KNOXVILLE, Tenn. -- Regal Entertainment Group (NYSE: RGC), a leading motion picture exhibitor owning and operating the largest theatre circuit in the United States, today announced fiscal first quarter 2011 results.

Total revenues for the first quarter ended March 31, 2011 were $570.9 million compared to total revenues of $719.8 million for the first quarter ended April 1, 2010. Net income (loss) attributable to controlling interest was $(23.6) million in the first quarter of 2011 compared to $16.5 million in the first quarter of 2010. Diluted earnings (loss) per share was $(0.15) for the first quarter of 2011 compared to $0.11 for the first quarter of 2010. Adjusted diluted earnings (loss) per share(1) was $(0.04) for the first quarter of 2011 compared to $0.16 for the first quarter of 2010. Adjusted EBITDA(3) was $83.9 million for the first quarter of 2011 and $135.1 million for the first quarter of 2010. Reconciliations of non-GAAP financial measures are provided in the financial schedules accompanying this press release.

Regal's Board of Directors also today declared a cash dividend of $0.21 per Class A and Class B common share, payable on June 15, 2011, to stockholders of record on June 3, 2011. The Company intends to pay a regular quarterly dividend for the foreseeable future at the discretion of the Board of Directors depending on available cash, anticipated cash needs, overall financial condition, loan agreement restrictions, future prospects for earnings and cash flows as well as other relevant factors.

"In a challenging first quarter box office environment we were pleased to complete a refinancing of our senior credit facility, the creation of Open Road Films and DCIP's second round of financing for our rollout of digital cinema," stated Amy Miles, CEO of Regal Entertainment Group. "We are excited about the future opportunities created by these transactions and by the films scheduled for release during the upcoming summer movie season," continued Miles.

Forward-looking Statements:
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements included herein, other than statements of historical fact, may constitute forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the risk factors contained in the Company's 2010 Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 28, 2011. All forward-looking statements are expressly qualified in their entirety by such factors.


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BEVERLY HILLS - Today the Academy of Motion Picture Arts and Sciences held a ceremony to celebrate the first-day-of-issue of the United States Postal Service's Gregory Peck commemorative stamp. Senator Dodd joined Master of Ceremonies Sharon Stone, as well as presenters Morgan Freeman, Laura Dern, and the Peck family, with a few words honoring Gregory Peck's legacy. The following are Senator Dodd's remarks at today's ceremony:

"With his handsome chiseled features, worthy of Mount Rushmore, and a voice as deep as the Grand Canyon...Gregory Peck was more than a Hollywood movie star and more than one of America's greatest actors; he was a national monument. Yet, for all his larger than life qualities, he was always extremely human, approachable, and authentic, - a man devoted to his family and to humanitarian causes, to his craft and to the industry he spent his adult life working in, and most especially the hard working people who make up the film industry.

"My parents met Gregory Peck many years ago in Ireland, and I'll tell you, my parents were not easily impressed, but they were terribly impressed by him. You just knew by talking to him that he was a decent, kind, and honorable man with fierce conviction. I have known the Peck family for many years now, and I had the great pleasure on a number of occasions to spend some time with Gregory Peck, so I was of course honored when asked to participate at today's ceremony.

"For better or worse... in this case for the better... movies and actors influence perceptions of who we are not only as an industry, but as a nation. Through the characters he brought to life and the ideals he brought to the screen, Gregory Peck connected international audiences to an America whose core values are respected and emulated around the world.

"He played the righteous American - never self-righteous -with all the qualities that we like to think are the best this country has to offer - strong but gentle, full of emotions, including vulnerability; passion and compassion; decency and a drive to fight for what is right - for fairness, justice, and equality. He fought racial injustice in To Kill a Mockingbird and he exposed anti-Semitism in Gentleman's Agreement. Although he was a physically powerful figure, it was always his ‘social conscience' that won the fights in his movies.

"This social conscience, so skillfully embodied in his characters, extended well beyond the movie screen and he became as recognized for his deep commitment to the arts and public service as for his iconic film career... Inaugural member of the National Council of the Arts, National Chairman of the American Cancer Society, and a devoted advocate of the Motion Picture and Television Fund, just to name a few.

"Throughout his life Gregory Peck raised the bar for the entertainment industry and for America. President Lyndon Johnson thought so too, and awarded him the Presidential Medal of Freedom as ‘an artist who had brought new dignity to the actor's profession.'

"His on-screen heroes were not necessarily bigger than life characters; but his enormous presence endowed his characters - often ordinary men in extraordinary situations - with heroic greatness, and that is exactly how I, and I hope all of you, will remember Gregory Peck.

"I remember a story from one of the town halls that Gregory used to do around the country. Someone in the audience asked him what he most wanted to be remembered for. Gregory answered that the thing he most wanted to be remembered for was his family, and a lot of the time when people give that same answer they don't seem genuine. But you could tell that Gregory's answer was a truly genuine one.

"And then he said the other thing he wanted to be remembered for most was for being a story teller. I've thought a lot lately about what he said and how storytelling can shape us as a nation. Documentaries and textbooks are great tools for learning, but I'm certain that most of you here will agree when I say that it's the stories we listen to and watch on movie screens and television growing up that really shape us. You can learn all about World War II listening to teachers in the classroom and reading about it in a text book, but it takes a little girl named Anne Frank writing her story in a diary for us to truly understand the fear and persecution that people were forced to endure. Everyone knows about the horrors of slavery, but it's only after Alex Haley writes Roots that those horrors truly come home for us. And it takes a character created by Harper Lee and later portrayed by the man we're here to honor today to show us the righteousness and honor of standing up for those who are unable to stand up for themselves.

"Gregory Peck knew the power of a story to mould a national consciousness and create models of national characters such as Atticus Finch. A man named Bill Finch, who used to work for me, is the mayor of a city in my home state of Connecticut called Bridgeport. He and his wife recently had a son, and this may not surprise most of you in this room, but they named their son Atticus.

"I think one of the reasons Gregory wanted so much to be remembered as a storyteller was that he cared so deeply about his Irish heritage. This heritage told him how W.B. Yeats and the other leaders of the Irish cultural revival had invented an Ireland of the mind that preceded, and facilitated, the country born in 1916. Yeats summed up this idea when he wrote of his predecessors in the Young Ireland movement of the mid-nineteenth century who used the power of story-telling to create the idea of an inclusive non-sectarian Ireland: ‘They were not separated individual men; they spoke or tried to speak out of a people to a people; behind them stretched the generations.'

"Gregory Peck knew - and showed how - America's greatest form of storytelling, the movie, could speak out of a people to a people. My only regret is that he isn't alive to tutor me as I begin on my new path as a storyteller."


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Friday, Oct. 28, 2011: Final date for press conferences for Television entries
Friday, Nov. 4, 2011: Deadline for submission of Golden Globe entry forms
Wednesday, Nov. 9, 2011: Cecil B. DeMille Award Announcement
Thursday, Dec. 1, 2011: Deadline for nomination ballots to be mailed to all HFPA members by Ernst & Young
Wednesday, Dec. 7, 2011: Final screening date for Motion Pictures
Thursday, Dec. 8, 2011: Final date for Motion Picture press conferences
Monday, Dec. 12, 2011: Deadline for receipt of nomination ballots by Ernst & Young
Thursday, Dec. 15, 2011: Announcement of nominations for "The 69th Annual Golden Globe® Awards"
Friday, Dec. 16, 2011: Deadline for receipt of media credential applications
Monday, Dec. 26, 2011: Final ballots mailed to all HFPA members
Friday, Dec. 30, 2011: Deadline for receipt of publicist credential applications
Wednesday, Jan. 11, 2012: Deadline for receipt of final ballots by Ernst & Young
Sunday, Jan. 15, 2012: Presentation of "The 69th Annual Golden Globe® Awards"

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Company Reports First Quarter 2011 Revenues of $45.2 million; Adjusted Earnings Per Diluted Share of $0.04 -- Company Increases 2011 Outlook for New Theatre Installations by Approximately 40% Reflecting 101 Theatre Signings in the First Quarter -- Quarter Ending Theatre Backlog Stands at a Record 283 Systems -- Company Receives Commitment Letter for Expansion of Credit Facility to Up to $110 Million -- Summer Film Slate Kicks into Gear Tomorrow with Universal Pictures' Fast Five: The IMAX Experience

NEW YORK, April 28, 2011 (GLOBE NEWSWIRE) -- IMAX Corporation (NYSE:IMAX) (TSX:IMX) today reported its first quarter 2011 financial results and increased its fiscal 2011 outlook for new theatre installations by approximately 40%, after signing agreements for 101 IMAX(R) theatre systems in the first quarter.

"The first quarter lacked event films, particularly compared to the phenomenal strength of last year's Avatar, and our financial results as compared to last year reflect this," said IMAX Chief Executive Officer Richard L. Gelfond. "At the same time, we signed agreements for 101 theatre systems in the quarter, allowing us to surpass our signings goal for the full year of 2011 in just three months. As a result, we are increasing our 2011 outlook for new theatre installations by 40 percent, and we now expect our commercial theatre network to grow by at least 30 percent in 2011 for the third consecutive year, which we believe will yield significant long-term benefits for our shareholders."

The Company reported total revenue for the first quarter ended March 31, 2011 of $45.2 million. Last year's first quarter revenue was $72.8 million. Fiscal 2011 adjusted net income, excluding a charge related to the change in the value of the Company's variable stock compensation, a non-cash tax benefit, and a one-time charge of $2.1 million, or $0.03 per diluted share, related to an arbitration proceeding arising from a discontinued subsidiary, was $2.5 million, or $0.04 per diluted share, versus adjusted net income of $35.3 million, or $0.53 per diluted share in the same period last year. The Company reported a net loss for the first quarter of 2011 of $1.0 million, or $0.02 per diluted share. First quarter 2010 reported net income was $26.6 million, or $0.40 per diluted share. First quarter adjusted EBITDA was $9.0 million. For a reconciliation of adjusted net income to reported net income and to adjusted EBITDA, please see the tables at the end of this press release.

Theatres Signings/Network Growth Outlook

The Company signed contracts for 101 theatre systems in the first quarter of 2011, compared to 41 theatre systems signed in the first quarter of 2010. As a result, the Company now expects to install between 115 and 125 new theatres this year, compared to its previous expectations for 80 to 90 theatre installations in 2011. This implies year-over-year commercial multiplex network growth of more than 30 percent. Of the 115 to 125 new theatres to be installed in 2011, it is expected that between 25 and 35 (20 to 25 new joint revenue sharing systems and 5 to 10 new sales-type lease systems, excluding upgrades) will be installed in the second quarter of 2011. The Company's current outlook for network growth is only based on theatres currently in backlog and does not account for any theatres that may both sign and install during the remainder of 2011. The Company cautions that installations can slip from period to period, usually for reasons beyond its control. For a breakdown of first quarter system signings by type, please see the end of this press release.

"The types of theatre deals signed recently are strategically significant as they highlight two of the growth paths we are pursuing - international and small- to mid-tier domestic markets," said Mr. Gelfond. "We made significant inroads in several of the BRIC nations, particularly in China, where we signed our first full joint revenue sharing arrangement for 75 theatres with Wanda Cinema Line, the largest international theatre deal in our history. Domestically, we continued to penetrate small to mid-tier domestic markets with new theatre agreements with prominent regional exhibitors like Premiere Cinema Corp. and Warren Theatres."

Theatre System Installations

During the first quarter of 2011, the Company installed 43 theatre systems, compared to a total of 19 system installations in the first quarter of 2010. Total installations include new IMAX theatre locations, as well as the upgrade of existing IMAX film-based theatre systems to digital. For a breakdown of system installations by type, please see the end of this press release.

"In addition to our theatre signings momentum, we focused heavily on operational execution this quarter so that we will be in position to capitalize on the remainder of our 2011 film slate, which includes IMAX versions of some of the most highly anticipated films of the year," added Mr. Gelfond. "The summer 2011 movie season kicks off tomorrow with Fast Five domestically and Thor internationally, and will feature the latest installments of the popular Pirates of the Caribbean, Transformers and Harry Potter series. As a result, we installed IMAX digital theatre systems, in both new and existing locations, at an aggressive pace of more than three systems per week, making the first quarter one of our busiest periods ever for theatre installations."

Theatre System Backlog

As of March 31, 2011, the Company's backlog consisted of a record 283 theatre systems, including 125 systems under joint revenue sharing arrangements and 158 systems under sales and sales-type lease arrangements, five of which were systems designated for digital upgrades. This compares to a theatre backlog of 156 systems as of March 31, 2010, which included 56 theatres under joint revenue sharing arrangements and 100 theatres under sales and sales-type lease arrangements, seven of which were designated for digital upgrades.

First Quarter Segment Results

In the first quarter of 2011, IMAX systems revenue was $22.3 million, compared to $11.0 million in the first quarter of 2010, primarily reflecting the installation of 11 new theatre systems in the most recent first quarter, compared to four systems in the first quarter of 2010. The Company also installed 22 digital upgrades in the first quarter of 2011, compared to nine in the same year-ago period.

In the first quarter of 2011, revenue from joint revenue sharing arrangements was $4.0 million, compared to $18.9 million in the prior year period. During the quarter, the Company installed 10 new joint revenue sharing theatres, compared to five in the year-ago period. As of March 31, 2011, there were a total of 181 theatres under joint revenue sharing arrangements, a 48% increase compared to 122 joint revenue sharing theatres open as of the year-ago period.

First quarter 2011 total film revenue was $11.5 million, compared to $29.3 million in the first quarter of 2010. Production and IMAX DMR(R) revenues were $7.3 million in the first quarter of 2011. Production and IMAX DMR revenues were $23.5 million in the year-ago period, $16.2 million of which was generated by Avatar: An IMAX 3D Experience. Gross box office from DMR titles was $62.1 million in the first quarter of 2011, compared to $232.2 million in the first quarter of 2010. The average DMR box office per screen in the first quarter was $175,000 ($133,000 domestic, $266,000 international) versus $844,000 ($695,000 domestic, $1.2 million international) in the first quarter of 2010.

Mr. Gelfond continued, "While our first quarter box office was disappointing, we maintained above average market share across a broad film slate, demonstrating the strong consumer appetite for The IMAX Experience(R). Our theatre backlog is at record levels and the 2011 summer movie season, which kicks off tomorrow, will feature more IMAX releases than in any year prior, on our rapidly growing network of screens. We continue to anticipate growth in revenues and adjusted EBITDA in 2011 as compared to 2010."

New Credit Facility Commitment Letter

In a separate release today, the Company announced that it has received a commitment letter from its commercial lender, Wells Fargo Capital Finance Corporation Canada ("Wells Fargo Capital Finance"), pursuant to which Wells Fargo Capital Finance and Export Development Canada (EDC) will expand its credit facility to up to $110 million. Upon execution of definitive documents, the new expanded facility will replace the Company's current facility and extend the maturity to October 2015. Consistent with the Company's strong credit statistics, borrowings under the credit facility will bear interest at the reduced spread of 2.00% above LIBOR, versus previous interest rates of LIBOR plus 3.75% and 2.75% for the current term loan and revolving asset-based loan, respectively.

"Upon completion, this newly expanded and extended credit agreement reflects the positive growth trends our Company is experiencing, and we are pleased to continue our strong relationship with Wells Fargo Capital Finance and Export Development Canada," said Mr. Gelfond. "This larger facility, coupled with the strong cash-generating nature of our business, will be used for general corporate purposes, as well as allow us to pursue our strategic initiatives and the continued global expansion of our Company."


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