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IMAX Corporation Reports Fourth Quarter And Full Year 2010 Financial Results

HIGHLIGHTS
  • Company Reports Highest Annual Revenues, Earnings and EBITDA for Any Year in its 43-Year History
  • Annual Revenues Increased 45% to $248.6 million; 2010 Adjusted EBITDA Increased 73% to $101.4 million
  • Annual Gross Box Office from DMR titles doubled to $546 million in 2010
  • Fourth Quarter Revenues Increased 28% to $69.2 million; Fourth Quarter Adjusted EBITDA Increased 23% to $25.8 million
  • Record Number of System Installations in the Fourth Quarter and Year 2010; Commercial Network Poised to Grow Significantly in 2011

LOS ANGELES, Feb. 24, 2011 (GLOBE NEWSWIRE) -- IMAX Corporation (NYSE:IMAX) (TSX:IMX) today reported that its 2010 revenues, earnings and adjusted EBITDA were the highest of any year in its 43-year history.

"In 2010, we saw most aspects of our strategy come together," said IMAX Chief Executive Officer, Richard L. Gelfond. "The public came to enjoy The IMAX Experience® in record numbers, our commercial network grew by 30%, our digital network grew by more than 80% and we signed new theatres in record numbers. The year's record revenues and earnings reflect the success of our model."

In addition to reporting its fiscal year results, today IMAX Corp. announced that total revenue for the fourth quarter ended December 31, 2010 increased 28% to $69.2 million, compared to $54.2 million in the fourth quarter of 2009. Reported net income for the fourth quarter of 2010 increased to $54.2 million, or $0.80 per diluted share, from $4.0 million, or $0.06 per diluted share, in last year's fourth quarter. Fourth quarter 2010 adjusted net income, which excludes the impact of the change in the value of the Company's variable stock compensation and a non-cash tax benefit related to a reversal of the Company's deferred tax valuation allowance, increased 11% to $14.3 million, or $0.21 per diluted share, compared to adjusted net income of $12.9 million, or $0.20 per diluted share, on the same basis in the fourth quarter of 2009. Fourth quarter adjusted EBITDA increased 23% to $25.8 million from $20.9 million in the same period last year.

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