IMAX DMR(R) Releases Gross $145 Million, Up 56% Over Previous Year
LOS ANGELES, Jan. 16 /CNW/ - IMAX Corporation continued its impressive
box office winning streak during 2007 by generating $145 million for Hollywood
releases, which is 56% higher than the $93 million that the IMAX (R) theatre
network grossed during 2006. Hollywood films that played in IMAX theatres in
2007 included eight titles from 4 different studios, all of which were
converted into The IMAX Experience(R) using the company's proprietary DMR
technology in both 2D and IMAX(R) 3D.
The titles in IMAX's 2007 film slate that contributed to this
record-setting box office performance included 300 (Warner Bros. Pictures),
Spider-Man 3 (Sony), Harry Potter and the Order of the Phoenix (Warner Bros.
Pictures), Transformers (Paramount Pictures), Beowulf (Paramount Pictures) and
I Am Legend (Warner Bros. Pictures) as well as the early 2007 playoffs of
Night at the Museum (Twentieth Century Fox) and the Polar Express re-issue
(Warner Bros. Pictures).
"This milestone is another testament to strong relationships IMAX has
formed with the Hollywood studios, the filmmaking community and our exhibitor
partners," said IMAX Co-Chairmen and Co-CEOs Richard L. Gelfond and Bradley J.
Wechsler. "Last year's box office performance and the strong IMAX brand makes
the timing ideal for the rollout of our new digital projection system in
mid-2008. We look forward to delivering even more terrific Hollywood content
from our studio partners as the IMAX theatre network continues to grow -
making The IMAX Experience accessible to consumers in nearly every major
market in the United States and in new IMAX locations worldwide."
"Our winning streak is particularly gratifying when you consider that
since September 2006, we've released eight "day and date" theatrical titles
from four different studios and each has opened in the number one spot the
weekend they launched, with IMAX contributing as much as 13%," added Greg
Foster, Chairman and President of IMAX Filmed Entertainment. "Further, five of
the Hollywood titles released in IMAX finished in the top ten grossing films
of 2007, which indicates that IMAX really has become part of the distribution
mind set for tent pole pictures and part of the movie-going habits of
audiences throughout the world. Our incredible studio partners continue to
deliver amazing content, and we're so pleased that they recognize the value in
making IMAX an important part of their release strategy."
Looking forward, IMAX has already secured significant titles for its film
slate for 2008, 2009 and 2010 through agreements with major Hollywood studios
including: The Spiderwick Chronicles (February 2008), Shine A Light (April
2008), Kung Fu Panda (June 2008), The Dark Knight (July 2008), Under the Sea
3D (February 2009), Monsters vs. Aliens 3D (March 2009), How to Train Your
Dragon 3D (November 2009), Hubble 3D (working title, February 2010) and Shrek
Goes Forth 3D (May 2010).
About IMAX Corporation
IMAX Corporation is one of the world's leading digital entertainment and
technology companies. The worldwide IMAX network is among the most important
and successful theatrical distribution platforms for major event Hollywood
films around the globe, with IMAX theatres delivering the world's best
cinematic presentations using proprietary IMAX, IMAX(R) 3D, and IMAX DMR(R)
technology. IMAX DMR is the Company's groundbreaking digital remastering
technology that allows it to digitally transform virtually any conventional
motion picture into the unparalleled image and sound quality of The IMAX
Experience(R). IMAX's renowned projectors and new digital systems display
crystal-clear images on the world's biggest screens. The digital system being
developed by IMAX is configured for an IMAX MPX-style auditorium, which is
designed specifically to enable multiplex operators to more cost effectively
enter into the IMAX theatre business. The IMAX brand is recognized throughout
the world for extraordinary and immersive entertainment experiences for
consumers. As of September 30, 2007, there were 296 IMAX theatres operating in
IMAX(R), IMAX(R) 3D, IMAX DMR(R), IMAX MPX(R), and The IMAX Experience(R)
are trademarks of IMAX Corporation. More information on the Company can be
found at www.imax.com.
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.
Important factors that could affect these statements include ongoing
discussions with the SEC and OSC relating to their ongoing inquiries and the
Company's financial reporting and accounting, the timing of theatre system
deliveries, the mix of theatre systems shipped, the timing of the recognition
of revenues and expenses on film production and distribution agreements, the
performance of films, the viability of new businesses and products, risks
arising from potential material weaknesses in internal control over financial
reporting and fluctuations in foreign currency and in the large format and
general commercial exhibition market. These factors and other risks and
uncertainties are discussed in IMAX's Annual Report on Form 10-K/A for the
year ended December 31, 2006, as well as IMAX's Quarterly Reports on Form
10-Q/A and Form 10-Q.
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