IMAX Corporationhas reported its first profitable year since 1999, with annual revenues (endingDec 31 2002) of $130.7m compared to $118.7m in 2001. Fourth quarter revenueswere $37.3m compared to $33.9m for the same period the year before.
Thecompany's co-chairmen and co-CEOs Richard L Gelfond and Bradley JWechsler said they expected IMAX to increase profits in 2003, forecastingearnings of between $0.10 and $0.15 per share.
Gelfond andWechsler announced 2002 operating profits from continuing operations of $0.05per share and net profits of $0.36 per share, after extraordinary items, on abasic and fully diluted basis for the full year.
For the fourthquarter of 2002 there were net earnings from continuing operations of $0.02 pershare on a basic and fully diluted basis, compared to net losses fromcontinuing operations of $0.62 per share for the same period the year before.
One of thecompany's highlights of 2002 was the introduction of its proprietary IMAXDMR technology, which converts most live-action 35mm film into IMAX's15/70 format. IMAX Corporation also reduced its net debt significantly andcontinued its national and international expansion, with first signings forSouth America and Russia.