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As Takeover Talk Hovers, IMAX Issues Year-End Results

By | Monday January 3, 2011 @ 9:25am PST
Mike Fleming

IMAX made news over the holidays when its stock jumped on speculative reports that Sony was angling to buy the company, though IMAX officially claimed not to know anything about it. Today, IMAX issued glowing year-end results.

TORONTO AND LOS ANGELES – JANUARY 3, 2011 – IMAX CORPORATION today announced that for the fifty-two weeks ended December 31, 2010, IMAX DMR® global gross box office reached a record $546 million, more than doubling the Company’s previous global box office record of $270 million achieved in 2009. The Company’s DMR gross box office for the fourth quarter of 2010 reached $102 million compared to $101 million in the fourth quarter of last year.

Gross box office generated from the Company’s original documentaries including Hubble 3D, Under the Sea 3D and Deep Sea 3D totaled $41 million.

“Our 2010 box office results reflect our model of showcasing the biggest blockbuster titles, whether they are 2D or 3D, our network expansion and the significant increase in box office generated from our existing theatres,” said Richard L. Gelfond, CEO of IMAX Corporation. “In fact, our box office per theatre average grew by 50 percent year-over-year. Looking ahead to 2011, we have more visibility into our future film slate than we have ever had, we will grow the size of our global network and we believe that this year’s strong box office performance will further fuel the theatre signing momentum we enjoyed in 2010 into 2011.”

“IMAX proves time and again to be the magic formula that

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Reports Of Sony Courtship Of IMAX Drives Stock Price Spike

By | Friday December 31, 2010 @ 12:42pm PST
Mike Fleming

Fueled by a speculative report in Britain’s Daily Mail that IMAX is being courted by Sony Corporation, the oversized screen company’s stock price rose from $27 to $32 per share, ending at $28.07. The report asserted that Sony would pay $40 per share for the publicly traded company. The pre-holiday stock run prompted IMAX to respond to a request from the Investment Industry Regulatory Organization of Canada on behalf of the Toronto Stock Exchange. “IMAX Corporation is not aware of any corporate developments to account for this activity,” the company said in the statement. “The Company’s policy is not to comment on rumors or speculation, and accordingly does not intend to comment further.” IMAX has become a more important player to studios trying to corner the market on prime 3D-capable screens that bring in premium ticket prices, and IMAX has been on an aggressive campaign to raise its screen counts around the world. Whether a studio wants to get into that business is the major question, one that raises major regulatory issues.

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