IMAX Corporation Reports First Quarter 2013 Financial Results

IMAX Corporation Reports First Quarter 2013 Financial Results

HIGHLIGHTS

- Company Reports First Quarter 2013 Revenues of $49.9 million

- Q1 2013 Adjusted Earnings Per Diluted Share of $0.08

- Summer Blockbuster Season Kicks off This Week with International Release of Iron Man 3

NEW YORK, April 25, 2013 /PRNewswire/ -- IMAX Corporation (NYSE:IMAX; TSX:IMX) today reported first quarter 2013 revenues of $49.9 million, adjusted EBITDA as calculated in accordance with the Company's credit facility of $13.9 million, adjusted net income of $5.6 million, or $0.08 per diluted share, and reported net income of $2.9 million, or $0.04 per diluted share.

(Logo: http://photos.prnewswire.com/prnh/20111107/MM01969LOGO)

"In the first quarter, we continued to execute against our three main Company priorities for the year - Penetration, Differentiation, and Scale," said IMAX Chief Executive Officer Richard L. Gelfond. "We expect these to be key drivers of our long-term growth, while supporting our results in the near-term, and we are excited about the promising upcoming lineup of films in IMAX, particularly in the second quarter."

Network Growth Update

The total IMAX® theatre network consisted of 738 systems as of March 31, 2013, of which 606 were in commercial multiplexes. There were 283 theatre systems in backlog as of March 31, 2013, compared to 261 theatre systems in backlog as of March 31, 2012. For a breakdown of theatre system signings, installations, network and backlog by type, please see the end of this press release.

In the first quarter of 2013, the Company signed contracts for 25 theatre systems, of which 17 were in new theatre locations and 8 were additional signings for laser systems and conversion of some of the Company's film theatres to digital systems in existing theatre locations. In the quarter the Company installed 17 theatre systems, of which 10 were in new theatre locations.

"We are very pleased that we continue to penetrate different countries around the world, strengthening our presence in some and building strong theatres in new markets to catalyze future growth in others," Gelfond continued. "Our one-of-a-kind, end-to-end entertainment solution is driving demand from exhibitor and studio partners from around the world, who have seen the value of being in the IMAX business. We remain optimistic as our growth opportunity in underpenetrated international regions, combined with our ability to program each of those markets individually, continues to position IMAX as a unique player in the global entertainment industry."

First-Quarter Segment Results


-- Revenue from sales and sales-type leases was $9.8 million in the first
quarter of 2013, compared to $12.9 million in the first quarter of 2012,
primarily reflecting the installation of six full, new theatre systems
under sales and sales-type lease arrangements in the most recent first
quarter, compared to eight full, new theatre systems in the first
quarter of 2012. The Company also installed five digital system
upgrades under sales or sales-type lease arrangements in the first
quarter of 2013, compared to 10 upgrades in the first quarter of 2012,
and two digital systems under short-term operating lease arrangements.
-- Revenue from joint revenue-sharing arrangements was $9.4 million,
compared to $11.7 million in the prior-year period. During the quarter,
the Company installed four new theatres under joint revenue-sharing
arrangements, compared to eight in the year-ago period. The Company had
319 theatres operating under joint revenue-sharing arrangements as of
March 31, 2013, as compared to 265 theatres one year prior.
-- Production and IMAX DMR® (Digital Re-Mastering) revenues were $14.4
million in the first quarter of 2013, compared to $13.8 million in the
first quarter of 2012. Gross box office from DMR titles was $128.7
million in the first quarter of 2013, compared to $121.7 million in the
prior-year period. The average global DMR box office per screen in the
first quarter of 2013 was $212,900, compared to $247,600 in the
prior-year period.
"Looking ahead, the heart of the summer box office season kicks into gear this week including the release of the IMAX® 3D version of Iron Man 3, followed by Star Trek: Into Darkness, Man of Steel and an international only release of Fast & Furious 6, providing a strong foundation for our full portfolio of films this year," Gelfond concluded. "We have secured many key tentpole films for the remainder of 2013, as well as 2014 and beyond, including Christopher Nolan's Interstellar and Michael Bay's Transformers 4, both of which will be captured with IMAX cameras, demonstrating the ongoing desire of studios and filmmakers to leverage the IMAX platform to bring audiences the most immersive entertainment experiences that they cannot get anywhere else."

Conference Call
The Company will host a conference call today at 8:30 AM ET to discuss its first quarter 2013 financial results. To access the call via telephone, interested parties should dial (800) 820-0231 approximately 5 to 10 minutes before it begins. International callers should dial (416) 640-5926. The participant passcode for the call is 7114021. This call is also being webcast by Thomson Financial and can be accessed on the 'Investor Relations' section of www.imax.com. A replay of the call will be available via webcast on the 'Investor Relations' section of www.imax.com or via telephone by dialing (888) 203-1112 (US and Canada) or (647) 436-0148 (international). The Conference ID for the telephone replay is 7114021.

About IMAX Corporation
IMAX, an innovator in entertainment technology, combines proprietary software, architecture and equipment to create experiences that take you beyond the edge of your seat to a world you've never imagined. Top filmmakers and studios are utilizing IMAX theatres to connect with audiences in extraordinary ways, and, as such, IMAX's network is among the most important and successful theatrical distribution platforms for major event films around the globe.

IMAX is headquartered in New York, Toronto and Los Angeles, with offices in London, Tokyo, Shanghai and Beijing. As of Mar. 31, 2013, there were 738 IMAX theatres (606 commercial multiplexes, 19 commercial destinations and 113 institutions) in 53 countries.

IMAX®, IMAX® 3D, IMAX DMR®, Experience It In IMAX®, An IMAX 3D Experience®, The IMAX Experience® and IMAX Is Believing® are trademarks of IMAX Corporation. More information about the Company can be found at www.imax.com. You may also connect with IMAX on Facebook (www.facebook.com/imax), Twitter (www.twitter.com/imax) and YouTube (www.youtube.com/imaxmovies).

This press release contains forward looking statements that are based on IMAX 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, but are not limited to, general economic, market or business conditions; the opportunities (or lack thereof) that may be presented to and pursued by the Company; the performance of IMAX DMR films; competitive actions by other companies; conditions in the in-home and out-of-home entertainment industries; the signing of theater system agreements; changes in laws or regulations; conditions, changes and developments in the commercial exhibition industry; the failure to convert theater system backlog into revenue; risks associated with investments and operations in foreign jurisdictions and any future international expansion, including those related to economic, political and regulatory policies of local governments and laws and policies of the United States and Canada; risks related to the Company's growth and operations in China; the failure to respond to change and advancements in digital technology; risks related to the acquisition of AMC Entertainment Holdings, Inc. by Dalian Wanda Group Co., Ltd.; risks related to new business initiatives; the potential impact of increased competition in the markets within which the Company operates; risks related to the Company's inability to protect the Company's intellectual property; risks related to Eastman Kodak bankruptcy and the possibility of constrained film supply; risks related to the Company's implementation of a new enterprise resource planning system; risks related to the Company's prior restatements and the related litigation; and other factors, many of which are beyond the control of the Company. These factors, other risks and uncertainties and financial details are discussed in IMAX's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

For additional information please contact:



Investors: Media:

IMAX Corporation, New York IMAX Corporation, New York

Teri Loxam/Blaire Lomasky Ann Sommerlath

212-821-0100 212-821-0155

tloxam@imax.com asommerlath@imax.com

blomasky@imax.com



Business Media: Entertainment Media:

Sloane & Company, New York Principal Communications Group, Los Angeles

Whit Clay Melissa Zuckerman/Paul Pflug

212-446-1864 323-658-1555

wclay@sloanepr.com melissa@pcommgroup.com

paul@pcommgroup.com
--- -------------------






Additional Information


Theatre Network Details:


Three Months

Ended March 31,
---------------

Theatre Signings: 2013 2012
---- ----

Full new sales and sales-type lease arrangements 14 (1) 18

New joint revenue sharing arrangements 3 5
-----------

Total new theatres 17 23
--- ---


Upgrades of IMAX theatre systems 8 (2)(3) -

Total Theatre Signings 25 23
=== ===


Three Months

Ended March 31,
---------------

Theatre Installations: 2013 2012
---- ----

Full new sales and sales-type lease arrangements 6 8

New joint revenue sharing arrangements 4 8
-----------

Total new theatres 10 16
--- ---


Upgrades of IMAX theatre systems 7 (2) 10

Total Theatre Installations 17 26
=== ===


As of March 31,
---------------

Theatre Backlog: 2013 2012
---- ----

New sales and sales-type lease arrangements 135 144

New joint revenue sharing arrangements 136 116

Total new theatres 271 260
--- ---


Upgrades of IMAX theatre systems 12 (2)(3) 1

Total Theatres in Backlog 283 (4) 261 (4)
=== ===


As of March 31,
---------------

Theatre Network: 2013 2012
---- ----

Commercial Multiplex Theatres:

Sales and sales-type lease arrangements 287 245

Joint revenue sharing arrangements 319 265

Total Commercial Multiplex Theatres 606 510
--- ---


Commercial Destination Theatres 19 20

Institutional Theatres 113 113

Total IMAX Theatre Network 738 643
=== ===


______________________

(1) Includes one signing which replaced a theatre under an existing arrangement in backlog.

(2) Includes upgrades to xenon-based digital systems under short-term operating lease arrangements (2 signings, 2 installations, 5 in backlog).

(3) Includes installation of laser-based digital systems in existing theatre locations (2 signings, 7 in backlog).

(4) Reflects the minimum number of theatres arising from signed contracts in backlog.




Additional Information (continued)

2013 DMR Films Announced to Date:
To date, IMAX has announced 28 titles to be released in 2013. The Company released 35 titles in 2012. The Company remains in discussions with virtually every major studio regarding future titles and expects the total number of titles in 2013 to be similar to that in 2012.


-- The Grandmaster: The IMAX Experience (Jet Tone Films and Sil-Metropole
Organization, January 2013, China only);
-- Hansel & Gretel: Witch Hunters: An IMAX 3D Experience (Paramount
Pictures, January 2013);
-- Journey to the West: Conquering the Demons: An IMAX 3D Experience (Bingo
Movie Development Ltd, February 2013, China only);
-- Top Gun: An IMAX 3D Experience (Paramount Pictures, February 2013);
-- A Good Day to Die Hard: The IMAX Experience (Twentieth Century Fox,
February 2013);
-- Jack the Giant Slayer: An IMAX 3D Experience (Warner Bros., March 2013);
-- Oz: The Great and Powerful: An IMAX 3D Experience (Walt Disney Pictures,
March 2013);
-- G.I. Joe: Retaliation: An IMAX 3D Experience (Paramount Pictures, March
2013);
-- Dragon Ball Z: Battle of the Gods: An IMAX 3D Experience (Toei Animation
Company, March 2013, Japan only);
-- Jurassic Park: An IMAX 3D Experience (Universal Pictures, April 2013);
-- Oblivion: The IMAX Experience (Universal Pictures, April 2013);
-- Iron Man 3: An IMAX 3D Experience (Walt Disney Pictures, May 2013);
-- Star Trek: Into Darkness: An IMAX 3D Experience (Paramount Pictures, May
2013);
-- Fast & Furious 6: The IMAX Experience (Universal, May 2013,
international only);
-- After Earth: The IMAX Experience (Sony, May 2013);
-- Man of Steel: The IMAX Experience (Warner Bros., June 2013);
-- Despicable Me 2: An IMAX 3D Experience (Universal Pictures, July 2013,
international only);
-- Pacific Rim: An IMAX 3D Experience (Warner Bros., July 2013);
-- 300: Rise of an Empire: An IMAX 3D Experience (Warner Bros., August
2013);
-- Riddick Sequel: The IMAX Experience (Universal Pictures, September
2013);
-- Metallica Through the Never: An IMAX 3D Experience (Picturehouse,
September 2013);
-- Gravity: An IMAX 3D Experience (Warner Bros., October 2013);
-- Stalingrad: An IMAX 3D Experience (AR Films, October 2013, Russia and
the CIS only );
-- Seventh Son: An IMAX 3D Experience (Warner Bros., October 2013);
-- Ender's Game: The IMAX Experience (Lionsgate, November 2013);
-- The Hunger Games: Catching Fire: The IMAX Experience (Lionsgate,
November 2013);
-- The Hobbit: The Desolation of Smaug: An IMAX 3D Experience (Warner
Bros., December 2013); and
-- Dhoom 3: The IMAX Experience (Yash Raj Films, 2013, India only).






IMAX CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

In accordance with United States Generally Accepted Accounting Principles

(In thousands of U.S. dollars, except per share amounts)

(Unaudited)


Three Months

Ended March 31,
---------------

2013 2012*
---- ----

Revenues

Equipment and
product sales $10,679 $14,379

Services 26,859 27,067

Rentals 9,972 12,470

Finance income 1,984 1,680

Other 375 -
--- ---

49,869 55,596
------ ------

Costs and expenses applicable
to revenues

Equipment and product sales 5,059 9,095

Services 15,318 15,620

Rentals 3,453 4,020

Other - -
--- ---

23,830 28,735
------ ------

Gross margin 26,039 26,861

Selling, general and
administrative expenses 17,476 19,168

(including share-based compensation expense of $2.8 million for the
three months ended March 31, 2013 (2012 - $3.8 million))

Research and development 3,634 2,630

Amortization of intangibles 364 176

Receivable provision, net of
recoveries - 451

Income from operations 4,565 4,436

Interest income 13 24

Interest expense (345) (526)
---- ----

Income from continuing
operations before income
taxes 4,233 3,934

Provision for income taxes (1,152) (966)

Loss from equity-accounted
investments (220) (459)
---- ----

Net income $2,861 $2,509
====== ======


Net income per share -basic
& diluted:

Net income per share -
basic & diluted $0.04 $0.04
===


Weighted average number of
shares outstanding (000's):

Basic 66,646 65,402

Fully Diluted 68,690 68,158


Additional Disclosure:


Depreciation and
amortization $8,591 $7,466


______________________
----------------------

* Reflects a revision resulting from an adjustment to reflect an unfunded postretirement
obligation of the Company.








IMAX CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

In accordance with United States Generally Accepted Accounting Principles

(in thousands of U.S. dollars)


As at As at

March 31, December 31,

2013 2012
---- ----

(unaudited)

Assets

Cash and cash
equivalents $15,158 $21,336

Accounts receivable, net of
allowance for doubtful accounts
of $1,564 (December 31, 2012 -
$1,564) 48,360 42,007

Financing receivables 96,204 94,193

Inventories 14,452 15,794

Prepaid expenses 4,781 3,833

Film assets 4,427 3,737

Property, plant and equipment 120,764 113,610

Other assets 25,410 23,963

Deferred income taxes 35,654 36,461

Goodwill 39,027 39,027

Other intangible assets 28,101 27,911
------ ------

Total assets $432,338 $421,872
======== ========


Liabilities

Bank indebtedness $18,000 $11,000

Accounts payable 16,155 15,144

Accrued and other liabilities 61,335 68,695

Deferred revenue 76,364 73,954

Total liabilities 171,854 168,793
------- -------




Shareholders' equity

Capital stock, common shares -no par value. Authorized
-unlimited number.

Issued and outstanding -
66,866,076 (December 31, 2012 -
66,482,425) 317,144 313,744

Other equity 30,239 28,892

Deficit (84,305) (87,166)

Accumulated other comprehensive
loss (2,594) (2,391)
------ ------

Total shareholders' equity 260,484 253,079
------- -------

Total liabilities and
shareholders' equity $432,338 $421,872
======== ========






IMAX CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

In accordance with United States Generally Accepted Accounting Principles

(In thousands of U.S. dollars)

(Unaudited)


Three Months

Ended March 31,
---------------

2013 2012*
---- ----

Cash provided by (used in):

Operating Activities

Net income $2,861 $2,509

Adjustments to reconcile net income to cash from operations:

Depreciation and amortization 8,591 7,466

Write-downs, net of recoveries - 481

Change in deferred income taxes 904 624

Stock and other non-cash compensation 3,000 4,088

Gain on curtailment of postretirement benefits (2,185) -

Unrealized foreign currency exchange loss (gain) 189 (1,388)

Loss on equity-accounted investments 220 459

Investment in film assets (3,866) (3,958)

Changes in other non-cash operating assets and liabilities (10,703) 145

Net cash (used in) provided by operating activities (989) 10,426



Investing Activities

Purchase of property, plant and equipment (3,315) (374)

Investment in joint revenue sharing equipment (8,717) (7,088)

Investment in new business ventures - (381)

Acquisition of other intangible assets (778) (2,568)
---- ------

Net cash used in investing activities (12,810) (10,411)



Financing Activities

Increase in bank indebtedness 12,000 4,917

Repayment of bank indebtedness (5,000) (5,000)

Common shares issued - stock options exercised 2,485 3,488

Credit facility amendment fees paid (1,881) -
------ ---

Net cash provided by financing activities 7,604 3,405



Effects of exchange rate changes on cash 17 30
--- ---


(Decrease) increase in cash and cash equivalents during the period (6,178) 3,450


Cash and cash equivalents, beginning of period 21,336 18,138
------ ------

Cash and cash equivalents, end of period $15,158 $21,588
======= =======






IMAX CORPORATION

SELECTED FINANCIAL DATA

In accordance with United States Generally Accepted Accounting Principles

(in thousands of U.S. dollars)


The Company has seven 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; and other. The IMAX systems segment is comprised of the design, manufacture, sale or lease
IMAX theater projection system equipment. The theater system maintenance segment consists of the maintenance of
IMAX theater projection system equipment in the IMAX theater network. The joint revenue sharing arrangements
segment is comprised of the installation IMAX theater projection system equipment to an exhibitor in exchange for a
certain percentage of box-office receipts, concession revenue and in some cases a small upfront or initial
payment. The film production and IMAX DMR segment is comprised of the production of films and performance of film
re-mastering services. The film distribution segment includes the distribution of films for which the Company has
distribution rights. The film post-production segment includes the provision of film post-production and film
print services. The other segment includes certain IMAX theaters that the Company owns and operates, camera rentals


Three Months

Ended March 31,
---------------

2013 2012
---- ----

Revenue

Theater Systems

IMAX Systems

Sales and sales-type
leases $9,796 $12,865

Ongoing rent, fees, and
finance income 2,942 2,793

Other 1,983 2,340
----- -----

14,721 17,998
------ ------

Theater
system
maintenance 7,789 6,847


Joint revenue
sharing
arrangements 9,376 11,698



Film

Production
and IMAX DMR 14,355 13,838

Film
distribution
and post-
production 3,628 5,215


17,983 19,053
------ ------

Total $49,869 $55,596
======= =======


Gross margins

Theater Systems

IMAX
systems(1)

Sales and sales-type
leases $5,284 $4,650

Ongoing rent, fees, and
finance income 2,907 2,762

Other (349) (457)
---- ----

7,842 6,955
----- -----

Theater
system
maintenance 3,054 2,726


Joint revenue
sharing
arrangements(1) 6,159 7,937



Film

Production
and IMAX
DMR(1) 9,213 7,930

Film
distribution
and post-
production (229) 1,313


8,984 9,243
----- -----

Total $26,039 $26,861
======= =======


_________

(1) IMAX systems include commission costs of $0.3 million for the three months ended March 31, 2013 (2012 -$0.7
million). Joint revenue sharing arrangements segment margins include advertising, marketing and commission costs of
$0.2 million for the three months ended March 31, 2013 (2012 -$0.4 million). Production and DMR segment margins
include marketing costs of $0.9 million for the three months ended March 31, 2013 (2012 -$0.6 million).
Distribution segment margins include marketing costs of $0.1 million for the three months ended March 31, 2013
(2012 -$0.8 million).






IMAX CORPORATION

OTHER INFORMATION

(in thousands of U.S. dollars)

Non-GAAP Financial Measures:


In this release, the Company presents adjusted EBITDA, adjusted net income and adjusted net income per diluted share as supplemental measures of performance of the Company, which are not recognized under United States generally accepted
accounting principles ("GAAP"). The Company presents adjusted EBITDA, adjusted net income and adjusted net income per diluted share because it believes that they are important supplemental measures of its comparable controllable
operating performance and it wants to ensure that its investors fully understand the impact of its stock-based compensation expense and the related tax impact. Management uses these measures to review operating performance on a
comparable basis from period to period. However, these non-GAAP measures may not be comparable to similarly titled amounts reported by other companies. Adjusted EBITDA, adjusted net income and adjusted net income per diluted share
should be considered in addition to, and not as a substitute for, net income and other measures of financial performance reported in accordance with GAAP.


Adjusted EBITDA is calculated on a basis consistent with the Company's Credit Facility, which refers to Adjusted EBITDA as EBITDA. The Credit Facility provides that the Company will be required to maintain a Fixed Charge Coverage Ratio
(as defined in the Credit Agreement) of not less than 1.1:1.0. The Company will also be required to maintain minimum EBITDA (as defined in the Credit Agreement) of $70.0 million between closing and December 30, 2013, which requirement
increases to $80.0 million on December 31, 2013, $90.0 million on December 31, 2014, and $100.0 million on December 31, 2015. The Company must also maintain a Maximum Total Leverage Ratio (as defined in the Credit Agreement) of 2.5:1.0
between closing and December 30, 2013, which requirement decreases to (i) 2.25:1.0 on December 31, 2013; (ii) 2.00:1:0 on December 31, 2014; and (iii) 1.75:1.0 on December 31, 2015. The ratio of total debt to EBITDA was 0.17:1 as at
March 31, 2013, where Total Debt (as defined in the Credit Agreement) is the sum of all obligations evidenced by notes, bonds, debentures or similar instruments and was $18.0 million. EBITDA is calculated as follows:


Three months ended Twelve months ended

March 31, 2013 March 31, 2013
-------------- --------------

(In thousands of U.S Dollars)

Net income $2,861 $41,689

Add:

Loss from equity accounted investments 220 1,123

Provision for income taxes 1,152 15,265

Interest expense, net of interest income (1) 331 433

Depreciation and amortization, including film asset amortization 8,493 33,686

Write-downs net of recoveries including asset impairments and receivable provisions - 1,126

Gain on curtailment of postretirement benefits (2,185) (2,185)

Stock and other non-cash compensation 3,000 13,132

$13,872 $104,269
======= ========


____________

(1) Includes $0.1 million of amortization of deferred financing costs charged to interest expense for the three months ended March 31, 2013 (2012 - less than $0.1 million).






IMAX CORPORATION

OTHER INFORMATION

(in thousands of U.S. dollars)


Adjusted Net Income and Adjusted Diluted Earnings Per Share Calculations - Quarter Ended March 31, 2013 vs. 2012:

The Company reported net income of $2.9 million, or $0.04 per basic and diluted share, for the first quarter of 2013, as compared to net income of $2.5 million or $0.04 per basic and diluted share for the first quarter of 2012. Net income for the
first quarter of 2013 includes a $2.8 million charge, or $0.04 per diluted share, for stock-based compensation (2012 - $3.8 million or $0.05 per diluted share). Adjusted net income, which consists of net income excluding stock-based
compensation expense and the related tax benefit, was $5.6 million, or $0.08 per diluted share, in the first quarter of 2013, as compared to adjusted net income of $6.1 million, or $0.09 per diluted share, for the first quarter of 2012. A
reconciliation of net income, the most directly comparable U.S. GAAP measure, to adjusted net income and adjusted net income per diluted share is presented in the table below:


Three Months Ended Three Months Ended

March 31, 2013 March 31, 2012*
-------------- --------------

Net Income Diluted EPS Net Income Diluted EPS
---------- ----------- ---------- -----------

Reported $2,861 $0.04 $2,509 $0.04

Adjustments:

Stock-based compensation 2,808 0.04 3,802 0.05

Tax benefit on item listed above (105) - (200) -

Adjusted $5,564 $0.08 $6,111 $0.09
====== ===== ====== =====


Weighted average diluted shares outstanding 68,690 68,158
====== ======






Free Cash Flow:

Free cash flow is defined as cash
provided by operating activities
minus cash used in investing
activities (from the
consolidated statements of cash
flows). Cash provided by
operating activities consist of
net income, plus depreciation
and amortization, plus the
change in deferred income taxes,
plus other non-cash items, plus
changes in working capital, less
investment in film assets, plus
other changes in operating
assets and liabilities. Cash
used in investing activities
includes capital expenditures,
acquisitions and other cash used
in investing activities.
Management views free cash flow,
a non-GAAP measure, as a
measure of the Company's after-
tax cash flow available to
reduce debt, add to cash
balances, and fund other
financing activities. A
reconciliation of cash provided
by operating activities to free
cash flow is presented in the
table below:



Three Months
Ended

(In thousands of U.S. March 31,
Dollars) 2013
----------


Net cash (used in) operating
activities $(989)

Net cash (used in) investing
activities (12,810)

Free cash flow $(13,799)
========






SOURCE IMAX Corporation

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http://photoarchive.ap.org/
IMAX Corporation

Web Site: http://www.imax.com


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