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Non-Tech : IMAX 3D-the wave of the future -- Ignore unavailable to you. Want to Upgrade?

To: Barry Moss who wrote (132)	8/10/1999 3:03:00 PM
From: Barry Moss	Read Replies (2) \| Respond to of 170

Imax earnings slip but high sales reported TORONTO (CP) - One day after Imax Corp. shares jumped more than 10 per cent, the giant-format movie company is reporting a sharp drop in second-quarter earnings. Earnings slipped to $2.2 million US or seven cents a share, down from $6.1 million US or 21 cents a share a year earlier. But the company's sales backlog has reached $210 million US, exceeding $200 million US for the first time. That increase was driven by strong theatre system signings with contracts signed for 12 new theatre systems valued at $27.6 million US. On the Toronto stock market, Imax shares rose $4.35 to $38 on Monday. The signings were highlighted by an agreement with United Cinema International, one of the world's top international cinema exhibition groups, to increase its commitment from two Imax theatres to 10 theatres in Europe, Asia and South America. The sales backlog grew by nine per cent or $16.8 million in the quarter ended June 30. "The box office gross of the worldwide Imax theatre network and our brand awareness has never been higher," Imax co-chief executives Bradley Wechsler and Richard Gelfond said in a release. "During the second quarter, as many as 10 of the top 60 grossing films in North America during a given weekend were films for Imax theatres. "We expect even greater exposure from the exclusive Imax theatre release of the Walt Disney Co.'s Fantasia 2000: The Imax Experience on Jan. 1 and the anticipated launch of the film's marketing campaign next month. In addition, the rest of the film slate over the next 18 months may be the strongest ever with films featuring Siegfried & Roy, Cirque du Soleil, Michael Jordan and our 3D animated release Cyberworld." In the second quarter, revenues decreased to $34.3 million US from $43.3 million US in the prior year as a decrease in systems revenue offset higher film revenue. Film revenue increased 51 per cent to $10.4 million US as a result of an increase in film distribution and revenues, due primarily to the release of T-Rex: Back to the Cretaceous, a 3-D film that has grossed nearly $30 million US worldwide. As of June 30, there were more than 195 permanent Imax theatres in 25 countries, with a backlog of more than 80 theatre systems scheduled to open in 15 new countries in the next few years.