Imax (IMAX) - Get Report posted a weak first quarter as V for Vendetta failed to measure up to expectations.

The Toronto-based movie technology outfit lost $8.1 million, or 20 cents a share, from continuing operations for the first quarter ended March 31, reversing the year-ago continuing operations profit of $956,000, or 2 cents a share. Revenue fell to $20.4 million from $31.8 million a year ago. Analysts surveyed by Thomson Financial were looking for a 6-cent loss on revenue of $26 million.

"While the Imax DMR version of

V for Vendetta

disappointed from a financial perspective, it filled out our film slate and helped exhibitors during a traditionally slow film period.

Deep Sea 3D

was a definite bright spot during the first quarter, demonstrating consistent strength week after week and actually gaining momentum after it first opened," CEOs Richard Gelfond and Bradley Wechsler said.

V for Vendetta

grossed $5.6 million in the quarter and

Deep Sea 3D

$8.8 million.

For the second quarter, the company said it expects to make 5 to 8 cents a share on revenue of $40 million. Analysts were looking for a 4-cent profit on sales of $36 million.

Regarding efforts to sell the company, Imax said, "We just entered the second round and are pleased to be evaluating proposals from a broad range of interested parties. We remain confident that pursuing strategic alternatives for the business will enable us to expand the company's scale, accelerate its growth and enhance shareholder value."