IMAX Corp. announced today that, reflecting the
strong tone and momentum of its business, it expects to meet or exceed the
full year 2005 guidance it provided investors of $0.35 to $0.38 in net
earnings per share on a fully diluted basis.
During the fourth quarter the Company completed 14 theatre installations,
which is a record for a single quarter, and consistent with the guidance the
Company provided. As a result, the Company installed a total of 34 theatre
systems for the full year versus 21 for 2004. The Company also expects to
report revenues approximately in the guided range of $145 to $150 million for
all of 2005.
These results are based on preliminary financial data and subject to the
final closing of the Company’s books and records.
“IMAX’s momentum and growth potential is building,” said IMAX Co-Chairmen
and Co-CEOs Richard L. Gelfond and Bradley J. Wechsler. “IMAX set aggressive
goals for theatre signings, film performance, installations and financial
results for 2005, and we are extremely pleased to report that we believe we
have delivered on all fronts. Successfully completing 14 theatre system
installations in the most recent quarter underscores the rapidly expanding
nature of the IMAX network, an expansion that should continue to grow our
recurring revenues.”
IMAX also announced that in addition to completing 14 theatre
installations, the Company signed deals for eight theatre systems during the
fourth quarter, one of which remains subject to a condition. The Company
signed deals for 45 theatre systems for the full year 2005, at the high end of
its 40-45 signings guidance. By comparison, the Company signed deals for
36 theatre systems in 2004, and 25 in 2003.
“In addition to delivering on our financial and operational goals, we
continued to deliver on our strategy of positioning IMAX as a profitable
release window for Hollywood films, providing the Company with a strong
platform from which to fulfill its long term potential,” Gelfond and Wechsler
continued. “We are very excited to enter 2006 with our strongest film slate
ever, with five IMAX DMR(R) titles already secured for day and date release,
and Deep Sea 3D set for release in March. With the probable addition of
another title in the fourth quarter of 2006 we expect to have a film release
every six to eight weeks in 2006, which, we believe, should be a major factor
in driving theatre sales as well as recurring revenues.”
IMAX will release its fourth quarter and 2005 full year financial results
pre-market on Thursday, March 9, 2006.
