Fourth-Largest U.S. Exhibitor Expands IMAX Footprint; Underscores Domestic Demand for The IMAX Experience®
NEW YORK and COLUMBUS, Ga., Oct. 23, 2013 /CNW/ - IMAX Corporation (NYSE: IMAX; TSX: IMX) and Carmike Cinemas Inc., (NASDAQ: CKEC), the fourth-largest exhibitor in the U.S., today announced a new revenue sharing agreement for 10 IMAX® theatre systems to be installed in new construction projects and existing Carmike multiplexes across the U.S., including locations in Georgia, Tennessee and Texas.
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"Carmike ranks among the largest and most successful exhibitors in the U.S. and we're pleased to expand our partnership," said IMAX CEO, Richard L. Gelfond. "We're also delighted to see the continued demand for IMAX domestically – particularly in the Southeast region of the U.S., which continues to present expansion opportunities for the Company."
In November 2012, Carmike acquired 16 entertainment complexes from Rave Review Cinemas LLC, which included seven IMAX theatres. In August 2013, Carmike acquired three multiplexes from Cinemark USA Inc., which included an eighth IMAX theatre. Those acquisitions, along with today's agreement, bring Carmike Cinemas' total IMAX commitment to 18 theatres.
"As we continue to aggressively grow the Carmike theatre network throughout the U.S., we are proud to build on the success of our existing IMAX theatres which have further enhanced attendance at our entertainment complexes since the acquisitions," said David Passman, President and CEO, Carmike Cinemas. "By delivering audiences blockbuster content in its highly immersive format, IMAX has created a truly differentiated brand and entertainment experience that we believe will serve as a key anchor attraction in our complexes and continue to have a positive impact on our operating success."
About Carmike Cinemas (www.carmike.com)
Carmike Cinemas, Inc. is a U.S. leader in digital cinema and 3-D cinema deployments and one of the nation's largest motion picture exhibitors. As of June 30, 2013, Carmike had 245 theatres with 2,476 screens in 35 states. Carmike's digital cinema footprint reached 2,373 screens, including 232 theatres with 940 screens that are also equipped for 3-D. The circuit also includes 19 "Big D" large format digital experience auditoriums, featuring state-of-the-art equipment and luxurious seating and 7 IMAX® auditoriums. As "America's Hometown Theatre Chain," Carmike's primary focus for its locations is small to mid-sized communities.
About IMAX Corporation
IMAX, an innovator in entertainment technology, combines proprietary software, architecture and equipment to create experiences that take you beyond the edge of your seat to a world you've never imagined. Top filmmakers and studios are utilizing IMAX theatres to connect with audiences in extraordinary ways, and, as such, IMAX's network is among the most important and successful theatrical distribution platforms for major event films around the globe.
IMAX is headquartered in New York, Toronto and Los Angeles, with offices in London, Tokyo, Shanghai and Beijing. As of June 30, 2013, there were 767 IMAX theatres (634 commercial multiplexes, 19 commercial destinations and 114 institutions) in 54 countries.
IMAX®, IMAX® 3D, IMAX DMR®, Experience It In IMAX®, An IMAX 3D Experience®, The IMAX Experience® and IMAX Is Believing® are trademarks of IMAX Corporation. More information about the Company can be found at www.imax.com. You may also connect with IMAX on Facebook (www.facebook.com/imax), Twitter (www.twitter.com/imax) and YouTube (www.youtube.com/imaxmovies).
This press release contains forward looking statements that are based on IMAX management's assumptions and existing information and involve certain risks and uncertainties which could cause actual results to differ materially from future results expressed or implied by such forward looking statements. These risks and uncertainties are discussed in IMAX's most recent Annual Report on Form 10-K and most recent Quarterly Reports on Form 10-Q.
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Robert Rinderman/Jennifer Neuman
SOURCE: IMAX Corporation
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