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To: Buckey who wrote (43283)10/12/2000 10:27:56 PM
From: Swami  Read Replies (1) of 62348
 
RE IMAX Buckey i didnt like the part about their three major customers filing for bankruptsy protection.

Globe says Imax issues surprise warning
Imax Corp IMX
Shares issued 29,808,888 2000-10-11 close $21.8
Thursday Oct 12 2000 In the News
The Globe and Mail reports in its Thursday, Oct. 12, edition that Imax warned Wednesday it will post a loss for the third quarter, a development analysts had not expected and one that might hinder the auction of the company. The Globe's Keith Damsell writes that an unnamed analyst says, "This will definitely not help the sale of the company." Imax warned Wednesday that it expects to report a "modest loss" for the three months ended Sept. 30. Prior to the news release, analysts had expected profit of about $7.5-million (U.S.) or 25 cents a share for the quarter. For fiscal 2000, Imax now expects to earn a profit of between 60 cents and 70 cents a share compared with an average analyst forecast of 75 cents. The third quarter loss is a result of the declining financial strength of the North American film exhibition industry. Since August, three large United States theatre chains have filed for Chapter 11 bankruptcy protection. The troubled chains lease a total of 22 Imax film systems and have a further 12 on order. Imax, which earns the bulk of its revenue from ticket sales and the rental of film equipment, says payments from the three companies have slowed in recent weeks.
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