HIGHLIGHTS , Mar 11, 2010 (GlobeNewswire via COMTEX) -- Strong Fourth Quarter Caps Year of Positive Financial Results, Record Number of System Installations & Strengthened Balance Sheet -- Momentum from 2009 Carries into 2010; Q1 '10 Box Office to Date Equals $187 Million vs. $14 Million At Same Point In Q1 '09, Fueled by Avatar: An IMAX 3D Experience & Alice in Wonderland: An IMAX 3D Experience

TORONTO, March 11, 2010 (GLOBE NEWSWIRE) -- IMAX Corporation (Nasdaq:IMAX) (TSX:IMX) today reported that fourth quarter adjusted EBITDA was $20.9 million, compared to $2.6 million for the fourth quarter last year. Total revenue for the fourth quarter ended December 31, 2009, increased 98% to $54.2 million, a record for a single quarter for the Company, compared to total revenue of $27.4 million in the same period last year. Fourth quarter adjusted net income which excludes the impact of variable stock compensation was $12.9 million, or $0.20 per diluted share, compared to an adjusted net loss of $9.7 million, or $(0.22) per share on the same basis last year. Reported net income was $4.0 million, or $0.06 per diluted share, for the fourth quarter ended December 31, 2009, compared to a reported net loss of $9.0 million, or $(0.21) per share for the fourth quarter last year.

For the twelve-months ended December 31, 2009, adjusted EBITDA was $58.5 million, compared to $8.2 million last year. Total revenue increased 67% to $171.2 million, a record for a full-year for the Company, compared to $102.7 million for the twelve-months ended December 31, 2008. Fiscal 2009 adjusted net income which excludes the impact of variable stock compensation was $20.5 million, or $0.38 per diluted share, compared to an adjusted net loss of $33.6 million, or $(0.79) per share on the same basis last year. Reported net income increased to $5.0 million, or $0.09 per diluted share during fiscal 2009, compared to a reported net loss of $33.6 million, or $(0.79) per share during fiscal 2008. For a reconciliation of reported results to adjusted results and the definition of adjusted EBITDA as defined by the Company's credit facility, please see the tables at the end of this press release.

"Our primary goals for 2009 were to return to profitability and recapitalize our balance sheet and we are pleased to have delivered on both," stated IMAX Chief Executive Officer Richard L. Gelfond. "Our fourth quarter results are an exclamation point to a year in which our multiplex theatre network grew by 38%, our strong film slate drove our per screen average to $1.2 million and we refinanced our balance sheet which will enable us to continue to grow and invest in our business."

Mr. Gelfond continued, "While the success of Fox's Avatar: An IMAX 3D Experience drove our year-end performance and has provided a very strong start to 2010, we believe the film has many positive implications for our business over the long term. A significant number of moviegoers around the world experienced IMAX for the first time, which we believe has added new repeat customers to our theatres and reinforced the power of The IMAX Experience with both studios and exhibitors. We anticipate that our business momentum -- from theatre signings, to our record $187 million of box office quarter-to-date - is positioning us to deliver a strong first quarter of 2010."

Adjusted fourth quarter 2009 and fourth quarter 2008 results exclude the impact of the changes in value of the Company's variable stock compensation. The fourth quarter of 2009 included an $8.9 million charge resulting primarily from the increased value of the Company's variable stock compensation at the end of the period as compared to a $0.7 million benefit from variable stock compensation in the fourth quarter of 2008, primarily due to the decreased value of the Company's variable stock compensation over the period. Adjusted fiscal 2009 net earnings excludes the $15.4 million charge primarily due to the increased value of the Company's variable stock compensation over the period, which compares to less than a $0.1 million charge in fiscal 2008.

Fourth quarter IMAX systems revenue increased 69% to $19.6 million versus $11.6 million in the prior year period. The Company installed and recognized revenue on 16 theatre systems, including six digital upgrades, under sales or sales-type lease arrangements in the fourth quarter of 2009, compared to six theatre systems, including one digital upgrade, recognized in the fourth quarter of 2008.

Revenue from joint revenue sharing arrangements increased more than five-fold to $9.1 million in the fourth quarter of 2009 compared to $1.4 million in the prior year period. In the fourth quarter, the Company installed a total of 22 systems under joint revenue sharing arrangements, including one digital upgrade, compared to 27 such installations, including one digital upgrade, in the fourth quarter of 2008. For the full year 2009, revenue from joint revenue sharing arrangements increased to $21.6 million from $3.4 million in 2008. As of December 31, 2009, a total of 117 theatres under joint revenue sharing arrangements were in operation, a 125% increase compared to 52 joint revenue sharing theatres as of December 31, 2008. Joint revenue sharing theatres open for the full 52 weeks generated per screen averages of approximately $1.1 million in fiscal 2009.

Mr. Gelfond concluded, "Our box office momentum has continued with Disney's home run title Alice in Wonderland. With our projected network growth, increased activity on the theatre signings front - including our recently announced joint venture partnership with CJ CGV in South Korea - our high level of business activity and our compelling film slate, we believe 2010 will be a very strong year and that we have laid a solid foundation for our business to build upon over the years to come."

For the fourth quarter of 2009, total film revenue increased 104% to $15.1 million, compared to $7.4 million in the fourth quarter of 2008. Production and IMAX DMR(R) revenues increased to $12.0 million compared to $3.4 million in the year ago period. For the full year, total film revenue increased 50% to $51.6 million from $34.4 million in 2008. Production and IMAX DMR revenues increased to $35.6 million from $17.9 million in 2008. Results for both the fourth quarter and full year were driven by the increased number of IMAX(R) theatres, the increased number of DMR titles released and the stronger film slate in 2009 versus 2008.

Gross box office from DMR titles was $101.0 million in the fourth quarter of 2009, compared to $30.9 million in the fourth quarter of 2008. The primary drivers of gross box office in the fourth quarter were Twentieth Century Fox's Avatar: An IMAX 3D Experience and Disney's A Christmas Carol: An IMAX 3D Experience. Avatar has generated approximately $218 million of worldwide box office to date ($54.2 million was captured in the fourth quarter), for a domestic per screen average of $678,000 and an international per screen average of $1,065,000. A Christmas Carol generated $30.8 million in gross box office during the quarter, for a domestic per screen average of $116,300 and international per screen average of $140,300. On September 18, Sony Pictures Cloudy With A Chance of Meatballs: An IMAX 3D Experience was released day-and-date to IMAX theatres and generated $11.2 million in worldwide box office ($5.8 million of which was captured in the fourth quarter) for a per screen average of approximately $58,100. For fiscal 2009, IMAX DMR gross box increased 108% to a record $270.8 million compared to $130.3 million in 2008.

Fourth quarter 2009 gross margin increased to $27.9 million, or 51.4% of revenue, from $6.5 million, or 23.6% of revenue in the fourth quarter of 2008. Included in gross margin for both periods was $1.1 million and $1.5 million, respectively, in launch costs associated with the opening of new joint revenue sharing theatres. In addition, the fourth quarters of 2009 and 2008 included charges totaling $0.7 million and $2.9 million, respectively, in inventory write-down and accelerated depreciation expense of certain of the Company's film-based projectors. Excluding the above referenced items from both periods, gross margin was $29.7 million, or 54.8% of revenue in the fourth quarter of 2009, compared to $10.9 million, or 39.8% of revenue in 2008.

Fourth quarter selling, general and administrative expenses, excluding the $8.9 million charge due to the increased value of the Company's variable stock compensation, (primarily driven by the $3.90 move in the Company's stock price over the course of the fourth quarter which impacts variable stock compensation), was $11.4 million, or 21.1% of revenue, compared to $10.2 million, or 37.2% of revenue, on the same basis in the fourth quarter of 2008. Reported fourth quarter selling, general and administrative expense was $20.3 million, compared to $9.5 million in the year ago period.

The fourth quarter of 2009 included a one-time charge of $0.8 million primarily due to the write-off of deferred financing costs triggered by the early retirement of the remainder of the Company's 9 5/8% Senior Notes as well as net earnings of $0.2 million from discontinued operations.

As of December 31, 2009, the Company's backlog consisted of 136 theatre systems compared to 213 theatre systems in backlog as of December 31, 2008. Included in the 2009 and 2008 system backlog totals were 42 and 106 theatres, respectively, under joint revenue sharing arrangements and 94 and 107 theatres, respectively, under sales and sales-type lease arrangements. During the fourth quarter of 2009, the Company signed contracts for 12 theatre systems, including eight digital system upgrades, compared to eight new system signings during the fourth quarter of 2008. At the end of 2009, 151 digital systems were in operation, compared to 46 at the end of 2008.

2010 Film Slate

Turning to the 2010 film slate,on March 5th,Walt Disney Pictures and IMAX released Alice in Wonderland: An IMAX 3D Experience day-and-date to 188 domestic and 53 international IMAX theatres. Through Tuesday,the film has generated approximately $19.6 million worldwide, or approximately $81,200 per screen both domestically and internationally. Following Alice in Wonderland, the Company's announced 2010 film slate to date includes DreamWorks Animation's How to Train Your Dragon: An IMAX 3D Experience (March 26, 2010); Iron Man 2: The IMAX Experience (May 2010); DreamWorks Animation's Shrek Forever After: An IMAX 3D Experience(May 2010); Walt Disney Pictures' Prince of Persia: Sands of Time: The IMAX Experience (May 2010); Walt Disney Pictures' Toy Story 3: An IMAX 3D Experience (June 2010); Summit Entertainment's The Twilight Saga: Eclipse: The IMAX Experience (June 2010); Warner Bros. Pictures' Inception: The IMAX Experience (July 2010); Walt Disney Pictures' Tron Legacy: An IMAX 3D Experience (December 2010); and an IMAX original film in partnership with Warner Brothers, titled Hubble 3D (March 2010). The Company remains in active discussions with all of the major studios regarding potential titles for release as far out as 2012.

Conference Call

The Company will host a conference call today at 8:30 AM ET to discuss its fourth quarter and full year 2009 financial results. To access the call via phone, interested parties should dial (866) 322-1159 approximately 10 minutes before it begins. International callers should dial (416) 640-3404. A recording of the call will be available by dialing (888) 203-1112 or (647) 436-0148. The code for both the live call and the replay is 5939471. The Company will also host a webcast of the conference call, which can be accessed on www.imax.com by clicking on 'Investor Relations.'

About IMAX Corporation

IMAX Corporation is one of the world's leading entertainment technology companies, specializing in immersive motion picture technologies. The worldwide IMAX network is among the most important and successful theatrical distribution platforms for major event Hollywood films around the globe, with IMAX theatres delivering the world's best cinematic presentations using proprietary IMAX, IMAX(R) 3D, and IMAX DMR technology. IMAX DMR is the Company's groundbreaking digital re-mastering technology that allows it to digitally transform virtually any conventional motion picture into the unparalleled image and sound quality of The IMAX Experience. The IMAX brand is recognized throughout the world for extraordinary and immersive entertainment experiences for consumers. As of December 31, 2009, there were 430 IMAX theatres (309 commercial, 121 institutional) operating in 48 countries.

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

The IMAX Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6469

This press release contains forward looking statements that are based on management'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, general economic, market or business conditions, including the length and severity of the current economic downturn, the opportunities that may be presented to and pursued by the Company, the performance of IMAX DMR films, conditions in the in-home and out-of home entertainment industries, the signing of theatre system agreements, changes and developments in the commercial exhibition industry, the failure to convert theatre system backlog into revenue,new business initiatives, investments and operations in foreign jurisdictions, foreign currency fluctuations and the Company's prior restatements and the related litigation and ongoing inquiries by the SEC and the OSC. These factors and other risks and uncertainties are discussed in the Company's most recent Annual Report on Form 10-K and most recent Quarterly Reports on Form 10-Q.

                                   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 Ended         Year Ended
                                             December 31,           December 31,
                                         --------------------  ----------------------

                                            2009       2008       2009        2008
                                         ---------  ---------  ----------  ----------
  Revenues
  Equipment and product sales             $ 18,558    $ 9,765    $ 57,304    $ 27,853
  Services                                  24,307     13,828      82,052      61,477
  Rentals                                   10,262      2,495      25,758       8,207
  Finance income                             1,110      1,065       4,235       4,300

  Other                                         --        270       1,862         881
                                         ---------  ---------  ----------  ----------

                                            54,237     27,423     171,211     102,718
                                         ---------  ---------  ----------  ----------
  Costs and expenses applicable to
   revenues
  Equipment and product sales                9,247      7,154      29,040      17,182
  Services                                  14,308     10,066      49,891      40,771
  Rentals                                    2,800      3,655      10,093       7,043

  Other                                         --         71         635         169
                                         ---------  ---------  ----------  ----------

                                            26,355     20,946      89,659      65,165
                                         ---------  ---------  ----------  ----------
  Gross margin                              27,882      6,477      81,552      37,553
  Selling, general and administrative
   expenses                                 20,290      9,533      56,207      43,681
   (including share-based compensation
    expense of $9.7 million and $17.5
    million for the three months and
    year ended December 31, 2009,
   respectively  (2008 - recovery of
    $0.4 million and expense of
   $1.0 million, respectively)
  Research and development                   1,024      1,306       3,755       7,461
  Amortization of intangibles                  122        137         546         526
  Receivable provisions, net of
   recoveries                                 (12)        863       1,067       1,977

  Asset impairments                            180         --         180          --
                                         ---------  ---------  ----------  ----------
  Earnings (loss) from operations            6,278    (5,363)      19,797    (16,092)
  Interest income                               49         99          98         381
  Interest expense                         (2,253)    (4,400)    (13,845)    (17,707)
  Loss on repurchase of Senior Notes
   due December 2010                         (803)         --       (579)          --
                                         ---------  ---------  ----------  ----------
  Earnings (loss) from continuing
   operations before income taxes            3,271    (9,664)       5,471    (33,418)
  Recovery of (provision for) income
   taxes                                       611        663       (274)        (92)
                                         ---------  ---------  ----------  ----------
  Earnings (loss) from continuing
   operations                                3,882    (9,001)       5,197    (33,510)
  Earnings (loss) from discontinued
   operations                                  157       (42)       (176)        (92)
                                         ---------  ---------  ----------  ----------

  Net earnings (loss)                      $ 4,039  $ (9,043)     $ 5,021  $ (33,602)
                                         ---------  ---------  ----------  ----------
  Net earnings (loss) per share -
   basic:
   Net earnings (loss) per share from
    continuing operations                   $ 0.07   $ (0.21)      $ 0.10    $ (0.79)
   Net earnings (loss) per share from
    discontinued operations                     --         --          --          --
                                         ---------  ---------  ----------  ----------

                                            $ 0.07   $ (0.21)      $ 0.10    $ (0.79)
                                         =========  =========  ==========  ==========
  Net earnings (loss) per share -
   diluted:
   Net earnings (loss) per share from
    continuing operations                   $ 0.06   $ (0.21)      $ 0.09    $ (0.79)
   Net earnings (loss) per share from
    discontinued operations                     --         --          --          --
                                         ---------  ---------  ----------  ----------

                                            $ 0.06   $ (0.21)      $ 0.09    $ (0.79)
                                         =========  =========  ==========  ==========
  Weighted average number of shares
   outstanding (000's):
   Basic                                    62,461     43,421      52,821      42,393
   Fully Diluted                            65,170     43,421      54,518      42,393

  Additional Disclosure:
  Depreciation and amortization(1)         $ 4,508   $  5,220   $  19,051   $  18,018

  (1) Includes $0.2 million and $1.1 million of amortization of deferred financing
   costs charged to interest expense for the three months and year ended December 31,
   2009 (2008 -- $0.3 million and $1.4 million).

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



                              As at December 31,

                                 2009       2008
                              ---------  ---------

  Assets
  Cash and cash equivalents     $20,081    $27,017
  Accounts receivable, net
   of allowance for doubtful
   accounts of $2,770
   (December 31, 2008 --
   $2,901)                       37,652     22,982
  Financing receivables          62,585     56,138
  Inventories                    10,271     19,822
  Prepaid expenses                2,609      1,998
  Film assets                     3,218      3,923
  Property, plant and
   equipment                     54,820     39,405
  Other assets                   15,140     16,074
  Goodwill                       39,027     39,027

  Other intangible assets         2,142      2,281
                              ---------  ---------

  Total assets                 $247,545   $228,667
                              =========  =========

  Liabilities
  Bank indebtedness             $50,000    $20,000
  Accounts payable               16,803     15,790
  Accrued liabilities            77,853     58,199
  Deferred revenue               57,879     71,452
  Senior Notes due December
   2010                              --    160,000
                              ---------  ---------

  Total liabilities             202,535    325,441
                              ---------  ---------


  Shareholders' equity
   (deficiency)
  Capital stock, common
   shares -- no par value.
   Authorized -- unlimited
   number.
   Issued and outstanding --
    62,831,974 (December 31,
    2008 -- 43,490,631)         280,048    141,584
  Other equity                    6,044      5,183
  Deficit                     (241,988)  (247,009)
  Accumulated other
   comprehensive income             906      3,468
                              ---------  ---------
  Total shareholders' equity
   (deficiency)                  45,010   (96,774)
                              ---------  ---------
  Total liabilities and
   shareholders' equity
   (deficiency)                $247,545   $228,667
                              =========  =========

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

The Company has eight 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; theater operations; and other. The IMAX systems segment designs, manufactures, sells or leases IMAX theater projection system equipment. The theater system maintenance segment maintains IMAX theater projection system equipment in the IMAX theater network. The joint revenue sharing arrangements segment provides IMAX theater projection system equipment to an exhibitor in exchange for a share of the box-office and concessions revenue. The film production and IMAX DMR segment produces films and performs film re-mastering services. The film distribution segment distributes films for which the Company has distribution rights. The film post-production segment provides film post-production and film print services. The theater operations segment owns and operates certain IMAX theaters. The other segment includes camera rentals and other miscellaneous items.

                               Three Months Ended         Year Ended
                                  December 31,           December 31,
                              --------------------  ----------------------

                                 2009       2008       2009        2008
                              ---------  ---------  ----------  ----------
  Revenue
  IMAX systems                 $ 19,644   $ 11,611    $ 64,504    $ 34,783
  Theater system maintenance      4,951      4,342      18,246      16,331
  Joint revenue sharing
   arrangements                   9,065      1,408      21,598       3,435
  Films
   Production and IMAX DMR       11,990      3,364      35,648      17,944
   Distribution                   2,290      2,087      12,365       9,559
   Post-production                  849      1,974       3,604       6,929
  Theater operations(1)           3,849      1,879      11,810      10,532

  Other                           1,599        758       3,436       3,205
                              ---------  ---------  ----------  ----------

  Total                        $ 54,237   $ 27,423   $ 171,211   $ 102,718
                              =========  =========  ==========  ==========


  Gross margins
  IMAX systems (2)             $ 10,896      4,512    $ 35,516      18,374
  Theater system maintenance
   (3)                            1,622      1,938       8,361       7,117
  Joint revenue sharing
   arrangements(4)(5)             6,530    (1,872)      13,261     (1,865)
  Films
   Production and IMAX DMR        7,455        980      19,979       6,992
   Distribution                     483        462       2,147       3,120
   Post-production                   32        711         939       3,451
  Theater operations(1)             324      (394)         649        (39)

  Other                             540        140         700         403
                              ---------  ---------  ----------  ----------

  Total                        $ 27,882    $ 6,477    $ 81,552    $ 37,553
                              =========  =========  ==========  ==========


  --------------------------
  (1) In 2009, the Company closed its owned and operated Vancouver and
   Tempe IMAX theaters and reclassified the operations from continuing
   operations to discontinued operations. As a result, the respective
   prior period's figures have been reclassified to conform to the current
   year's presentation.
  (2) Includes a charge of $nil and less than $0.1 million for the three
   months and year ended December 31, 2009, respectively (December 31,
   2008 -- $1.5 million and $2.4 million, respectively) in costs and
   expenses applicable to revenues, primarily for the write-down of
   film-based projector inventories.
  (3) Includes a charge of $0.7 million and $0.8 million for the three
   months and year ended December 31, 2009, respectively (December 31,
   2008 -- $0.1 million and $0.1 million, respectively) in costs and
   expenses applicable to revenues, primarily for the write-down of
   film-based service inventories.
  (4) Included in the fourth quarter of 2009 and 2008 gross margin were
   certain advertising, marketing and selling expenses of $1.1 million and
   $1.5 million, respectively, associated with the initial launch theaters
   opened during the period. In addition, accelerated depreciation charges
   of $nil and $1.3 million on film-based systems was recorded in the
   fourth quarter of 2009 and 2008, respectively. Excluding these launch
   expenses and accelerated depreciation charges, the gross margin would
   have been $7.6 million for the fourth quarter of 2009 compared to $0.9
   million in the fourth quarter of 2008.
  (5) Included in the margin for the year ended December 31, 2009 and
   2008, were certain advertising, marketing and selling expenses of $3.4
   million and $1.8 million, respectively, associated with the initial
   launch of theaters opened during the year. In addition, accelerated
   depreciation charges of $1.5 million on film-based systems was recorded
   in 2008. Excluding these launch expenses and accelerated depreciation
   charges, the gross margin would have been $16.7 million and $1.4
   million in 2009 and 2008, respectively.

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

NON-GAAP FINANCIAL MEASURES

In addition to the results prepared in accordance with United States Generally Accepted Accounting Principles ("U.S. GAAP") provided in this release, the Company has presented adjusted EBITDA as defined by its Credit Facility and adjusted earnings per share. The Company evaluates the operating performance of its business based on financial measures such as revenue, adjusted EBITDA as defined by its Credit Facility and adjusted earning per share. The Company uses these measures to assess operating results and performance of its segments, perform analytical comparisons, identify strategies to improve performance and allocate resources to various business segments. The Company believes adjusted EBITDA and adjusted earnings per share are relevant to investors because it allows them to analyze the operating performance of each segment using the same metric management uses and will help to facilitate comparisons of its past and present performance. The Company excludes variable stock compensation from the calculation of adjusted earnings per share due to its volatility from period to period which is primarily driven by the increase or decrease in the Company's stock price over a given period which is difficult to predict. Because adjusted EBITDA and adjusted earnings per share are non-GAAP measures, they should be considered in addition to, but not as a substitute for, operating income, net income, cash flows provided by operating activities and other measures of financial performance reported in accordance with U.S. GAAP.

Credit Facility Requirements:

The Credit Facility provides that so long as the term loan remains outstanding, the Company will be required to maintain: (i) a ratio of funded debt (as defined in the Credit Agreement) to EBITDA (as defined in the Credit Agreement) of not more than 2:1 through December 31, 2010, and (ii) a ratio of funded debt to EBITDA of not more than 1.75:1 thereafter. If the Company repays the term loan in full, it will remain subject to such ratio requirements only if Excess Availability (as defined in the Credit Agreement) is less than $10.0 million or Cash and Excess Availability (as defined in the Credit Agreement) is less than $15.0 million. The ratio of funded debt to EBITDA was 0.85:1 at December 31, 2009, where Funded Debt (as defined in the Credit Agreement) is the sum of all obligations evidenced by notes, bonds, debentures or similar instruments and was $50.0 million.

  Adjusted EBITDA, as defined by the Credit Facility, is calculated as follows:


                                            Quarter Ended      Year Ended December
                                            December 31,               31,
                                         -------------------  --------------------

                                           2009       2008      2009       2008
                                         --------  ---------  --------  ----------

  Net earnings (loss)                      $4,039  $ (9,043)    $5,021  $ (33,602)
  Add (subtract):
   Provision for income taxes               (611)      (663)       274          92
   Interest expense net of interest
    income                                  2,204      4,301    13,747      17,326
   Depreciation and amortization
    including film asset amortization       4,303      4,866    17,919      16,598
   Write-downs net of recoveries
    including asset impairments and
   receivable provisions                      869      2,643     2,581       4,466
   Stock and other non-cash
    compensation                           10,153        499    19,183       3,320

   Other, net                                (91)         --     (229)          --
                                         --------  ---------  --------  ----------

                                          $20,866     $2,603   $58,496      $8,200
                                         ========  =========  ========  ==========

  Adjusted Diluted Earnings (Loss) Per
   Share Calculation:


                                            Quarter Ended      Year Ended December
                                            December 31,               31,
                                         -------------------  --------------------

                                           2009       2008      2009       2008
                                         --------  ---------  --------  ----------

  Net earnings (loss)                      $4,039  $ (9,043)    $5,021  $ (33,602)

  Add: Variable stock compensation          8,851      (670)    15,436          51
                                         --------  ---------  --------  ----------

  Adjusted net earnings (loss)            $12,890  $ (9,713)   $20,457  $ (33,551)
                                         ========  =========  ========  ==========


  Diluted Shares outstanding               65,170     43,421    54,518      42,393
                                         ========  =========  ========  ==========
  Adjusted earnings (loss) per diluted
   share                                    $0.20   $ (0.22)     $0.38    $ (0.79)
                                         ========  =========  ========  ==========

This news release was distributed by GlobeNewswire, www.globenewswire.com

SOURCE: IMAX Corporation

CONTACT: IMAX Corporation, New York
Media:
Sarah Gormley
212-821-0155
sgormley@imax.com
Investors:
Heather Anthony
212-821-0121
hanthony@imax.com
Rogers & Cowan, Los Angeles
Entertainment Media:
Elliot Fischoff
Jason Magner
jmagner@rogersandcowan.com
310-854-8128
Sloane & Company, New York
Business Media:
Whit Clay
212-446-1864
wclay@sloanepr.com