IMAX Corporation reports fourth quarter 2008 financial results

TORONTO, March 12 /PRNewswire-FirstCall/ – IMAX Corporation (NASDAQ: IMAX TSX: IMX) today reported a net loss per share of $0.21 for the quarter ended December 31, 2008, compared to a net loss per share of $0.25 for the fourth quarter of fiscal 2007. During the fourth quarter of 2008, the Company incurred certain charges related to the introduction of its digital projection system and the launch of new joint revenue sharing arrangement theatres. Excluding these items from the fourth quarters of 2008 and 2007, the Companys loss per share was $0.11 and a loss per share of $0.21, respectively. The charges in the fourth quarter of 2008 include: a $1.6 million asset impairment charge reflecting the write down of film-based projector inventories and $1.3 million in accelerated depreciation on existing film-based joint revenue sharing arrangement theatres due to the earlier than anticipated digital upgrade of those theatres. Included in the fourth quarter of 2007 was a $4.0 million asset impairment charge reflecting the write-down of film-based projector inventories, partially offset by a one-time benefit from discontinued operations of $2.4 million.