Iwerks Entertainment

Circle Vision. Captain EO. Star Tours. Giant screen projection. Don Iwerks played a pivotal role in creating all these visual and technical marvels during his 35 years with Disney and later with his own company. He's being honored tonight by the Academy of Motion Picture Arts and Sciences with a lifetime achievement award for his significant technical contributions to film and entertainment. Iwerks, 68, will be given the Gordon E.

Iwerks Entertainment Inc. posted a loss in its second quarter on a 24% drop in revenues. For the quarter that ended Dec. 31, the Burbank-based entertainment company posted a net loss of $57,000, compared to a profit of $604,000 in the same period a year earlier. Revenues in the latest quarter fell to $10.0 million, down from $13.2 million.

Iwerks Inc., a Burbank maker of specialty theaters, said it opened two new attractions in December, one in Texas and one in Maryland. An Iwerks facility opened in Plano, Texas, on Dec. 20 and is run by Dallas-based Cinemark. Another theater ride opened Dec. 13 in North Bethesda, Md. This project is a joint venture with Dave & Buster, a restaurant operator based in Dallas.

Iwerks Entertainment Inc. posted a $2.8-million loss in its first quarter. The Burbank-based company, which produces simulation rides and giant-scene theaters, said that net income for the first quarter fell 80% to $270,000 compared with $1.4 million a year ago. The loss was due in part to one-time cancellation settlements from the Tokyo Expo and an AT&T sponsorship, Iwerks reported. The company launched a joint venture, Iwerks' Turboride, in Ontario, Calif.

Iwerks Entertainment Inc. made its name with giant-screen movie theaters and motion-simulator rides. Turning this entertainment magic into a profit, however, was a trick Iwerks couldn't seem to master. The company lost $8 million in 1994 and was about to post a $13.5-million loss last year when Roy Wright was promoted to chief executive of the Burbank-based company. Wright said he'd make Iwerks profitable by 1996, and he has made good on the pledge.

Iwerks Entertainment Inc., a Burbank producer of big-screen theater systems and motion-simulator rides, has filed suit in Los Angeles federal court accusing its archrival, Imax Corp., of violating antitrust laws by stifling competition. Toronto-based Imax, the top supplier of big-screen theater systems, also owns the biggest library of the large-format films that play in the specialized theaters.

A board member who resigned this month from Iwerks Entertainment Inc., has sued the Burbank company and executives at the giant-screen theater and motion-simulator rides concern, alleging securities fraud dating back to its purchase of Omni Films International. The suit was filed last week in Sarasota, Fla., by Fred Hollingsworth III, who resigned from Iwerks' board two weeks ago. Iwerks' Chief Executive Roy A.

Iwerks Entertainment, a Burbank producer of special-format movie theaters, said it has agreed to develop a ride-simulation attraction with a large Australian movie theater chain. The value of the joint venture with Sydney-based Hoyts International was not disclosed. Iwerks said the agreement could lead to the development of up to 10 of its attractions in Australia, Southeast Asia and the eastern United States over the next three years.

Iwerks Entertainment Inc., a Burbank maker of theme park attractions, posted a turnaround on record revenues in its second fiscal quarter ending Dec. 31. The company reported a profit of $603,882 compared to a loss of $1.1 million a year earlier, on revenues of $13.2 million, up 24% from $10.7 million in the second quarter last year. For the six months, profit was $744,553 compared to a loss of $1.93 million in the corresponding period last year. Six-month revenues were $23.