Video: CNBC talks with IMAX CEO Rich Gelfond on IMAX’s Q3 profit

CNBC chats with IMAX CEO Richard Gelfond as IMAX Corp. swings into third quarter profit:

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Mummies Blu-ray filled with ‘glorious cinematography’

Blu-ray Definition has posted their review of the Blu-ray release of Mummies: Secrets of the Pharaohs:

Mummies: Secrets of the Pharaohs is an IMAX exhibition film by director Keith Milton and writer Arabella Cecil that explores the ancient mummies of Egypt. Not only does the film tell the tale of how the first royal Egyptian mummies were discovered, but it spotlights modern-day scientists studying the ancient DNA of malaria from the mummies in the hopes of finding a cure for the disease in today’s world.

The film packs a surprising amount of detail and information into its brisk 38-minutes — more than usual for an IMAX exhibition film — and it is filled with some glorious cinematography of the Egyptian tombs and desserts. It nicely takes advantage of the large format to fill the eyes with splendid visuals variously filled with lush, verdant colors of a once fecund Nile and earthy tones of sand and the ruins of tombs that now wear the scars of history and time.

Anyone with a yearning to learn more about the history of Egypt and its pharaohs should definitely take a look at this film. It may not be laden with detail, but it is certainly worth a look.

Read the full review by following the link below:

Review >>

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Analyses on IMAX’s Q3 profit announcement

Here’s a roundup of the latest analyses on IMAX Corp.’s recent Q3 financial report which showed a profit of $1.1 million, or $0.02 per diluted share.

Benzinga.com: Roth Capital Says IMAX Should Be Bought On Weakness

Learning Markets: IMAX Corporation Beats Analyst Expectations; IMAX, BTN, CAJ

The Hollywood Reporter: Imax swings to Q3 profit

The Wall Street Journal: Imax Swings To 3Q Profit; Arranges Credit Facility

The Motley Fool: Double Feature at IMAX

Reuters: Imax reports Q3 profit, revenue up 33 pct

The New York Times: For Imax, a Wall Street Ovation

Investor’s Business Daily: 3-D Dollars Helping Imax Focus On The Big Picture

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The Scientific Center Of Kuwait Commemorates the 18th Anniversary of Extinguishing the Oil Well Fires

In commemoration of extinguishing the last of the Kuwait oil well fires18 years ago, The Scientific Center will be exclusively showing the IMAX film ‘Fires of Kuwait’ on Friday, November 6, 2009 hourly from 2:30pm-9:30pm.

Engineer Sara Akbar, the only woman to participate in the extinguishing efforts, will be present from 4pm-6pm to give a speech about her experience and to sign autographs. This anniversary coincides with the United Nations’ International Day for Preventing the Exploitation of the Environment in War and Armed Conflict.

A press release by the U.N regarding November 6 said that “on this day, we would like to renew the commitment to preventing the exploitation of the environment in times of conflict and to protecting the environment as pillar of our work for global peace and sustainable development”.

Fires of Kuwait is a film about the effects and damages to the environment caused by the oil well fires. The fires were put out in seven months, a feat that many experts believed would take three years.

To mark the occasion, each ticket will cost only KD 1.800 for either adults or children. To book tickets online go to www.tsck.org.kw or call 1 848 888 for any enquiries.

Press Release >>

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IMAX Corporation Reports Third Quarter 2009 Financial Results; Receives Commitment Letter for $75 Million Credit Facility

HIGHLIGHTS:

• Third Quarter EPS of $0.02 Per Diluted Share Includes $0.06 Charge Due Primarily to Increased Share Price
• Third Quarter Revenue Increases 33% to $43.6 Million
• Company Receives $75 Million Commitment Letter From Wachovia Capital Finance Corporation

IMAX Corporation (Nasdaq:IMAX) (TSX:IMX) today reported net income of $1.1 million, or $0.02 per diluted share for the third quarter ended September 30, 2009. The Company’s third quarter net income results included a year-over-year increase of $3.4 million, or $0.06 per diluted share, in share-based compensation expense primarily due to the Company’s increased stock price over the course of the quarter. For the third quarter of 2008, the Company reported a net loss of $2.1 million, or $0.05 per diluted share. Total revenues for the third quarter ended September 30, 2009 increased 33% to $43.6 million, compared to total revenues of $32.9 million in the same period last year. The Company generated operating income of $4.7 million during the third quarter, a 93% increase compared to operating income of $2.4 million in the year-ago period.

For the nine-months ended September 30, 2009, the Company reported net income of $1.0 million, or $0.02 per diluted share. The Company’s nine month net income results include a year-over-year increase of $6.5 million, or $0.13 per diluted share, in share-based compensation expense primarily due to the Company’s increased stock price over the course of the nine-month period. For the nine months ended September 30, 2008, the Company reported a net loss of $24.6 million, or $0.58 per share. Total revenue for the nine-month period increased 54% to $117.7 million compared to $76.4 million for the year-ago period. Operating income increased to $13.3 million for the nine months ended September 30, 2009, a $24.2 million turnaround compared to an operating loss of $10.9 million in the same period last year.

IMAX Chief Executive Officer Richard L. Gelfond stated, “We are pleased with our financial momentum, which reflects the continued positive impact that our growing theatre network and new business model are having on the Company. In addition, we are very pleased to announce that we have received a commitment letter from Wachovia with the participation of Export Development Canada, for a $75 million credit facility which, when finalized, will increase our borrowing capacity. We also announced today that we intend to redeem our remaining senior notes by year-end. We look forward to building on our year-to-date success in the fourth quarter, continue to expect full year profitability for 2009 and believe we are well-positioned to deliver increased earnings in 2010.”

IMAX systems revenue increased 130% to $20.1 million versus $8.7 million in the prior year period. The Company installed and recognized revenue on 13 theatre systems, including five digital upgrades, that qualified as either sales or sales-type leases in the third quarter of 2009, compared to three theatre systems recognized in the third quarter of 2008.

Revenue from joint revenue sharing arrangements increased 175% to $3.4 million in the third quarter of 2009 compared to $1.2 million last year. In the third quarter, the Company installed a total of six systems under joint revenue sharing arrangements, including one digital upgrade, compared to 14 such installations in the year ago period. As of September 30, 2009, a total of 96 joint revenue sharing systems were in operation, compared to 26 as of September 30, 2008. Since quarter-end the Company installed 11 more theatres under joint revenue sharing arrangements, for a total of 107 joint revenue sharing theatre systems.

For the third quarter of 2009, total film revenue was $12.5 million, compared to $13.0 million in the third quarter of 2008. Production and IMAX DMR(R) revenues decreased to $7.8 million compared to $9.2 million a year ago, reflecting the record performance of last year’s title, The Dark Knight: The IMAX Experience (Warner Bros.) which generated box office of $60.6 million in the third quarter of 2008. Revenue from the Company’s distribution segment increased 38% to $3.3 million reflecting the continued strength of the Company’s original title, Under the Sea 3D.

Mr. Gelfond continued, “Our third quarter gross box office results were the third highest we have ever achieved in a quarter. These results reflect how our expansion of the network, our ability to show more titles throughout the network, and our capability in selecting titles that are well-suited for The IMAX Experience(R) position us well over the long-term. This is further evidenced in the current quarter, with titles like Cloudy With a Chance of Meatballs, Where the Wild Things Are and Michael Jackson’s THIS IS IT combining to make our theatres more productive during a seasonally slow time of year.”

Gross box office from DMR titles was $57.6 million in the third quarter of 2009, compared to $66.7 million in the third quarter of 2008. The primary drivers of gross box office in the third quarter were Paramount Pictures’ Transformers: Revenge of the Fallen: The IMAX Experience and Warner Bros. Pictures’ Harry Potter and the Half-Blood Prince: An IMAX 3D Experience. The quarter included the last four weeks of Transformers, which generated $22.6 million in gross box office during the third quarter and $44.4 million over the course of its run, for a global per screen average of $184,000 and a domestic per screen average of $187,000. The delayed release of Harry Potter arrived in domestic IMAX(R) theatres July 29th and generated $27.0 million in worldwide box office during the third quarter, for a domestic per screen average of $87,000 and an international per screen average of $174,000. On September 18, Sony Pictures Cloudy With A Chance of Meatballs: An IMAX 3D Experience was released day-and-date to IMAX theatres and generated $5.4 million in worldwide box office through the third quarter and $10.5 million to date for a per screen average of $66,000. For the nine month period, IMAX DMR gross box increased 67% to a record $170.2 million compared to $102.2 million last year.

Selling, general and administrative expense as a percentage of revenue declined to 29.2% as compared to 32.0% in the third quarter of last year. Overall, SG&A expenses increased to $12.8 million in the third quarter compared to $10.5 million a year ago. Reflected in third quarter SG&A expense was the previously mentioned net increase in share-based compensation, which primarily reflected the Company’s increased stock price over the course of the quarter and its impact on employee stock appreciation rights, and a favorable foreign exchange translation adjustment of $1.0 million, which reflects an increase in exchange rates for foreign currency denominated receivables as well as the Company’s hedging strategies put in place at the end of last year which have resulted in lower operating and capital expenses.

As of September 30, 2009, the Company’s backlog consisted of 163 theatre systems compared to 238 theatre systems in backlog as of September 30, 2008. Included in the 2009 and 2008 system backlog totals were 61 and 132 theatres, respectively, under joint revenue sharing arrangements and 102 and 106 theatres, respectively, under sales and sales-type lease arrangements. During the quarter the Company signed contracts for 13 new systems, all of which were under sales and sales-type lease arrangements, compared to 11 system signings during last year’s third quarter, seven of which were under joint revenue sharing arrangements. At the end of the third quarter of 2009, 117 digital systems were in operation, compared to 14 as of September 30, 2008.

At this time, the Company expects to install between 28 and 32 IMAX systems in the fourth quarter (4 to 8 sales/sales type lease systems and approximately 24 systems under joint revenue sharing arrangements). Assuming all of these systems are installed, the Company would install 30 to 35 systems under sales type lease arrangements in 2009, above its most recent guidance of 25 to 30 systems, and approximately 75 systems under joint revenue sharing arrangements (including digital upgrades). The Company continues to expect ending 2009 with approximately 120 joint revenue sharing theatres in operation.

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IMAX Corporation Receives Commitment Letter From Wachovia With Participation of Export Development Canada for New $75 Million Credit Facility

New Facility Extends to October 2013 and Will Allow for Increased Borrowing Capacity

Company Intends to Redeem Remaining Senior Notes by Year-end

IMAX Corporation (Nasdaq:IMAX) (TSX:IMX) today announced that it has entered into a commitment letter with Wachovia Capital Finance Corporation pursuant to which Wachovia, with the participation of Export Development Canada, has committed to provide a four-year senior secured $75 million credit facility. Upon execution of definitive documents, the credit facility will consist of revolving loans of up to $40 million and a term loan of $35 million. Once completed, the Company intends to use the new facility to finance its future growth and working capital requirements. The proposed credit facility matures on October 31, 2013 and will replace the Company’s previous $40 million credit facility which was to mature in October of 2010.

As currently contemplated, borrowings under the credit facility will bear interest at variable rates based on LIBOR or Wachovia’s prime rate plus variable margins at the Borrower’s option, under which applicable interest rates currently range from 3.03% to 4.03% per annum.

As previously announced on October 2, 2009, the Company called $75 million of its Senior Notes for redemption on December 1, 2009. The Company intends to redeem the remaining $29.4 million of its Senior Notes by year-end.

“This proposed new facility, combined with the redemption of our remaining senior notes, are very important steps toward creating a capital structure that will enable the Company to further realize the growth potential for the IMAX brand,” said Richard L. Gelfond, Chief Executive Officer of IMAX Corporation. “We believe our progress throughout this year to strengthen our balance sheet and enhance our financial flexibility is reflective of the early success we have achieved with our new business model and our entry in the digital arena.”

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Video: New Christmas Carol featurette on the 3D experience

Yahoo! Movies has debuted a new featurette from Disney’s A Christmas Carol on the 3D experience of the film.

Director Robert Zemeckis’ retelling of the classic Dickens tale opens Friday in conventional and IMAX theaters.

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Pics from Christmas Carol London Premiere

Walt Disney Pictures has released pics from the London Premiere of Disney’s A Christmas Carol held at the Odeon Leicester Square on November 3.

The film is director Robert Zemeckis’ motion capture re-telling of the classic Charles Dickens’ tale. It opens this Friday in 3D and 2D in conventional and IMAX theaters.

Actor Jim Carrey and Jenny McCarthy arrive for the World Film Premiere of Disney’s ‘A Christmas Carol’ at the Odeon Leicester Square on November 3, 2009 in London, England. (Photo by Gareth Cattermole/Getty Images for Disney)

View the rest of the images after the jump.

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Mummies to play at Clay Center’s ElectricSky Theater

Mummies: Secrets of the Pharaohs opens Saturday at Charleston, West Virginia’s ElectricSky Theater at the Clay Center. The Charleston Gazette offers this preview:

Just as a dent is starting to form in that bucket of leftover Halloween candy you have at home, the Clay Center delivers one extra treat with its new ElectricSky attraction, “Mummies: Secrets of the Pharaohs.”

Opening Saturday, the film follows the efforts of Egyptologists Dr. Bob Brier and Dr. Zahi Hawa and DNA scientist Angelique Corthals as they look for genetic clues in the past.

As a popular subject, Egyptian mummies have been picked over for generations and slowly gone from serious academic study to movie monsters. Brendan Fraser probably built a couple of houses with the money he made fighting them on the big screen.

“Mummies: Secrets of the Pharaohs” shows there is still a lot left to learn.

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Disney’s A Christmas Carol Opens in IMAX® Theatres on November 6, 2009

Epic Fantasy From Director Robert Zemeckis and Starring Jim Carrey Comes to Life in IMAX® 3D

Film to Play in Record Number of IMAX® Theatres

IMAX Corporation (Nasdaq:IMAX) (TSX:IMX) and Walt Disney Studios Motion Pictures today announced that Disney’s A Christmas Carol, the spectacular Disney Digital 3D™ holiday release from director Robert Zemeckis and starring Jim Carrey, will open in a record 181 IMAX® theatres domestically on November 6, 2009 and 57 IMAX theatres internationally starting on November 5th, 2009. Disney’s A Christmas Carol: An IMAX 3D Experience has been digitally re-mastered into the unparalleled image and sound quality of The IMAX Experience® with proprietary IMAX DMR® (Digital Re-mastering) technology.

Commenting on the announcement, Mark Zoradi, president, Walt Disney Studios Motion Pictures Group, said, “Seeing Disney’s A Christmas Carol in IMAX® 3D is the ultimate way to experience this extraordinary motion picture from acclaimed filmmaker Robert Zemeckis. With its enormous screens, incredible sound, and crystal clear imagery, moviegoers will feel like they’re actually in the Victorian world of Scrooge and the other classic Dickens’ characters. ‘Disney’s A Christmas Carol‘ takes the Disney Digital 3D experience to a delightful new level of enjoyment, and the IMAX 3D engagements take that experience to the maximum. Audiences are going to love seeing Jim Carrey and this wonderful cast as they bring this holiday classic to life as never before.”

“Robert Zemeckis has consistently delivered brilliant content that is ideally suited to IMAX 3D and we’re certainly looking forward to this next big 3D adventure,” said IMAX CEO Richard L. Gelfond. “Our growing theatre network enables us to reach the widest audience ever for an IMAX opening, which is very encouraging given the tremendous buzz surrounding the film.”

“This film brings together the extraordinary talents of Robert Zemeckis, who is a true 3D visionary, the marketing savvy of Disney, our friend Jim Carrey and The IMAX Experience to create a major motion picture Holiday event,” added Greg Foster, Chairman and President of IMAX Filmed Entertainment. “We’re very excited to kick off the holiday season with this highly anticipated 3D movie that is sure to transport IMAX audiences right into the classic Dickens tale with a cool 2009 edge.”

Robert Zemeckis’ takes the art of performance capture to the next level with Disney’s A Christmas Carol. This multi-sensory 3D motion picture captures the fantastical essence of the classic Dickens tale in a groundbreaking motion picture event. Ebeneezer Scrooge (Jim Carrey) begins the Christmas holiday with his usual miserly contempt, barking at his faithful clerk (Gary Oldman), and his cheery nephew (Colin Firth). But when the ghosts of Christmas Past, Present, and Yet to Come (all played by Carrey) take him on an eye-opening journey revealing truths Old Scrooge is reluctant to face, he must open his heart to undo years of ill will before it’s too late.

Disney’s A Christmas Carol: An IMAX 3D Experience is scheduled to open at the following IMAX® Theatres beginning November 6th.

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Bloomberg: Cinemark Sues Imax Over Movie Theater Conversion Patents

Bloomberg reports:

Cinemark Holdings Inc., which operates movie theaters, sued Imax Corp., seeking a court declaration that it isn’t in violation of Imax patents for converting theaters to giant-screen theaters.

Cinemark said Imax, which sells projection and sound systems for giant-screen theaters, sent a letter Oct. 26 claiming it is violating two Imax patents. The suit was filed yesterday in U.S. District Court in Sherman, Texas.

The case is: Cinemark USA Inc. v. Imax Corp., No. 09-CV- 549, U.S. District Court Eastern District of Texas (Sherman).

Source >>

UPDATE: More on this lawsuit:

The Wall Street Journal: Imax Sued By Cinemark After Patent Questions

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Virginia Aquarium’s IMAX offers two Xmas films this holiday season

The Virginia Aquarium’s 3D IMAX Theater will offer two Christmas films this holiday season with Disney’s A Christmas Carol: An IMAX 3D Experience and The Light Before Christmas. Zoo and Aquarium Visitor News writes:

This holiday season the Virginia Aquarium not only has its new Restless Planet exhibit to offer guests beginning November 21, but two holiday movies and Santa visits as well.

Opening nationwide and at the Virginia Aquarium 3D IMAX® Theater this Friday, November 6, is Disney’s A Christmas Carol. Through the all-encompassing power of IMAX 3D, movie-goers will reach for the falling snowflakes, feel the rumble of the horse-drawn carriages over the cobblestone streets and soar with Scrooge high above the London night sky. With crystal clear images, laser-aligned digital sound and maximized field of view, this remake of Charles Dickens’ classic tale puts you IN the movie. Although the Aquarium closes at 5 p.m. daily, the IMAX 3D theater will offer two evening showings.

The Aquarium will also offer an alternative holiday movie for younger audiences, The Light Before Christmas. This 35-minute movie will run in the Marsh Pavilion’s Interactive Theater beginning Wednesday, November 25. The Light Before Christmas is a stunning Stop-Motion Animated film with lavish detailed sets and characters inspired by the fascinating designs of renowned artist James C. Christensen. Its musical score hearkens back to many beloved Christmas classics.

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Myrtle Beach’s IMAX 3D Theatre at Broadway at the Beach to showcase “THE POLAR EXPRESS”

Representatives from the IMAX 3D Theatre Myrtle Beach today announced that “The Polar Express” will premier at the theatre this Friday, November 6, at 5:00 p.m. Additional showings will occur daily throughout the holiday season. This inspiring adventure of a magical train heading for the North Pole is an IMAX 3D experience based on the children’s book by Chris Van Allsburg.

To celebrate the premier, on Saturday, November 7, “The Polar Express” will play every two hours from 11:00 a.m. to 9:00 p.m. Beginning Sunday, November 8, “The Polar Express” will play Sundays through Thursdays at 5:00 and 8:00 p.m. and Fridays and Saturdays at 1:00, 5:00 and 8:00 p.m. Adults visiting with children can participate in the “Bring a Kid, Be a Kid” promotion and purchase an adult ticket at the child’s price.

“What makes the film such a success is not so much the story itself but its ability to inject every frame of the film with a feeling of childlike wonder and exuberance,” said Steve Hunt, general manager for the IMAX 3D Theatre. “Through its imaginative and innovative achievements it can inspire those of all ages. We look forward to sharing this film with Myrtle Beach during the holiday season.”

“The Polar Express” tells of a boy who has reached an age when he begins to have doubts believing in Santa, until late one Christmas Eve. Tom Hanks lends his voice as the conductor of the magical train heading for the North Pole, who encourages the young boy to come for the ride. Along the adventure there are many obstacles to overcome, but in the end the boy receives an extraordinary gift only those who still believe in Santa can experience.

For more information on “The Polar Express”, contact the IMAX 3D Theatre in Myrtle Beach at (843)448-IMAX (4629) or visit IMAX3DMyrtleBeach.com.

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IMAX stock looking bullish

IMAX options rose 5 percent yesterday, adding 50 cents to $10.77. Here are several articles covering the jump:

The Options Insider: Unusual Options Activity Review – IMAX, MCK, AMAT, JDSU, PENN, FOE, MU, VCLK, VIX, GLD

OptionsMonster: Bulls see bright picture for IMAX

The Wall Street Journal: Canada Hot Stocks: Magna, OPTI, HudBay, Aecon

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Video: ComingSoon.net posts exclusive Christmas Carol cast and crew interviews

ComingSoon.net talks with director Robert Zemeckis and stars Jim Carrey, Colin Firth and Bob Hoskins on their new 3D film, Disney’s A Christmas Carol.

The film opens this Friday in conventional and IMAX theaters.

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