnIMAX3D Experience(Universal Studios, September 2015);
Attack on Titan: Part 2: TheIMAXExperience(Toho Pictures, September 2015, Chinaonly);
Lost in Hong Kong: TheIMAXExperience(PULIN Production, September 2015, Chinaonly);
The Walk: TheIMAXExperience(Sony Pictures Entertainment, October 2015);
Crimson Peak: TheIMAXExperience(Universal Studios, October 2015);
The Martian: AnIMAX3D Experience(20th Century Fox, October 2015);
Spectre: TheIMAXExperience (Sony Pictures Entertainment, November 2015);
The Hunger Games: Mockingjay Part 2: AnIMAX3D Experience(Lionsgate, November 2015);
In the Heart of the Sea: AnIMAX3D Experience(Warner Bros. Pictures, December 2015);
Star Wars: The Force Awakens: AnIMAX3D Experience(Walt Disney Studios, December 2015); and
Mojin: The Lost Legend (aka "The Ghouls"): AnIMAX3D Experience(Wanda Media Co. Ltd., Chinaonly).

2016 DMR Films:

To date, the Company has announced the following 26 DMR titles to be released in 2016 to the IMAXtheatre network. The Company remains in active negotiations with all of the major Hollywoodstudios for additional films to fill out its short and long-term film slate, and anticipates that a similar number of IMAX DMR titles will be released to the IMAXtheatre network in 2016 to the films that were released to the IMAXtheatre network in 2015.

The Revenant: The IMAXExperience(20th Century Fox, January 2016);
The Finest Hours: AnIMAX3D Experience(Walt Disney Studios, January 2016);
Kung Fu Panda3: AnIMAX3D Experience(Oriental Dreamworks, January 2016, Chinaonly);
The Monkey King 2: AnIMAX3D Experience(Filmko Entertainment, February 2016, Chinaonly);
Crouching Tiger, Hidden Dragon: Sword of Destiny: AnIMAX3D Experience(Netflix Distribution, LLC, February 2016);
Deadpool: TheIMAXExperience(20th Century Fox, February 2016);
Gods of Egypt: AnIMAX3D Experience(Lionsgate Entertainment, February 2016);
Zootopia: AnIMAX3D Experience(Walt Disney Studios, February 2016);
10 Cloverfield Lane: TheIMAXExperience(Paramount Pictures, March 2016);
The Divergent Series: Allegiant: TheIMAXExperience(Lionsgate Entertainment, March 2016);
Batman v Superman: Dawn of Justice: AnIMAX3D Experience(Warner Bros. Pictures, March 2016);
The Crew: AnIMAX 3D Experience(Russia-1 Channel, April 2016);
The Jungle Book: AnIMAX3D Experience(Walt Disney Studios, April 2016);
Captain America: Civil War: AnIMAX3D Experience(Walt Disney Studios, May 2016);
Alice in Wonderland: Through the Looking Glass: AnIMAX3D Experience(Walt Disney Studios, May 2016);
Warcraft: AnIMAX3D Experience(Universal Studios, June 2016);
Finding Dory: AnIMAX3D Experience(Walt Disney Studios, June 2016);
Independence DayResurgence: AnIMAX3D Experience(20th Century Fox, June 2016);
The Legend of Tarzan: AnIMAX3D Experience(Warner Bros. Pictures, July 2016);
Star Trek Beyond: AnIMAX3D Experience(Paramount Pictures, July 2016);
Suicide Squad: AnIMAX3D Experience(Warner Bros. Pictures, August 2016);
Deepwater Horizon: The IMAXExperience(Lionsgate Entertainment, September 2016);
The Duelist: TheIMAXExperience(Non-Stop Production LLC, October 2016, Russiaonly);
Doctor Strange: An IMAX3D Experience(Walt Disney Studios, November 2016);
Fantastic Beasts and Where to Find Them: AnIMAX3D Experience(Warner Bros. Pictures, November 2016); and
Rogue One: A Star Wars Story: An IMAX3D Experience(Walt Disney Studios, December 2016).

IMAX CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
In accordance with United States Generally Accepted Accounting Principles
(In thousands of U.S. dollars, except per share amounts)

		Three Months					Years Ended
		Ended December 31,					Ended December 31,
		2015			2014		2015		2014
Revenues
Equipment and product sales		$	46,113	$		41,084	$	118,937	$	78,705
Services			46,266			40,794		161,964		142,607
Rentals			24,645			18,427		83,651		60,705
Finance income			2,309			2,152		9,112		8,524
Other			-			-		141		-
			119,333			102,457		373,805		290,541
Costs and expenses applicable to revenues
Equipment and product sales			20,625			17,871		63,635		36,997
Services			20,654			15,910		70,855		62,228
Rentals			6,171			4,932		20,027		17,928
			47,450			38,713		154,517		117,153
Gross margin			71,883			63,744		219,288		173,388
Selling, general and administrative expenses			32,997			24,937		115,345		93,260
	(including share-based compensation expense of $7.0 million and $21.9 million for the three months and year ended December 31, 2015, respectively (2014 - expense of $3.8 million and $15.1 million, respectively))
Research and development			3,119			4,628		12,730		16,096
Amortization of intangibles			558			465		1,860		1,724
Receivable provisions, net of recoveries			43			276		752		918
Asset impairments			160			314		405		314
Impairment of investments			75			2,556		425		3,206
Income from operations			34,931			30,568		87,771		57,870
Interest income			241			216		968		405
Interest expense			(491)			(121)		(1,661)		(924)
Income from operations before income taxes			34,681			30,663		87,078		57,351
Provision for income taxes			(7,644)			(7,799)		(20,052)		(14,466)
Loss from equity-accounted investments, net of tax			(792)			(350)		(2,402)		(1,071)
Income from continuing operations			26,245			22,514		64,624		41,814
Income from discontinued operations, net of tax			-			-		-		355
Net income			26,245			22,514		64,624		42,169
Less: net income attributable to non-controlling interests			(3,752)			(1,522)		(8,780)		(2,433)
Net income attributable to common shareholders		$	22,493	$		20,992	$	55,844	$	39,736

Net income per share attributable to common shareholders - Basic:
Net income per share from continuing operations		$	0.33	$		0.30	$	0.79	$	0.57
Net income per share from discontinued operations			-			-		-		0.01
		$	0.33	$		0.30	$	0.79	$	0.58
Net income per share attributable to common shareholders - Diluted:
Net income per share from continuing operations		$	0.32	$		0.30	$	0.78	$	0.56
Net income per share from discontinued operations			-			-		-		-
		$	0.32	$		0.30	$	0.78	$	0.56

Weighted average number of shares outstanding (000's):
	Basic		69,364			68,769		69,526		68,346
	Fully Diluted		70,764			69,958		71,058		69,754

Additional Disclosure:
Depreciation and amortization⁽¹⁾		$	11,612		$	9,819	$	42,803	$	33,756

(1) Includes $0.4 million and $1.0 million of amortization of deferred financing costs charged to interest expense for the three months and year ended December 31, 2015 (2014 - $0.1 million and $0.5 million, respectively).

IMAX CORPORATION
CONSOLIDATED BALANCE SHEETS
In accordance with United States Generally Accepted Accounting Principles
(In thousands of U.S. dollars)



	As at December 31,
	2015		2014
Assets
Cash and cash equivalents	$	317,449	$	106,503
Accounts receivable, net of allowance for doubtful accounts of $1,146 (December 31, 2014 — $947)		97,981		76,051
Financing receivables		117,231		105,700
Inventories		38,753		17,063
Prepaid expenses		6,498		4,946
Film assets		14,571		15,163
Property, plant and equipment		218,267		183,424
Other assets		26,527		23,047
Deferred income taxes		25,766		23,058
Other intangible assets		28,950		27,551
Goodwill		39,027		39,027
Total assets	$	931,020	$	621,533

Liabilities
Bank indebtedness	$	29,667	$	4,710
Accounts payable		23,455		26,145
Accrued and other liabilities		95,748		75,425
Deferred revenue		104,993		88,566
Total liabilities		253,863		194,846

Commitments and contingencies

Non-controlling interests		3,307		43,912

Shareholders' equity
Capital stock common shares — no par value. Authorized — unlimited number.
Issued and outstanding — 69,673,244 (December 31, 2014 — 68,988,050)		448,310		344,862
Other equity		163,094		47,319
Accumulated earnings (deficit)		19,930		(6,259)
Accumulated other comprehensive loss		(7,443)		(3,147)
Total shareholders' equity attributable to common shareholders		623,891		382,775
Non-controlling interests		49,959		-
Total shareholders' equity		673,850		382,775
Total liabilities and shareholders' equity	$	931,020	$	621,533

IMAX CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
In accordance with United States Generally Accepted Accounting Principles
(In thousands of U.S. dollars)
		Years Ended December 31,
		2015		2014

Cash provided by (used in):
Operating Activities
Net income		$	64,624	$	42,169
	Income from discontinued operations, net of tax		-		(355)
Adjustments to reconcile net income to cash from operations:
	Depreciation and amortization		42,803		33,756
	Write-downs, net of recoveries		3,725		5,294
	Change in deferred income taxes		(1,336)		627
	Stock and other non-cash compensation		22,379		15,467
	Unrealized foreign currency exchange loss		785		1,180
	Loss from equity-accounted investments		3,838		1,774
	Gain on non-cash contribution to equity-accounted investees		(1,436)		(703)
Investment in film assets			(15,119)		(19,233)
Changes in other non-cash operating assets and liabilities			(36,578)		6,057
Net cash provided by operating activities from discontinued operations			-		572
	Net cash provided by operating activities		83,685		86,605

Investing Activities
Purchase of property, plant and equipment			(43,257)		(40,104)
Investment in joint revenue sharing equipment			(28,474)		(16,838)
Investment in new business ventures			(2,000)		(2,500)
Proceeds from sale of business venture			-		507
Acquisition of other intangible assets			(5,065)		(2,918)
	Net cash used in investing activities		(78,796)		(61,853)

Financing Activities
Increase in bank indebtedness			25,290		4,710
Repayment of bank indebtedness			(333)		-
Issuance of subsidiary shares to non-controlling interests - private offering			40,000		44,551
Share issuance costs from the issuance of subsidiary shares to non-controlling
	interests - private offering		(2,000)		(3,556)
Issuance of subsidiary shares to non-controlling interests - public offering			178,226		-
Share issuance expenses – public offering			(16,257)		-
Exercise of stock options			35,609		10,834
Treasury stock repurchased for settlement of share based compensation			(10,000)		(790)
Repurchase of common shares			(34,276)		(3,063)
Dividends paid to non-controlling interests			(9,511)		-
Credit facility amendment fees paid			(1,533)		(427)
	Net cash provided by financing activities		205,215		52,259

Effects of exchange rate changes on cash			842		(54)

Increase in cash and cash equivalents during year			210,946		76,957

Cash and cash equivalents, beginning of year			106,503		29,546

Cash and cash equivalents, end of year		$	317,449	$	106,503

IMAX CORPORATION
SELECTED FINANCIAL DATA
In accordance with United States Generally Accepted Accounting Principles
(in thousands of U.S. dollars)

The Company has seven reportable segments identified by category of product sold or service provided: IMAX systems; theater system maintenance; joint revenue sharing arrangements; film production and IMAX DMR; film distribution; film post-production; and other. The IMAX systems segment includes the design, manufacture, sale or lease of IMAX theater projection system equipment. The theater system maintenance segment includes the maintenance of IMAX theater projection system equipment in the IMAX theater network. The joint revenue sharing arrangements segment includes the provision of IMAX theater projection system equipment to an exhibitor in exchange for a share of the box-office and concession revenues. The film production and IMAX DMR segment includes the production of films and the performance of film re-mastering services. The film distribution segment includes the distribution of films for which the Company has distribution rights. The film post-production segment provides film post-production and film print services. The other segment includes certain IMAX theaters that the Company owns and operates, camera rentals and other miscellaneous items.

			Three Months				Years Ended
			Ended December 31,				Ended December 31,
				2015		2014	2015		2014
Revenue
IMAX Theater Systems
	IMAX Systems
		Sales and sales-type leases	$	33,011	$	33,246	$	86,935	$	58,875
		Ongoing rent, fees, and finance income		4,485		3,845		15,193		14,117
		Other		6,259		3,747		17,579		12,154
				43,755		40,838		119,707		85,146

	Theater System Maintenance			9,599		8,658		36,944		34,042

	Joint Revenue Sharing Arrangements			31,861		22,961		99,120		68,418

Film
	Production and IMAX DMR			31,945		25,587		107,089		83,172
	Film distribution and post-production			2,173		4,413		10,945		19,763
				34,118		30,000		118,034		102,935
Total			$	119,333	$	102,457	$	373,805	$	290,541

Gross margins
IMAX Theater Systems
	IMAX systems⁽¹⁾
		Sales and sales-type leases	$	20,070	$	20,322	$	44,790	$	34,483
		Ongoing rent, fees, and finance income		4,267		3,646		14,378		13,445
		Other		700		331		279		129
				25,037		24,299		59,447		48,057

	Theater System Maintenance			2,811		3,385		12,702		12,375

	Joint Revenue Sharing Arrangements⁽¹⁾			21,556		14,671		68,372		44,714

Film
	Production and IMAX DMR⁽¹⁾			22,003		19,745		77,645		62,922
	Film distribution and post-production⁽¹⁾			476		1,644		1,122		5,320
				22,479		21,389		78,767		68,242
Total			$	71,883	$	63,744	$	219,288	$	173,388

__________________

(1)

IMAX systems include marketing and commission costs of $1.2 million and $3.0 million for the three and twelve months ended December 31, 2015, respectively (2014 - $1.5 million and $2.7 million, respectively). Joint revenue sharing arrangements segment margins include advertising, marketing and commission costs of $1.6 million and $4.3 million for the three and twelve months ended December 31, 2015, respectively (2014 - $1.1 million and $3.2 million, respectively). Production and DMR segment margins include marketing costs of $5.0 million and $13.3 million for the three and twelve months ended December 31, 2015, respectively (2014 - $1.8 million and $7.1 million, respectively). Distribution segment margins include marketing costs recovery of less than $0.1 million and recovery of $0.1 million for the three and twelve months ended December 31, 2015, respectively (2014 - $0.1 million recovery and $0.6 million expense, respectively).

IMAX CORPORATION
OTHER INFORMATION
(in thousands of U.S. dollars)

*Non-GAAP Financial Measures:*

In this release, the Company presents adjusted net income, adjusted net income per diluted share, adjusted net income attributable to common shareholders and adjusted net income attributable to common shareholders per diluted share as supplemental measures of performance of the Company, which are not recognized under U.S. GAAP. The Company presents adjusted net income and adjusted net income per diluted share because it believes that they are important supplemental measures of its comparable controllable operating performance and it wants to ensure that its investors fully understand the impact of its stock-based compensation (net of any related tax impact) on net income. In addition, the Company presents adjusted net income attributable to common shareholders and adjusted net income attributable to common shareholders per diluted share because it believes that they are important supplemental measures of its comparable financial results and could potentially distort the analysis of trends in business performance and it wants to ensure that its investors fully understand the impact of net income attributable to non-controlling interests and its stock-based compensation (net of any related tax impact) in determining net income attributable to common shareholders. Management uses these measures to review operating performance on a comparable basis from period to period. However, these non-GAAP measures may not be comparable to similarly titled amounts reported by other companies. Adjusted net income, adjusted net income per diluted share, adjusted net income attributable to common shareholders and adjusted net income attributable to common shareholders per diluted share should be considered in addition to, and not as a substitute for, net income and net income attributable to common shareholders and other measures of financial performance reported in accordance with U.S. GAAP.

The Credit Facility provides that the Company will be required at all times to satisfy a Minimum Liquidity Test (as defined in the Credit Agreement) of at least $50.0 million. The Company will also be required to maintain minimum EBITDA (as defined in the credit agreement) of $100.0 million. The Company must also maintain a Maximum Total Leverage Ratio (as defined in the credit agreement) of 2.25:1.0, which requirement decreases to (i) 2.0:1.0 on December 31, 2016; and (ii) 1.75:1.0 on December 31, 2017. The Company was in compliance with all of these requirements at December 31, 2015. The Maximum Total Leverage Ratio was 0.21:1 as at December 31, 2015, where Total Debt (as defined in the credit agreement) is the sum of all obligations evidenced by notes, bonds, debentures or similar instruments and was $29.7 million. EBITDA is calculated as follows:

		Quarter Ended		Year Ended		Year Ended
		December 31, 2015		December 31, 2015⁽¹⁾		December 31, 2014

Net income		$	26,245	$	64,624	$	42,169
Add (subtract):
	Loss from equity accounted investments		792		2,402		1,071
	Provision for income taxes		7,644		20,052		14,683
	Interest expense, net of interest income		250		693		519
	Depreciation and amortization, including film asset amortization		11,259		41,787		33,230
	Write-downs, net of recoveries including asset impairments and receivable provisions		797		3,725		5,294
	Stock and other non-cash compensation		7,175		22,379		15,467
	EBITDA attributable to non-controlling interests⁽²⁾		(6,015)		(14,885)		(3,937)
		$	48,147	$	140,777	$	108,496
	Revenues attributed to IMAX common shareholders	$	106,981	$	347,862	$	283,001
	Adjusted EBITDA margin		45.0%		40.5%		38.3%

__________________
(1)	Ratio of funded debt calculated using twelve months ended EBITDA.
(2)	The EBITDA calculation specified for purpose of the minimum EBITDA covenant excludes the reduction in EBITDA from the Company's non-controlling interests.

IMAX CORPORATION
OTHER INFORMATION
(in thousands of U.S. dollars)

*Adjusted Net Income and Adjusted Diluted Per Share Calculations – Quarter Ended December 31,* *2015vs.* 2014**:

The Company reported net income of $26.2 million or $0.38 per basic share and $0.37 per diluted share for the quarter ended December 31, 2015 as compared to net income of $22.5 million or $0.32 per basic and diluted share for the quarter ended December 31, 2014. Net income for the quarter ended December 31, 2015 includes a $6.9 million charge or $0.10 per diluted share (2014 — $3.8 million or $0.05 per diluted share) for stock-based compensation. Adjusted net income, which consists of net income excluding the impact of stock-based compensation and the related tax impact, was $31.7 million or $0.45 per diluted share for the quarter ended December 31, 2015 as compared to adjusted net income of $25.8 million or $0.36 per diluted share for the quarter ended December 31, 2014. Adjusted net income attributable to common shareholders, which consists of net income attributable to common shareholders excluding the impact of stock-based compensation and the related tax impact, was $27.3 million or $0.39 per diluted share for the quarter ended December 31, 2015 as compared to adjusted net income attributable to common shareholders of $24.2 million or $0.34 per diluted share for the quarter ended December 31, 2014. A reconciliation of net income and net income attributable to common shareholders, the most directly comparable U.S. GAAP measure, to adjusted net income, adjusted net income per diluted share, adjusted net income attributable to common shareholders and adjusted net income attributable to common shareholders per diluted share is presented in the table below:

		Quarter Ended December 31,
		2015					2014
		Net Income		Diluted EPS			Net Income		Diluted EPS
Reported net income		$	26,245	$	0.37	⁽¹⁾	$	22,514	$	0.32	⁽¹⁾
Adjustments:
	Stock-based compensation		6,949		0.10			3,800		0.05
	Tax impact on items listed above		(1,453)		(0.02)			(563)		(0.01)
Adjusted net income			31,741		0.45	⁽¹⁾		25,751		0.36	⁽¹⁾
	Net income attributable to non-controlling interests		(3,752)		(0.05)			(1,522)		(0.02)
	Stock-based compensation (net of tax) attributable to
	non-controlling interests		(703)		(0.01)			-		-
Adjusted net income attributable to common shareholders		$	27,286	$	0.39	⁽¹⁾	$	24,229	$	0.34	⁽¹⁾

Weighted average diluted shares outstanding					70,764					69,958

_____________

(1)

Includes impact of less than $0.1 million (2014 - $0.1 million) of accretion charges associated with redeemable Class C shares of IMAX China.

*Adjusted Net Income and Adjusted Diluted Per Share Calculations – Year Ended December 31,* *2015vs.* 2014**:

The Company reported net income of $64.6 million or $0.92 per basic share and $0.90 per diluted share for the year ended December 31, 2015 as compared to net income of $42.2 million or $0.61 per basic share and $0.59 per diluted share for the year ended December 31, 2014. Net income for the year ended December 31, 2015 includes a $21.9 million charge or $0.31 per diluted share (2014 — $15.1 million or $0.22 per diluted share) for stock-based compensation. Adjusted net income, which consists of net income excluding the impact of stock-based compensation and the related tax impact, was $82.4 million or $1.15 per diluted share for the year ended December 31, 2015 as compared to adjusted net income of $54.9 million or $0.78 per diluted share for the year ended December 31, 2014. Adjusted net income attributable to common shareholders, which consists of net income attributable to common shareholders excluding the impact of stock-based compensation and the related tax impact, was $73.0 million or $1.02 per diluted share for the year ended December 31, 2015 as compared to adjusted net income attributable to common shareholders of $52.5 million or $0.75 per diluted share for the year ended December 31, 2014. A reconciliation of net income and net income attributable to common shareholders, the most directly comparable U.S. GAAP measure, to adjusted net income, adjusted net income per diluted share, adjusted net income attributable to common shareholders and adjusted net income attributable to common shareholders per diluted share is presented in the table below:

		Year Ended December 31,
		2015					2014
		Net Income		Diluted EPS			Net Income		Diluted EPS
Reported net income		$	64,624	$	0.90	⁽¹⁾	$	42,169	$	0.59	⁽¹⁾
Adjustments:
	Stock-based compensation		21,880		0.31			15,128		0.22
	Tax impact on items listed above		(4,056)		(0.06)			(2,370)		(0.03)
Adjusted net income			82,448		1.15	⁽¹⁾		54,927		0.78	⁽¹⁾
	Net income attributable to non-controlling interests		(8,780)		(0.12)			(2,433)		(0.03)
	Stock-based compensation (net of tax) attributable to
	non-controlling interests		(703)		(0.01)			-		-
Adjusted net income attributable to common shareholders		$	72,965	$	1.02	⁽¹⁾	$	52,494	$	0.75	⁽¹⁾

Weighted average diluted shares outstanding					71,058					69,754

_____________

(1)

Includes impact of $0.8 million (2014 - $0.4 million) of accretion charges associated with redeemable Class C shares of IMAX China.

*Free Cash Flow:*

Free cash flow is defined as cash provided by operating activities minus cash used in investing activities (from the consolidated statements of cash flows). Cash provided by operating activities consist of net income, plus depreciation and amortization, plus the change in deferred income taxes, plus other non-cash items, plus changes in working capital, less investment in film assets, plus other changes in operating assets and liabilities. Cash used in investing activities includes capital expenditures, acquisitions and other cash used in investing activities. Management views free cash flow, a non-GAAP measure, as a measure of the Company's after-tax cash flow available to reduce debt, add to cash balances, and fund other financing activities. A reconciliation of cash provided by operating activities to free cash flow is presented in the table below:

		For the		For the
		3 months ended		12 months ended
		December 31, 2015		December 31, 2015
*(In thousands of U.S. Dollars)*
Net cash provided by operating activities		$	41,885	$	83,685
Net cash used in investing activities			(13,762)		(78,796)
	Free cash flow	$	28,123	$	4,889

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SOURCE IMAX Corporation