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Imax Deep in the Red on Accounting Charge

March 30, 2001|Reuters

Big screen movie maker Imax Corp. said Thursday that significant one-time charges linked to new accounting rules and difficulties with its commercial theater operators dragged its fourth quarter deep into the red.

Imax, which creates the illusion of depth and movement in large theaters with big, curved screens that give a real-life feel to nature and wildlife shows, now is expanding into animated productions such as Walt Disney Co.'s "Fantasia." The company said it lost $32.5 million, or $1.08 per share, in the quarter ended Dec. 31, contrasted with profit of $17.8 million, or 53 cents a fully diluted share, in the year-earlier period. Revenue in its fourth quarter deteriorated 40% to $54.4 million, from $90.4 million in its fourth quarter of 1999, because of weaker system sales. For the year, the company recorded a loss of $92.9 million, or $3.11 per share, on revenue of $113 million.

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