IMAX reports net loss, looks forward to Dark Knight receipts

8/7/2008 8:19:07 AM | Buzz on the Boards

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Second quarter results in for large format film company.

IMAX Corporation (TSX: T.IMX, Stock Forum) today announced results for Q2, 2008. The maker of large-format motion picture cameras and exhibition venues recorded a net loss of 29 cents per diluted share for the second quarter of fiscal 2008, compared to a net loss of 11 cents per diluted share for the same period last year. Total revenues came in at $21.2 million, compared to $27.1 million reported for Q2, 2007.

The Ontario-based company pointed out that the roll out of its IMAX Digital system technology launched on schedule, with the successful delivery and installation of its first three digital projection systems at three AMC Entertainment theatres located in the Baltimore/Washington D.C. area.

Co-Chairmen and Co-CEOs Richard L. Gelfond and Bradley J. Wechsler said, “We are very pleased with the significant strategic progress made thus far in 2008, despite the fact that, as we have previously discussed, our financial results do not yet reflect the pieces being put in place that should return IMAX to profitability… We continue to expect profitability in 2009.” The team is particularly excited about the record-breaking performance of the film The Dark Knight, profit from which will be reflected in the second half of 2008.

Back on July 14, Stockhouse investor 2new made a fairly prescient comment regarding the second installment of director Christopher Nolan’s new Batman franchise when he or she asked the IMX Bullboard, “Anybody think we'll see a pop next week after the [sic] Dark Knight completely obliterates box office records?”

Prescient on both counts - the stock price pop and the film obliterating box office records.

Shares of IMAX closed up 2.5% yesterday to $8.19.

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