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Strategies & Market Trends : Aardvark Adventures

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From: ~digs	12/8/2007 2:21:09 AM
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Shares of IMAX Corp. surged to a year high Friday after the entertainment technology company agreed to install 100 digital projection screens in AMC Entertainment Inc. theaters. The companies did not disclose financial terms of the agreement. IMAX said the theaters are in 33 major U.S. markets, and the deal will double its presence in the commercial theater market. Installation will begin in July. Shares of IMAX jumped $2.68, or 57.8 percent, to $7.32. Earlier, the stock traded as high as $7.94, eclipsing a previous year high of $5.68 set in May. Merriman Curhan Ford analyst Eric Wold said the agreement was "by far the most significant theater deal in the company's history." "In our opinion, this news is clearly the most important endorsement of the IMAX technology and potential that has occurred since the company's founding," he said. Wold kept a "Buy" rating on the stock, and said the deal shows IMAX's plan to create joint ventures -- paying to install its screens, and then sharing the profits with theater operators -- will attract partners. He said that once the screens are installed, they will increase IMAX's profit by more than 40 cents per share each year.

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