Tuesday, March 31, 2009

Cover your eyes! 3D is exploding

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It's stupendous! It's electrifying! It's amazing! It's a 3D movie (and magazine and TV) epidemic! Yes, the weirdly geeky movie gimmick from the '50s is enjoying a renaissance moment in the 21st century with its new incarnation, Digital 3D! We take a look at the past, present and future for the phenomenon.

Way back when: The jungle movie Bwana Devil (1952) enjoys the distinction of being the first full-length movie filmed in 3D, and it set up a cascade of other films using the technique, including Alfred Hitchcock's Dial M for Murder and Hondo, starring John Wayne. In a nutshell, it allowed moviemakers to take flat two-dimensional scenes and create the illusion of depth. Often, though, the 3D was more for marketing than for moviemaking. Still, it worked to great effect for Creature from the Black Lagoon, which was filmed in Wakulla Springs. The movie was considered by many to be the most memorable 3D movie from this so-called golden era of 3D. The whole craze faded out in the '60s because of the viewing complexity: awkward paper glasses (subject of a memorable Life magazine photo), double synchronized film projectors and silver screens. It just made your head hurt to view a movie that way.

Just when you thought it was safe: 3D reared its double-edged projection again in the early '70s and into the '80s with cheesetastic classics such as Jaws 3D and Friday the 13th Part 3. Again, the clunky viewing experience proved its demise and it disappeared again.

A dreamer steps in: Jeffrey Katzenberg, chief executive of Dreamworks, began a big hard pitch to theater and movie industry heavyweights in the past few years to move them toward digitizing more screens because he intended to shoot all of his company's animated features in 3D beginning in 2009. His spiel: 3D can increase the industry's box office take, because theaters could charge as much as $5 more per ticket for 3D films; the technology keeps viewers away from DVDs (3D films can't be seen on disc, yet); and it discourages piracy because 3D movies are harder to record. He had reason to celebrate in early October last year, when five film studios agreed to help cover costs (up to $75,000 per screen) for converting roughly 14,000 screens to digital projection in the next three years.

3D to the max: Now that the technology for showing 3D has caught up with the technology for shooting the entire movie that way, expect an explosion of 3D events headed your way that tout the effect. Among them:

• Jonas Brothers: The 3D Concert Experience opened over the first weekend of March at No. 2 with $12.7 million in box office. (But it couldn't match the Hannah Montana 3D concert movie of last year, which had an opening of $31.1 million.)

• Tiger Beat, the iconic teen idol magazine, produced its first 3D issue that hit newsstands this week to celebrate the bros' new movie. Other teen superstars who participated in the 3D photo sessions include singer/actress Demi Lovato, iCarly stars Jennette McCurdy and Nathan Kress, Wizards of Waverly Place star Jake T. Austin and Nickelodeon's musical movie Spectacular! stars Nolan Gerard Funk and Victoria Justice. The issue includes free 3D glasses, and the mag's Web site promises bonus 3D photos online.

• The movie Monsters Vs. Aliens is headed our way March 27, just one of several Digital 3D movies released this year. Also scheduled are James Cameron's Avatar (May 22) Pixar's Up (May 29) and Robert Zemeckis' Christmas Carol (Nov. 6).

Home 3D home: While today's 3D is confined to the movies and to a few special TV episodes (NBC's Chuck last month), technology is gearing up to respond to demand for it for home entertainment. In fact, a study by the Consumer Electronics Association found that 16 percent of consumers are interested in watching 3D movies or TV shows in their home, and 14 percent are interested in playing 3D video games. And those geeky glasses that come with the experience? More than half of U.S. adults said having to wear special glasses or hold their heads still while watching a 3D TV would have no impact on them purchasing a 3D set for their home.

Information from BusinessWeek, the Los Angeles Times, Sensio.com and the Miami Herald was used in this report.

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Monday, March 30, 2009

The Morning Take: Tues., March 10

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Ever wonder what it was like at the meeting when a classic film was being born? If so, check out the Mystery Man on Film blog, which has posted what is says it a link to the 125-page transcript of the story conference for “Raiders of the Los Ark” that included producer George Lucas, director Steven Spielberg and screenwriter Lawrence Kasdan.

Our sister blog, ArtsBeat, has a report about a Los Angeles Superior Court judge who has ruled that author Clive Cussler must pay $13.9 million in legal fees to Crusader Entertainment, which made his “Sahara” into a box-office disaster starring Matthew McConaughey. Mr. Cussler had sued the company, Crusader Entertainment, in 2004, saying it had reneged on a deal to give him script approval, but a jury ruled against the author in 2007, the Associated Press reports.

The Hollywood Reporter has a story asking whether the $55.7 million opening weekend for “Watchmen” should be considered a success or a failure, considering the high expectations for the film. Reuters takes the position that it was a disappointment.

Cinematical.com wonders about the famous names who were not present at the recent Academy Awards - including Jack Nicholson and Javier Bardem - and tells why.

Drew Barrymore confirms that she’s being considered to direct “Eclipse,” the third installment in the “Twilight” series about teenaged vampires. The second installment, “The Twilight Saga: New Moon,” is due in November, directed by CHris Weitz.

And the usual casting and acquisitions news…

Variety says documentarian Asger Leth is to make his feature-film directing debut with “Cartel,” a thriller about a man trying to protect his son from Mexican drug cartels, with Sean Penn up for the lead role… DreamWorks Animation has signed a deal to make a computer-animated film out of an upcoming children’s book called “Dinotrux,” about a prehistoric world ruled by creatures that are half truck, half dinosaur… David Ayers, who wrote the film “Training Day,” will write and direct “Last Man,” about soldiers fighting aliens on a distant planet… Columbia has purchased the film rights to the upcoming Robert Goolrick novel, “The Reliable Wife,” about a Wisconsin farmer in 1908 who places a newspaper ad for a mate.

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Sunday, March 29, 2009

Yogurtistan Brings Easy 3D And Stock Options To The Browser

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102586393_200x150 At the Engage! Expo, Yogurt is showing off the engine for its upcoming virtual world, Yogurtistan, with three interesting hooks that may help to set it apart in the increasingly crowded market: Yogurtistan runs in Flash 10 with no other plugins required, but in full 3D with good looking cartoonish characters and customization options; it is partnering with real-world vendors to allow users to spend their virtual currency on physical products; and every time a user spends a virtual Kayme, they gain stock in the company.

"We essentially do the IPO on the first day and sell our company on day one," explained CEO Cemil Türün. "The way to sell our company is to let people buy and spend our currency. If you just keep it, you don’t get anything, so there’s an incentive to spend. That’s a difference from the current economy where there’s an incentive to put it in the bank."

Türün put Yogurtistan's approach in contrast to social services like Twitter or Facebook, where heavy users add value to the service, but, as has been much bemoaned, don't necessarily receive any extra reward.

"It's very Internet," Türün said of the company's plans.

Yogurt is currently working with the SEC of Turkey, where it plans to launch a private beta in early April, but Türün is confident that the ability will come through. The company is aiming for a full launch in December, around the same time as James Cameron's "Avatar," and to take Yogurtistan international once its concept and technology are proven at home.

Alongside the stock options, users may be persuaded to spend their Kaymes simply because of the options available. Yogurtistan is also negotiating deals with banks to let users deposit their money and cash out more easily, something Türün says will come when the world gains traction, but at first it's simply partnering with vendors to accept virtual payments for at least certain items.

So far "10 key vendors" have signed on for Turkey, including its top bank, Gap of Turkey, Diesel of Turkey, and AMC of Turkey.

"If you go and earn free popcorn in the virtual world, you can go to the movie theatre and claim it. You can actually eat your virtual popcorn. And if you watch the movie you’re supposed to, you get 2 tickets for 1," explained Türün.

The company is also negotiating with other partners, like clubs, to offer special access or discounts to Kayme users or Yogurtistan members. For smaller vendors than Gap, the platform includes an API for adding a shop to Yogurtistan or adding its trading system. One perk, says Türün, is that you don't have to walk to every shop across one large virtual world, but each will be included in an easily searchable directory.

For now, though, Yogurt is most excited about its engine. The company has been working on 3D in the browser for some time. It previously was using Flash 9 in combination with Papervision, but wasn't satisified with the results.

Now it runs on Flash 10 and is compatible with OpenGL, which Türün says means it could also eventual work with the iPhone via OpenGL ES. Until then, it also maes it easier for developers to translate their OpenGL games via Yogurt's engine to Flash and for the company to include services like P2P voice and media in its world.

For a browser-based world, it looks like Yogurtistan will also offer a fair amount of customization options. Users will be able to purchase virtual currency, but also earn it by trading or selling with other users. The platform could support anything from a tip jar for VirtualWorldsNews.com, said Türün, to importing animations and virtual good designs from traditional development tools and selling them in-world.

Yogurt is targeting a slightly older demographic than has really been pulled into most worlds (15 or 16 and up), but the lack of a download, appeal of real-world purchases, and custom development options may bring them in. Also, as Türün points out, launching in Turkey may be especially helpful.

"Social spaces are very popular in Turkey. They’re very high in usage, but we don’t have our local examples like this," he said. "I expect to have a lot of use in Turkey first, and once we’re done with the proof of concept and technology, we’ll come to Russia, the U.S., and so on."

Yogurt previously worked as an agency for clients like Coca Cola, but took "more than a million" in funding in 2007 to develop its world. Türün says the company will likely look for more before it finishes development, but that it's on the right track with the original concept still well in place.

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Saturday, March 28, 2009

Jim Cameron's 'Avatar': Still no trailer?

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JamescameronAccording to a post from the AceShowbiz blog, James Cameron -- whose face surely appears in the dictionary, right next to the definition of "prickly perfectionist" -- has now refused to approve eight different trailers for "Avatar," his much-anticipated sci-fi epic that's due out this December from 20th Century Fox. The post says Cameron is now at work on his own trailer, and the tireless wonderers, who run the online rumor mills, are wondering about it surfacing in some form at ShoWest later this month.

My sources at Fox aren't so hot right now. And marketing chief Tony Sella never returns any of my calls. But it would hardly be a shock if Cameron is being especially prickly about how to best present the images from "Avatar." If the response to "Watchmen" over the past year is any indicator, the blogosphere tends to wildly overreact to every action -- or perceived action -- involving any hotly anticipated fanboy film.

As it turns out, the original post about Cameron's trailer displeasure, which came from the 3D blog MarketSaw, isn't exactly the kind of story you'd take to the bank. It's essentially a rumor-mill item, concluding with the disclaimer: "Strength of rumor: 8 out of 10 (trusted source)." (A disclaimer other bloggers somehow forget to pass along.) Rival studio marketers say its a little early to be worried about a trailer delay, since Cameron could easily wait until a big early-summer film, like Fox's own "X-Men Origins: Wolverine," to premiere the "Avatar" trailer.

Anyway, is rejecting eight different trailers really such a big deal? I doubt that the studios keep statistics on this sort of thing, but I'm guessing that if there's a record for most rejected trailers, David Fincher still has Cameron beat by a mile.

Photo of James Cameron by Kevork Djansezian / Associated Press

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Friday, March 27, 2009

IMAX Corporation reports fourth quarter 2008 financial results

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    HIGHLIGHTS
----------
- Company reports fourth quarter 2008 net loss per share of $0.21, or
loss per share of $0.11 excluding charges related to the Company's
introduction of digital and launch of its joint revenue sharing
initiative

- Company installed a total of 60 systems in 2008, including 46
digital; 64 digital systems currently in operation

- IMAX total network grows by 17% in 2008 to 351 theatres; commercial
network increases 29% to 231 theatres

- Watchmen: The IMAX Experience officially kicks off highly anticipated
2009 movie slate, delivering approximately $8.0 million in gross box
office through first six days

TORONTO, March 12 /PRNewswire-FirstCall/ - IMAX Corporation (NASDAQ: IMAX; TSX: IMX) today reported a net loss per share of $0.21 for the quarter ended December 31, 2008, compared to a net loss per share of $0.25 for the fourth quarter of fiscal 2007. During the fourth quarter of 2008, the Company incurred certain charges related to the introduction of its digital projection system and the launch of new joint revenue sharing arrangement theatres. Excluding these items from the fourth quarters of 2008 and 2007, the Company's loss per share was $0.11 and a loss per share of $0.21, respectively. The charges in the fourth quarter of 2008 include: a $1.6 million asset impairment charge reflecting the write down of film-based projector inventories; $1.5 million in launch costs reflecting the opening of new joint revenue sharing arrangement theatres; and $1.3 million in accelerated depreciation on existing film-based joint revenue sharing arrangement theatres due to the earlier than anticipated digital upgrade of those theatres. Included in the fourth quarter of 2007 was a $4.0 million asset impairment charge reflecting the write-down of film-based projector inventories, partially offset by a one-time benefit from discontinued operations of $2.4 million.

IMAX Co-Chairmen and Co-CEOs Richard L. Gelfond and Bradley J. Wechsler commented, "As we have said previously, in 2008 we laid the groundwork that is significantly transforming the Company from one that was entirely film-based to one that is increasingly digital, and our business model from one of one- time sales to one of more significant recurring revenues. While our financial results reflect the costs associated with this transformation, our revenue did not yet reflect the benefits, as many customers elected to wait for our digital product. With the introduction of IMAX's digital technology now well underway, we continue to believe that the key drivers of our business - our digital technology, our growing base of joint revenue sharing theatres and our robust movie slate - should deliver strong revenue growth and return us to profitability in 2009."

The Company achieved several important strategic milestones in fiscal 2008 that it believes positions it for significant growth in 2009 and beyond:

    -   Successfully launched its IMAX digital product, with 46 digital
systems deployed in the second half of 2008.
- Installed a total of 60 IMAX projection systems (including two
digital upgrades), the most installations in any given year in the
history of the Company. Eighteen were under sales/sales type lease
agreements (15 of which were recognized as revenue), 41 were under
joint revenue sharing arrangements, and one was an operating lease.
The Company ended 2008 with a total of 351 IMAX systems in operation,
a 17% increase over 2007, and its commercial network grew to 231
theatres, up 29% over last year.
- Secured $18.0 million in funding in May 2008 through a private
placement of common stock to its largest shareholder at market prices
of $6.60 per share and re-negotiated its $30.0 million credit
facility such that it is no longer subject to any EBITDA maintenance
covenants provided the Company is in compliance with certain minimum
liquidity requirements.
- Broadened its studio relationships, including signing a multi-picture
deal with Walt Disney Pictures.
- Signed deals for 90 new systems: 42 under joint revenue sharing
arrangements and 48 under sales/sales type lease/operating lease
arrangements.

Messrs. Gelfond and Wechsler continued, "We believe that the combination of these very significant initiatives creates a more compelling business proposition for ourselves and for our constituencies. Given the rate at which we are capable of installing new systems, the proven reliability of the systems to date, the positive feedback we are getting from our studio and exhibitor partners, and, perhaps most importantly, the response from the consumer, we feel very pleased and confident about our digital roll-out thus far."

For the three months ended December 31, 2008, total revenues were $28.1 million, as compared to $32.3 million reported for the prior year period. In September, the Company released DreamWorks Pictures/Paramount's Eagle Eye: The IMAX Experience, which grossed a total of $7.0 million in IMAX(R) theatres worldwide, the vast majority of which was captured during the fourth quarter. In November, the Company released DreamWorks Animation's Madagascar: Escape 2 Africa: The IMAX Experience, which grossed $11.7 million in IMAX theatres worldwide as of quarter end and $12.2 million over the course of its run. On December 12th, the Company released Twentieth Century Fox's The Day the Earth Stood Still: The IMAX Experience, which grossed $10.3 million worldwide in IMAX theatres in the fourth quarter and $13.8 million over the course of its run.

"Our fourth quarter revenue results primarily reflect the near-term impact of Harry Potter and the Half-Blood Prince moving out of the fourth quarter of 2008 and into the third quarter of 2009, coupled with difficult year-over-year film revenue comparisons to last year's Beowulf: An IMAX Experience and I am Legend: The IMAX Experience. That said, we are very encouraged that in these challenging economic times, consumers are continuing to embrace The IMAX Experience(R). Our percentage of gross box office continues to outpace our percentage of screens, demonstrating consumers' enthusiasm for our brand."

The Company installed and recognized revenue on six theatre systems that qualified as either sales or sales-type leases in the fourth quarter of 2008, compared to five in 2007, and installed 26 new systems under joint revenue sharing arrangements in the fourth quarter, compared to two in the year ago period.

Fourth quarter gross margin of $6.4 million includes the previously mentioned transitional charges incurred in the period. Excluding those items, gross margin in the fourth quarter of 2008 was $10.8 million. A description of how these items impacted gross margin on a segment basis is included with the segment table at the end of this press release.

Selling, general and administrative expenses decreased to $9.5 million in the fourth quarter of 2008 compared to $13.0 million in the same period a year ago, including a decrease in legal and professional fees of $1.9 million. Research and development costs decreased to $1.3 million in the fourth quarter of 2008, compared to $1.6 million in the fourth quarter of 2007.

At the end of 2008, the Company's backlog consisted of 213 theatre systems compared to 186 theatre systems in backlog at the end of 2007. Included in the 2008 and 2007 system backlog totals were 106 and 104 theatres under joint revenue sharing arrangements, respectively.

As of December 31, 2008, the Company's cash position was $27.0 million, compared to cash of $37.7 million at the end of the third quarter and $16.9 million as of December 31, 2007. The Company's cash position reflects investments related to its joint revenue sharing digital projection systems, which amounted to approximately $8.9 million in the fourth quarter and $18.5 million for the year. The Company commented that its costs per system remain on plan and reiterated that it remains confident that the combination of its cash position, available credit of $10.5 million under its credit facility, and operating cash flows will provide the necessary funding for its continued roll-out of joint revenue sharing digital projection systems.

The Company believes that its joint revenue sharing business model makes it significantly more affordable and less capital intensive for exhibitors to be in the IMAX business while at the same time driving greater recurring revenue for the Company. Following its 100-theater deal with AMC signed in December 2007, the Company signed strategic joint revenue sharing arrangements in 2008 with top exhibitors such as Regal Cinemas in the U.S., Hoyts Cinemas in Australia, Tokyu Cinemas in Japan, and Cineplexx in Austria (fourth quarter). The Company also signed a two-theatre systems sales deal with Odeon in the UK in the fourth quarter, as the Company works to increase its penetration in Europe.

During the fourth quarter, the Company continued its roll out of IMAX digital projection systems with the successful delivery and installation of 32 digital projection systems (including two digital upgrades), and ended 2008 with 46 digital systems in operation. To date, 64 IMAX digital systems are in operation.

Messrs. Gelfond and Wechsler continued, "Our joint revenue sharing model, coupled with our digital technology, are the catalysts behind our record network growth, record year-end systems backlog and record number of Hollywood titles for 2009, all of which should drive revenue and earnings growth as well as significant cash flows beginning this year. At the end of the fourth quarter, 52 IMAX theatres were operating under our joint revenue sharing model, up from 11 last year and double the 26 we had in operation at the end of the third quarter. Importantly, joint revenue sharing systems that have been open for over a year are averaging initial rates of return of approximately 40% before taking film revenue into consideration, which is in line with our expectations."

The Company's 2009 movie slate currently includes 11 titles (one IMAX original production and 10 DMR titles), compared to eight movies (all DMR titles) in 2008. The Company believe these titles include some of the most highly anticipated films of the year, such as Watchmen: The IMAX Experience (WB, March 6, 2009); Monsters vs. Aliens: An IMAX 3D Experience (DreamWorks Animation SKG, March 27, 2009); Star Trek: The IMAX Experience (Paramount Pictures, May 2009); Night at the Museum: Battle of the Smithsonian: The IMAX Experience (Twentieth Century Fox, May 2009); Transformers: Revenge of the Fallen: The IMAX Experience (Paramount Pictures, June 2009); Harry Potter and the Half- Blood Prince: An IMAX 3D Experience (WB, July 2009); Disney's A Christmas Carol: An IMAX 3D Experience (Walt Disney Pictures and ImageMovers Digital, November 2009); and James Cameron's Avatar: An IMAX 3D Experience (Twentieth Century Fox, December 2009).

The year officially kicked into gear last weekend with WB's Watchmen: The IMAX Experience. The IMAX release contributed $5.4 million, or approximately 10%, of the $55.0 million that the film grossed at the domestic box office, on a total of 124 North American IMAX screens, for a domestic IMAX per screen average of $43,863. Internationally, the picture generated an estimated $727,000 from 29 IMAX screens. The film's worldwide IMAX opening total was $6.2 million and the film has generated a total of approximately $8.0 million in IMAX worldwide through yesterday.

Messrs. Gelfond and Wechsler commented, "Our film slate is the fuel that drives our go-forward business model, and we are very pleased with how the slate for 2009 has come together. We are on track to show a record 11 titles in the IMAX network this year, which is only possible because of our introduction of digital, and we likely have room for one more title in the fall. Our ability to show 10 to 12 titles a year, versus the six to seven we have been able to show historically, gives us greater ability to capture more box office revenue, especially in our joint revenue sharing theatres. Our 2009 slate also includes some of the most highly anticipated 3D titles of the year, starting with DreamWorks Animation's Monsters vs. Aliens on March 27th, which we anticipate will show on close to 200 IMAX screens worldwide, our biggest IMAX release ever."

Messrs. Gelfond and Wechsler concluded, "Given our film slate, anticipated network growth and the strength we are seeing in the movie industry overall, we believe there is good reason to be optimistic about our business performance in 2009. Our number of contracted theatre systems planned for 2009 coupled with the quality of our movie slate is providing increased visibility into our business. Similar to 2008, our goal for 2009 is to have the bulk of our 2010 movie slate finalized this year. To that end, we are speaking to every major Hollywood studio about multiple titles for 12 different slots next year, and we look forward to announcing those titles as the year unfolds."

Conference Call Information

The Company will host a conference call this morning at 8:30 AM ET to discuss its fourth quarter financial results and outlook for 2009. To access the call via phone, interested parties should dial (866) 322-8032 approximately 10 minutes before it begins. International callers should dial (416) 640-3406. A recording of the call will be available by dialing (888) 203- 1112 or (647) 436-0148. The code for both the live call and the replay is 7756431. The Company will also host a webcast of the conference call, which can be accessed on www.imax.com by clicking on 'Investor Relations.'

About IMAX Corporation

IMAX Corporation is one of the world's leading entertainment technology companies, specializing in immersive motion picture technologies. 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 re-mastering 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 display crystal-clear images on the world's biggest screens, and the IMAX brand is recognized throughout the world for extraordinary and immersive entertainment experiences for consumers. As of December 31, 2008, there were 351 IMAX theatres (231 commercial, 120 institutional) operating in 42 countries.

IMAX(R), IMAX(R) Dome, IMAX(R) 3D, IMAX(R) 3D Dome, Experience It In IMAX(R), The IMAX Experience(R), An IMAX Experience(R), IMAX DMR(R), DMR(R), IMAX MPX(R), IMAX think big(R) and think big(R) are trademarks and trade names of the Company. More information about the Company can be found at www.imax.com.

This press release contains forward looking statements that are based on 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 accounting, the performance of films, the signing of theatre system agreements, the viability of new technologies, businesses and products, 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, risks arising from potential material weaknesses in internal control over financial reporting and fluctuations in foreign currency and in the large format, general commercial exhibition and out-of-home entertainment markets. These factors and other risks and uncertainties are discussed in the Company's most recent Annual Report on Form 10-K and most recent Quarterly Reports on Form 10-Q.

                              IMAX CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
In accordance with United States Generally Accepted Accounting
Principles
(In thousands of U.S. dollars, except per share amounts)


Three Months Year Ended
Ended December 31, December 31,
------------------------ -----------------------
2008 2007 2008 2007
------------ ----------- ----------- -----------
Revenues
Equipment and product
sales................... $ 9,764 $ 10,773 $ 27,853 $ 32,500
Services................. 14,470 18,171 64,985 69,149
Rentals.................. 2,495 2,147 8,207 7,107
Finance income........... 1,065 1,074 4,300 4,649
Other.................... 270 138 881 2,427
------------ ----------- ----------- -----------
28,064 32,303 106,226 115,832
------------ ----------- ----------- -----------

Costs and expenses
applicable to revenues
Equipment and product
sales................... 7,154 8,433 17,182 21,546
Services................. 10,753 15,331 44,372 50,090
Rentals.................. 3,654 1,083 7,043 2,987
Other.................... 71 - 169 50
------------ ----------- ----------- -----------
21,632 24,847 68,766 74,673
------------ ----------- ----------- -----------
Gross margin............. 6,432 7,456 37,460 41,159
Selling, general and
administrative expenses 9,503 12,982 43,652 44,705
Research and development 1,306 1,609 7,461 5,789
Amortization of
intangibles............. 137 141 526 547
Receivable provisions net
of recoveries........... 863 1,102 1,977 1,795
Asset impairments........ 28 562 28 562
------------ ----------- ----------- -----------
Loss from operations..... (5,405) (8,940) (16,184) (12,239)
Interest income.......... 99 215 381 862
Interest expense......... (4,400) (4,128) (17,707) (17,093)
------------ ----------- ----------- -----------
Loss from continuing
operations before
income taxes............ (9,706) (12,853) (33,510) (28,470)
Recovery of (provision
for) income taxes....... 663 338 (92) (472)
Loss from continuing
operations.............. (9,043) (12,515) (33,602) (28,942)
Earnings from
discontinued operations - 2,370 - 2,002
------------ ----------- ----------- -----------
Net loss................. $ (9,043) $ (10,145) $ (33,602) $ (26,940)
------------ ----------- ----------- -----------
------------ ----------- ----------- -----------

Loss per share
Loss per share -
basic & diluted:
Net loss from
continuing operations $ (0.21) $ (0.31) $ (0.79) $ (0.72)
Net loss from
discontinued
operations............ - 0.06 - 0.05
------------ ----------- ----------- -----------
Net loss............... $ (0.21) $ (0.25) $ (0.79) $ (0.67)
------------ ----------- ----------- -----------
------------ ----------- ----------- -----------

Weighted average number
of shares outstanding
(000's):
Weighted average number
of shares used in
computing basic loss
per share............. 43,421 40,444 42,393 40,309
------------ ----------- ----------- -----------
Weighted average number
of shares used in
computing diluted loss
per share............. 43,421 40,444 42,393 40,309
------------ ----------- ----------- -----------
------------ ----------- ----------- -----------

Additional disclosure:

Depreciation and
amortization (1) $ 5,272 $ 4,944 $ 18,071 $ 17,738

(1) Includes $0.3 million and $1.4 million of amortization of deferred
financing costs charged to interest expense for the three months and
year ended December 31, 2008, respectively (December 31, 2007 - $0.3
million and $1.3 million, respectively)



IMAX CORPORATION
CONSOLIDATED BALANCE SHEETS
In accordance with United States Generally Accepted Accounting
Principles
(In thousands of U.S. dollars)

December 31, December 31,
2008 2007
------------ ------------
Assets
Cash and cash equivalents...................... $ 27,017 $ 16,901
Accounts receivable, net of allowance for
doubtful accounts of $2,901 (2007 - $3,045)... 22,982 25,505
Financing receivables.......................... 56,138 59,092
Inventories.................................... 19,822 22,050
Prepaid expenses............................... 1,998 2,187
Film assets.................................... 3,923 2,042
Property, plant and equipment.................. 39,405 23,708
Other assets................................... 16,074 15,093
Goodwill....................................... 39,027 39,027
Other intangible assets........................ 2,281 2,377
------------ ------------
Total assets................................. $ 228,667 $ 207,982
------------ ------------
------------ ------------

Liabilities
Bank indebtedness.............................. $ 20,000 $ -
Accounts payable............................... 15,790 12,300
Accrued liabilities............................ 58,199 61,967
Deferred revenue............................... 71,452 59,085
Senior Notes due 2010.......................... 160,000 160,000
------------ ------------
Total liabilities............................ 325,441 293,352
------------ ------------

Commitments and contingencies

Shareholders' deficiency
Capital stock common shares - no par value.
Authorized - unlimited number.
Issued and outstanding - 43,490,631 (2007
- 40,423,074)............................... 141,584 122,455
Other equity................................... 5,183 4,088
Deficit........................................ (247,009) (213,407)
Accumulated other comprehensive income......... 3,468 1,494
------------ ------------
Total shareholders' deficiency............... (96,774) (85,370)
------------ ------------
Total liabilities and shareholders'
deficiency.................................. $ 228,667 $ 207,982
------------ ------------
------------ ------------



IMAX CORPORATION
SELECTED FINANCIAL DATA
In accordance with United States Generally Accepted Accounting
Principles
(in thousands of U.S. dollars)

The Company has eight reportable segments identified by category of
product sold or service provided: IMAX systems; theater system maintenance;
joint revenue sharing arrangements; film production and IMAX DMR; film
distribution; film post-production; theater operations; and other. The IMAX
systems segment designs, manufactures, sells or leases IMAX theater projection
system equipment. The theater system maintenance maintains IMAX theater
projection system equipment in the IMAX theater network. The joint revenue
sharing arrangements segment provides IMAX theater projection system equipment
to an exhibitor in exchange for a share of the profits. The film production
and IMAX DMR segment produces films and performs film re-mastering services.
The film distribution segment distributes films for which the Company has
distribution rights. The film post-production segment provides film post-
production and film print services. The theater operations segment owns and
operates certain IMAX theaters. The other segment includes camera rentals and
other miscellaneous items.

Three Months Year Ended
Ended December 31, December 31,
------------------------ -----------------------
2008 2007 2008 2007
------------ ----------- ----------- -----------
Revenue
IMAX systems............. $ 11,611 $ 12,314 $ 34,783 $ 40,782
Theater system
maintenance............. 4,342 4,035 16,331 15,991
Joint revenue sharing
arrangements............ 1,408 726 3,435 2,343
Films
Production and IMAX
DMR................... 3,364 5,224 17,944 19,863
Distribution........... 2,087 2,369 9,559 11,018
Post-production........ 1,974 2,402 6,929 5,693
Theater operations....... 2,520 4,141 14,040 16,584
Other.................... 758 1,092 3,205 3,558
------------ ----------- ----------- -----------
Total.................... $ 28,064 $ 32,303 $ 106,226 $ 115,832
------------ ----------- ----------- -----------
------------ ----------- ----------- -----------

Gross margins
IMAX systems(1).......... $ 4,512 $ 4,074 $ 18,374 $ 20,239
Theater system
maintenance(2).......... 1,938 1,303 7,117 6,970
Joint revenue sharing
arrangements(3)......... (1,872) 287 (1,865) 1,362
Films
Production and IMAX
DMR................... 980 697 6,992 4,915
Distribution........... 462 (37) 3,120 3,484
Post-production........ 711 1,023 3,451 2,552
Theater operations....... (439) (146) (132) 1,137
Other.................... 140 255 403 500
------------ ----------- ----------- -----------
Total.................... $ 6,432 $ 7,456 $ 37,460 $ 41,159
------------ ----------- ----------- -----------
------------ ----------- ----------- -----------

(1) Includes a charge of $1.5 million and $2.4 million for the three
months and year ended December 31, 2008, respectively, (December 31,
2007 - $3.2 million and $3.3 million, respectively), in costs and
expenses applicable to revenues, primarily for the write-down of
film-based projector inventories.
(2) Includes a charge of $0.1 million and $0.1 million for the three
months and year ended December 31, 2008, respectively, (December 31,
2007 - $0.6 million and $0.6 million, respectively), in costs and
expenses applicable to revenues, primarily for the write-down of
film-based service inventories.
(3) In 2008, the Company adjusted the estimated useful life of its film-
based IMAX MPX projection systems in use by existing JRSA theaters,
on a prospective basis, to reflect the Company's accelerated
transition to a digital projection system for these theatres,
resulting in increased depreciation expense of $1.3 million and $1.5
million for the quarter and year ended December 31, 2008. Also
includes launch expenses associated with the opening of new joint
revenue sharing arrangement theatres of $1.5 million and $1.8 million
for the three months and year-ended December 31, 2008, respectively.

SOURCE IMAX Corporation

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Thursday, March 26, 2009

James Cameron: Go Easy on the AVATAR Rumors, I’m an Astronaut.

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avatar

Lately a lot of speculation has arisen regarding James Cameron’s AVATAR, that imminent, shadowy monolith of 3D cinematic game-changers due Fall 2009. There were rumors that a precedent-setting chase scene in the first-person was facing problems, and an even more random and recent rumor that Cameron had rejected at least eight different variations of a debut trailer. C’mon, we expect no less than double digits. For myriad reasons—most involving technology and theatrical presentation—this $200 million film is the Area 51 of the blogosphere. It’s strange that so many of the rumors have a twist of negativity to them akin to “Johnny’s volcano science experiment is going to fail.” Fear of the unknown? Cameron took the time to chime in today at AICN to reiterate that his film is next levs so STFU

“As usual the rumor mill is grinding out mostly spurious stuff. …I have no idea where that [rumor] came from but I haven’t rejected any trailers (yet) since I haven’t seen any yet. They’re still working on them for presentation, which presumably will be soon. …Every once in a while, as we are absorbed in some intensely detailed discussion about sub-surface scattering or the way a tail is moving in the animation, I’ll just stop and have this moment of clarity, as if seeing it for the first time. And I realize that’s what the lunar astronauts must have felt like.”

Does that analogy to walking on the moon sound like damage control? Not at all, right? Rastafarian babe Thundercats or not, AVATAR is the event movie to beat in 2009. Michael Bay and McG’s “my robot is bigger and more realistic” debate is not on Cameron’s radar screen.

Discuss: Let us know what you think about Cameron’s statement in the comments. And if there is a film you’re looking forward to more this year, explain.

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Wednesday, March 25, 2009

Why Avatar is my most looked forward to film of the year

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We're looking forward to lots of films this year. But James Cameron’s Avatar is at the top of Simon Brew's list...

As the trailers for the assorted summer blockbusters start jostling for position, and now that Watchmen has finally made its theatrical bow, a friend caught me cold a few days back and asked me a simple question: what's the film I'm most looking forward to seeing this year.

I said, almost instinctively, Avatar. Never mind that I can't wait for Coraline. Nor the fact that I can't wait for Armando Ianucci's film debut, In The Loop. Heck, there's Michael Mann's Public Enemies which is making me sweat up just at the thought of how cool that could be. Throw in Star Trek, The Surrogates, Up and a good number more I could list, and there's plenty to look forward to.

But none of them are Avatar. And to paraphrase Scream 2, this isn't from someone who's got a "hard on for Cameron". I loved Aliens, never went mad for - but greatly admired - the Terminator movies, was impressed by The Abyss, could take or leave True Lies, and Titanic could only be consumed by excising the entire first half.

Yet Avatar represents a bona fide gamble, and a major one, in the science fiction genre. That simply doesn't happen anymore. Science fiction, outside of a few key franchises, is a big gamble, especially so on a non-franchise production. And you strongly suspect that if the green light for Avatar had been needed in the last six to twelve months, it simply wouldn't have happened.

For it's believed that Fox has pumped somewhere in the region of $US200m into the film (and you can add $US100m to that if you believe some sources), which doesn't - at least from where I'm sitting - look like it's got a $US200m audience to aim for. There aren't big movie star names here, much though we love seeing Sigourney Weaver getting a juicy role again. But along with Sam Worthington, Zoe Saklana, Michelle Rodriguez and Stephen Lang, she's going to struggle to open a movie to Tom Cruise levels. Cameron in the past has delivered the biggest grossing film of all time, but Avatar would do well to get a quarter of Titanic's $US600m US box office take.

And yet no matter how the end product turns out, the sheer experience of Avatar has got to be worth the gamble of a ticket price.

Firstly, there's the fact that this is the film that will tell us once and for all if 3D is the future of cinema. Sure, various animated films are going 3D this year, and the tantalising delight of Final Destination 4 in 3D is one that I'm struggling to resist. But this is James Cameron we're talking about. Whereas some will approach 3D by looking at what's available and making the best of it, he's going to push the technical potential of this so hard that it'll be, technologically, the most advanced 3D movie to date.

Factor in too that, no matter what you may make of Cameron the screenwriter (and I can take him or leave him, depending on the film in question), as a director there are few who do spectacle or scale quite on his level. Titanic was a messy film, but from the moment the boat hit the iceberg, it was hard to find any kind of big screen spectacle that could match it. Over a decade on, few directors comprehend the potential of a really big screen in quite the way that James Cameron does, and given that he has new 3D toys to play with as well, it's quite mouthwatering what the man could do with it all.

Finally, this is the film that the man has been working on, on and off, for a good decade now, and is only making it now because the technology for him to realise his vision has become even vaguely accessible. He's sat on this one for some time, and I can't wait to see why.

I'm not blind to the problems here. There's a real potential that this could become a technical circus at the expense of a good film, and what I've read of the story and plot - and I'm deliberately keeping myself away from too many details - makes it look interesting, but not yet compelling.

But for me, nothing quite beats a night out at the cinema when there's someone behind the camera pulling out all the stops to give me something really special. I love small dramas, I love indie movies and I've got several creaking shelves packed with world cinema DVDs. Yet does anything quite beat going to see a really big film in a really big cinema with a really big bucket of popcorn on your lap? Life has few pleasures quite like it, and whether it wilts or soars, Avatar is nonetheless the biggest film, in a couple of senses, of the year. The sheer scale and ambition of it marks it, for me, as an absolute must-see.

December 18th 2009 is firmly inked in my diary. And I really hope I'm not disappointed.

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Michelle Rodriguez Interview, AVATAR

Watch TV on PC - 12,000 TV Channels and Movies Michelle Rodriguez describes AVATAR Footage to us and talks about her role in the SciFi epic! MoviesOnline caught up with actress Michelle Rodriguez at the Los Angeles press day where she was promoting her new film, “Fast & Furious” and we asked her what it was like working with James Cameron on his upcoming sci-fi action/adventure “Avatar.”

More than ten years in the making, Avatar marks Cameron's return to feature directing since helming 1997's Titanic, the highest grossing film of all time and winner of eleven Oscars including Best Picture. WETA Digital, renowned for its work in “The Lord of the Rings” Trilogy and “King Kong,” incorporates new intuitive CGI technologies to transform the environments and characters into photorealistic 3D imagery and create an alien world rich with imaginative vistas, creatures and characters.

Michelle Rodriguez is a fabulous person and we really appreciated her time. Here’s what she had to tell us:

Q: How did James Cameron find you?

Michelle Rodriguez: James saw me in “Girlfight.” It's that movie. It's the only movie I was ever a lead in, and I guess I did a good job because people watched it and liked it.

Q: Can you talk about your character in Avatar?

Michelle Rodriguez: I'm basically a pilot, a pilot in another planet.

Q: How was it being directed by Cameron?

Michelle Rodriguez: Are you fucking kidding me? That guy is so amazing. He thinks in 12 dimensions at all times. That’s what I love about him. You could sit there and you could talk for hours about the advancements in molecular science or you could sit there and you can talk about mythology and story building, character building. You could talk about cameras, the history of film, the history of Russia. You could talk about flying to another planet. You could talk about space research. You could talk about underwater adventures. You could talk about how he constructed special technology for underwater adventures. Or you could sit there and talk to him about how he developed his own fricking cameras with his brother. I mean, like, this guy is a genius.

Q: Have you seen the footage and how does it look?

Michelle Rodriguez: This is the beauty of working with that technology. You know, the majority of the time when you work on something that’s greenscreened, from my experience from watching behind the scenes or having my little touch of greenscreen in “S.W.A.T.” or something, you get to see what you’ve done immediately and have something to work off of. The majority of time when people work in a movie with greenscreen you don’t have that. You don’t have the ability to go and see what you just did. So, you’re working with a golf ball or you’re working with an “X” on a green wall and you’re just hoping that you’ve really hit your mark interacting with this. You’re just kind of trying to remember as much of your make-believe time at the age of 5 as you possibly could to get you through it. But, with this technology that he’s got, you just go there and you see what you’re interacting with right there because it’s a mixture of live 3D footage, the props on the set, and the virtual world that he spent God knows how long creating. It's fucking amazing. It's hardcore. I can't even imagine anything bigger.

Q: Are you looking forward to being in one of the most anticipated films of the year and can you talk a little bit about the expectations that go with that?

Michelle Rodriguez: Me? You know what? I’d serve James Cameron coffee every day for four years and I would consider that college. I don't give a rat's ass how people receive whatever we did. I am just incredibly honored to have been seen by him and for him to like keep me in mind for a project that he's had for the last, what, eight years? To call me up and say, "Hey, I want you to be a part of this," no matter what anybody says, because everybody was talking so much schmack about me, and it's so hard to get a job when all these people are talking shit about you in the press, just because you're growing up. You know, I used to poop in my pants too, and I learned how to use the bathroom eventually. People were so hard on me, so it's really important for me to have individuals that get it, that know, that can see in my eyes or see me on screen and know what I'm capable of and not be scared to hire me because of some commercial hoopla that people are saying. That was very important.

Q: In light of that, how would you assess your career and your life from your point of view?

Michelle Rodriguez: I’m very happy. I wouldn’t take back anything.

“Avatar” opens in theaters on December 18th. Look for our upcoming interview with Michelle for “Fast and Furious” which opens in theaters on April 3rd.

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