IMAX's decision to move from film to digital projection systems in its giant-screen
theaters is hitting its bottom line hard. In its SEC filing on Monday, the Canadian-based
company reported a net loss of $10.3 million during its first quarter, versus a l
oss of $4.7 million during the same period a year earlier. Nevertheless, co-CEO Richard
Gelfond said that the company is on track to open 20 new digital theaters in the
third quarter and another 30 by the end of the year. He also indicated that the compan
y has a strong slate of movies that have been converted to the IMAX format and are
set to debut this year, including Madagascar: Escape 2 Africa, Kung Fu Panda,
The Dark Night, and the latest Harry Potter sequel.
13/05/2008
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