Tag Archives: IMAX

‘Christmas’ for Disney, Imax

Disney and Imax are back in business together, inking a five-picture deal that commences a year from now with Robert Zemeckis’ 3-D holiday release “A Christmas Carol.”

The Mouse House — the market leader in 3-D — has been noticeably absent when it comes to exploiting Imax screens, choosing instead to play its digital 3-D titles in conventional theaters only.

Relations between Disney and Imax grew strained after the two partnered on “Fantasia 2000,” which celebrated the 40th anniversary of the acclaimed animated feature.

But the ongoing shortage of conventional 3-D screens, plus the success of other Imax studio partnerships, provided an opening for Disney and Imax to come together once again.

The five-picture deal was announced in Singapore, where Walt Disney Studios Motion Picture Group prexy Mark Zoradi and Imax toppers, along with other studio execs, are attending a 3-D conference.

“Disney’s commitment to 3-D is great for Imax moviegoers, and dovetails ideally with our strategy to build a slate of top-quality movies from the best filmmakers that lend themselves to the Imax format,” Imax Filmed Entertainment chair-prexy Greg Foster said from Singapore.

Zemeckis’ “Christmas Carol,” a reworking of Charles Dickens’ classic tale toplining Jim Carrey, opens Nov. 9, 2009.

Source: Variety

IMAX sets target launch date of new technology

IMAX Corporation announced that it has moved up the launch date of its new digital projection system in development to the second quarter of 2008 from its previously announced timeframe of the end of 2008 to mid 2009.

The system will further enhance The IMAX Experience and help to drive profitability for studios, exhibitors and IMAX theatres by virtually eliminating the need for film prints, increasing program flexibility and ultimately increasing the number of movies shown on IMAX screens.

"We’ve invested significant resources toward the development of our digital projection technology and we are excited about bringing it out of research and development and into the marketplace," said IMAX’s Co-Chairmen and Co-CEOs, Richard L. Gelfond and Bradley J. Wechsler. "Several key exhibitors, studios and consumer research groups have already experienced the digital prototype we’ve been running for the past several months, and we are very encouraged by the unanimously positive reaction to the next iteration of The IMAX Experience."

The new technology dramatically enhances the image fidelity, light output and contrast in both 2D and 3D to produce a stunningly crisp and bright image on the big IMAX screen. In consumer testing, 98 percent of respondents who had seen IMAX before were able to make the comparison, said that the prototype IMAX digital system fits with their expectations for the brand, and 46 percent said that the overall experience in the digital IMAX theatre was better than previous IMAX experiences.

<font size=1>Source: PR Newswire</font>

Imax defers over $5 million rent credit

The troubled accounting past of Imax Corp. took centre stage for the company again Friday as it restated its already tangled 2006 financial statements and amended its past accounting to recognize changes totalling $5.5 million to $6.5 million (US).

The giant-screen Toronto-based theatre company, which reports in U.S. dollars, said the changes correct one-time booking of property rent discounts for corporate facilities and theatres that should have been accounted for over the period of the leases. It stressed there is no effect on revenue recognition or liquidity.

The restatement adds to a growing list of dramatic developments that have seen Imax tumble into accounting errors, fall behind on financial reporting and face a pending court battle with private equity fund manager Catalyst Fund Limited Partnership II.

The $5.5 million to $6.5 million in total deferred rent credits is mostly connected to the accounting from 1997 to 2002 and will be amortized into income over the remaining terms of the leases.

Karen Berckmann, an analyst at Moody’s Investors Service in New York, played down the impact of the latest restatement, noting that the recognized amount is non-cash, which is considered "less critical."

"It seems pretty minor to me," she said.

The market seemed to agree, as Imax shares gained 5.7 per cent, or 26 cents, on Friday after spending the morning in the red. Shares closed at $4.79 with a low volume of 81,400 shares traded on the Toronto Stock Exchange.

Imax added that its amended annual and quarterly statements "will include certain additional and enhanced narrative disclosure in response to comments received by the company from the U.S. Securities and Exchange Commission."

Restatements have become almost commonplace for the company.

"You always think they’re on their way and then they figure something else out," Berckmann said. "It’s never positive, but I don’t see it as having any credit impact on the financials."

Imax’s 2006 report, delayed until July amid a restatement of results for 2002 though 2005 to revise revenue recognition, showed a net loss of $16.9 million on revenue of $129.3 million for the Canadian company.

The new revision, which also affects the first two quarters of this year, relates to seven Imax-operated theatres and corporate buildings, with most of the income-statement impact – about $5 million – dating to between 1997 and 2002.

The company recorded rent reductions in the years they were negotiated, instead of on a straight-line basis over the remaining lease terms. It also did not properly account for property improvements funded by landlord construction allowances.

In August, Imax posted a second-quarter loss of $4.6 million, down from a year-ago profit of $1.6 million while revenues fell to $27.5 million from $38.1 million.

Meanwhile, Catalyst Fund, which holds Imax shares and notes, has been seeking investor-oppression remedies, demanding to have an inspector appointed to resolve inquiries by securities regulators and to ensure the accuracy of Imax accounting.

Last month, Catalyst appeared in an Ontario Superior Court in an unsuccessful attempt to schedule the court case. The fund declined to comment Friday.

Berckmann said the restatement will probably just add fuel to the fire. "They’ll see it as one more piece of ammunition, but it doesn’t seem too material to me," she said.

Earlier this week the company inked a joint venture partnership with U.S.-based movie exhibitor Regal Cinemas, Inc. for five Imax theatre systems. The deal includes one of the first orders for Imax’s digital projector which is still under development.

<font size=1>Source: The Canadian Press</font>

300 IMAX Experience grosses $20 Million

LOS ANGELES, IMAX Corporation and Warner Bros. Pictures today announced that 300: The IMAX Experience has grossed more than $20 million worldwide since premiering on March 9, 2007. The picture continues to blaze a record-breaking box office trail by reaching the $20 million milestone in just over four weeks, between March 9, 2007 and April 10, 2007 – faster than any other 2D digitally re-mastered IMAX release. ‘300’ is currently playing on 84 IMAX® screens worldwide and is showing strong box office performances in both domestic and international markets. The film’s total worldwide box office from both conventional and IMAX® theatres is now at $404.5 million.

"We are very pleased with the remarkable box office results of 300 in both conventional and IMAX theatres," said Dan Fellman, President of Domestic Distribution at Warner Bros. Pictures. "300 is an ideal film for The IMAX Experience® and the excitement surrounding an enhanced rendering of the film has contributed to its strong showing."

"The movie works. IMAX theatres in both domestic and international markets continue to generate very impressive results, with sold out shows, high advance sales and strong word of mouth," added Greg Foster, Chairman and President of IMAX Filmed Entertainment. "Many of our international locations have reported record opening weekends, giving us confidence that the release will continue to play well during the weeks ahead."

Based on the epic graphic novel by Frank Miller, "300" is a ferocious retelling of the ancient battle of Thermopylae in which King Leonidas (Gerard Butler) and 300 Spartans fought to death against Xerxes and his massive Persian army. Facing insurmountable odds, their valor and sacrifice inspire all of Greece to unite against their Persian enemy, drawing a line in the sand for democracy. The film brings Miller’s (Sin City) acclaimed graphic novel to life by combining live action with virtual backgrounds that capture his distinct vision of this ancient historic tale.

‘300’ breaks IMAX records

LOS ANGELES, IMAX Corporation and Warner Bros. Pictures announced that 300 continued its box office reign, posting a record-breaking second weekend at IMAX® theatres. After already registering the highest opening weekend in IMAX’s history, the digitally re-mastered IMAX release grossed $2.7 million from 62 domestic IMAX screens, from Friday, March 16 through Sunday, March 18. The film’s worldwide IMAX total has climbed to $9.1 million, contributing to the overall box office of $154.2 million through the weekend.

"The overwhelmingly positive moviegoer response to 300 in IMAX’s immersive format is contributing to the overall success of the film," said Dan Fellman, President of Domestic Distribution at Warner Bros. Pictures. "We are very pleased with the film’s performance and look forward to its continued success in both conventional and IMAX theatres in the coming weeks."

"Moviegoers are loving 300: The IMAX Experience and research results speak very favorably to increased word-of-mouth and repeat visitation to IMAX theatres," said IMAX Co-Chairmen and Co-CEOs Richard L. Gelfond and Bradley J. Wechsler. "We are encouraged by the positive consumer reaction and box office performance of this exciting motion picture, and we believe it will help increase the popularity of the IMAX brand with moviegoers and exhibitors."

"It’s working. Our theatres are happy, moviegoers love the film and they’re returning to theatres to see it in IMAX," added Greg Foster, Chairman and President of IMAX Filmed Entertainment. "Based on our advance ticket sales and this weekend’s amazing hold, it’s obvious this film has strong legs, which is a terrific way to kick off our 2007 film slate."

300: The IMAX Experience had a strong opening weekend in Korea, and is performing very well through its second weekend in Taiwan. The film is slated for release in at least 20 more international locations during the next few weeks.

"The IMAX release of 300 is off to a great start internationally," said Veronika Kwan-Rubinek, President of International Distribution, Warner Bros. Pictures. "We are delighted that audiences are experiencing the film in this unique and immersive way, and we anticipate even stronger box office returns as it opens in additional international IMAX theatres during the weeks ahead."

Posts navigation