Friday, October 29, 2010

IMAX Increases Network Growth

Canadian-based IMAX Corporation reports that 100 theatre system signings in 2010 has led to the company's increased network growth outlook.

"Today, our Company is uniquely positioned at the intersection of the entertainment industry, innovation, and the digital age, which have come together to reinvent the IMAX business in many important ways," said IMAX Chief Executive Officer Richard L. Gelfond.

"We believe the combination of continued consumer enthusiasm for the IMAX brand worldwide, increasing demand from our exhibitor partners and film commitments from studios as far out as 2013 is setting the stage for long-term growth."

During the third quarter of 2010, the Company signed contracts for 100 theatre systems, compared to 13 theatre systems in the third quarter of 2009. Through the first nine months, the Company has signed contracts for 198 theatre systems, compared to 23 theatre systems for the same period in 2009.

"This quarter not only reflected the strong demand for 'The IMAX Experience' from moviegoers, but also from exhibitors around the globe," said Gelfond. "We experienced another strong quarter of box office growth, lead by Christopher Nolan and Warner Bros. Pictures' 2D sci-fi actioner, 'Inception', which grossed over $50 million in IMAX theatres, making it our fourth highest grossing DMR title of all time. The performance of 'Inception' demonstrated how our fans seek out IMAX because it is the best way to experience a movie, whether in 2D or 3D.

"As we look ahead to the fourth quarter, we are excited about our coming line-up of titles, which includes DreamWorks Animation's 'Megamind', part one of 'Harry Potter and the Deathly Hallows' from Warner Bros. and Disney's 'TRON: Legacy'."

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