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(IMAX) - Get Imax Corporation Report

said Tuesday it will cut 130 jobs, or 13% of its workforce, due to financial difficulties in the commercial film exhibition industry.

IMAX, which makes projection and sound systems for giant-screen theaters, currently employs 1,000 people.

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The company also said it will consolidate its sound and projection systems manufacturing at its Sheridan Park facility at its headquarters in Mississauga, Ontario. IMAX also will scale back its operations in Birmingham, Alabama.

Shares of IMAX lost 25 cents, or 5.1%, to close at $4.63 in Tuesday