TORONTO -- IMAX Corporation (Nasdaq:IMAX) (TSX:IMX) today reported net income of $2.6 million, or $0.05 per diluted share for the second quarter ended June 30, 2009, compared to a net loss of $12.2 million, or $0.29 per diluted share for the second quarter of 2008. Total revenues increased 94% to $41.0 million, compared to total revenues of $21.2 million last year. The Company generated operating income of $6.5 million, a turnaround of over $14.0 million compared to an operating loss of $7.7 million in the year-ago period.

IMAX Chief Executive Officer Richard L. Gelfond stated, "We are very pleased with our second quarter financial results. The strategic and operational groundwork laid over the last two years came together in the second quarter and resulted in a significantly larger theatre network and strong film slate, which drove our return to profitability. While one quarter does not make a trend, we believe this quarter is an early indication of the benefits of our new business model and that the pieces are in place to continue to deliver revenue growth and profitability for fiscal 2009."

Included in the Company's second quarter 2009 financial results are several notable items, including a $3.4 million increase in share-based compensation expense primarily due to the Company's increased stock price over the course of the second quarter and its impact on variable stock-based compensation such as stock appreciation rights; $1.0 million in fees associated with the early termination of a service contract; a favorable foreign exchange translation adjustment of $2.5 million; and a one-time gain of $0.4 million due to the early retirement of debt. The net impact of these items was a $1.5 million reduction in net income, or approximately $0.03 per diluted share.

IMAX systems revenue increased 33% to $8.3 million versus $6.3 million in the prior year period. The Company installed and recognized revenue on five theatre systems, including two digital upgrades, that qualified as either sales or sales-type leases in the second quarter of 2009, compared to two theatre systems recognized in 2008.

Revenue from joint revenue sharing arrangements increased significantly to $7.2 million compared to $0.4 million last year. In the second quarter, the Company installed a total of 24 systems under joint revenue sharing arrangements, including two digital upgrades, compared to zero installations in the year ago period.

For the second quarter of 2009, total film revenue increased 145% to $16.1 million, compared to $6.6 million in the second quarter of 2008. This included significantly higher Production and IMAX DMR(r) revenues of $12.1 million compared to $2.5 million a year ago, reflecting both the success of the second quarter film slate and the Company's larger theatre network.

Mr. Gelfond continued, "DMR film revenue and our joint revenue sharing business combined to represent 47% of revenue in the second quarter. We showed a record four DMR titles in a single quarter which illustrates our ability to seize opportunities that digital projection brings. Our second quarter film slate was among the strongest we have had in a single quarter, and we continued to consistently drive box office results that far outpaced our percentage of screens, reflecting the consumer appetite for The IMAX Experience(r)."

Gross box office from DMR titles increased 346% to $84.2 million in the second quarter of 2009, compared to $18.9 million in the second quarter of 2008. Four DMR titles drove the Company's significant box office growth in the quarter. DreamWorks Animation SKG's Monsters vs. Aliens: An IMAX 3D Experience, generated $19.8 million in gross box office during the second quarter and a total of $26.5 million over the course of its run, for a per screen average of $129,000. Paramount Pictures' Star Trek: The IMAX Experience was released to the IMAX network on May 7 and generated $26.6 million in gross box office during the quarter, for a per screen average of $140,000. On May 22, Twentieth Century Fox's Night at The Museum: Battle of the Smithsonian: The IMAX Experience arrived in theatres and generated $15.5 million in gross box office, for a per screen average of approximately $79,000. In addition, the quarter reflected one week of Paramount Pictures' Transformers: Revenge of the Fallen: The IMAX Experience, which generated $21.9 million in gross box office during the second quarter and $43.3 million to date, for a global per screen average of $189,000 and a domestic per screen average of $195,500. Transformers: Revenge of the Fallen ranks as the third highest grossing DMR title in IMAX history, behind The Dark Knight: The IMAX Experience and Polar Express: An IMAX 3D Experience.

Second quarter gross margin increased to $20.7 million, from $5.9 million in the year-ago period. Included in gross margin for the second quarter was $1.5 million of non-recurring launch costs associated with the 22 new theatres opened under joint revenue sharing arrangements during the quarter.

Selling, general and administrative expense as a percentage of revenue declined significantly to 29.9% as compared to 53.1% in the second quarter of last year. Overall, SG&A expenses increased to $12.3 million in the second quarter compared to $11.3 million a year ago. Reflected in second quarter SG&A expense was the previously mentioned net increase in share-based compensation, contract termination fees and favorable foreign exchange translation adjustment, as well as lower operating expenses resulting from the Company's cost-cutting initiatives. Research and development costs decreased to $1.2 million in the second quarter of 2009 as compared to $2.0 million in the second quarter of 2008. Last year's research and development expenses reflected the costs associated with the development of the Company's digital projection system that launched in July 2008.

At the end of the quarter, 102 digital systems were in operation, compared to zero as of June 30, 2008. The number of IMAX theatres in operation under joint revenue sharing arrangements also grew significantly, to 91 theaters, compared to 11 at the end of the year-ago period. Primarily reflecting an increased level of digital system upgrades, the Company now expects to install approximately 95 to 105 systems in 2009, including 25 to 30 sales and sales type lease systems and approximately 70 to 75 joint revenue sharing theatre systems. Included in the installation guidance are the 12 system upgrades which occurred in the first six months of the year. At this time, the Company expects to end the year with approximately 120 joint revenue sharing theaters in operation.

As of June 30, 2009, the Company's backlog consisted of 171 theatre systems compared to 246 theatre systems in backlog as of June 30, 2008. Included in the 2009 and 2008 system backlog totals were 67 and 139 theatres, respectively, under joint revenue sharing arrangements and 104 and 107 theatres, respectively, under sales and sales-type lease arrangements. During the quarter the Company signed contracts for seven new systems, all of which were under sales and sales-type lease arrangements, compared to six system signings during last year's second quarter, four of which were under joint revenue sharing arrangements. Since quarter-end the Company has signed contracts for another eight theatres, including a six theatre deal signed with Vie Show Cinemas in Taiwan, which was announced last week.

At the end of the second quarter, the Company's cash position was $49.0 million, compared to $27.0 million as of December 31, 2008. During the second quarter, the Company raised $76.3 million in net proceeds through a common stock offering of 11,270,000 common shares. A portion of the proceeds was used to repurchase $44.3 million aggregate principal amount of its 9.625% Senior Notes due December 2010 which resulted in a one-time gain of $0.4 million due to the early retirement of debt. Offsetting the Company's cash position were investments related to its joint revenue sharing digital projection systems, which amounted to approximately $5.7 million in the second quarter compared to $3.6 million a year ago. Subsequent to quarter-end, the Company repurchased an additional $6.0 million of aggregate principal amount of its 9.625% Senior Notes.

Turning to the remainder of the 2009 film slate, the two-week delayed domestic release of Warner Bros.' Harry Potter and the Half-Blood Prince: An IMAX 3D Experience is currently in theatres, and has generated approximately $15.0 million in worldwide box office through Tuesday, August 4. Domestically, the film was widely distributed to IMAX theatres on July 29 and has generated approximately $6.3 million through Tuesday. On September 18, Sony Pictures and IMAX plan to release Cloudy With A Chance of Meatballs: An IMAX 3D Experience day-and-date to IMAX theatres. On October 16, Warner Bros. Pictures and IMAX will release Where the Wild Things Are: The IMAX Experience day-and-date purely to domestic IMAX theatres, which will then be followed by 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). In total the Company will show a record 12 DMR titles in 2009.

The Company's announced 2010 film slate to date includes Avatar: An IMAX 3D Experience, which is expected to carry over from its December 18, 2009 release, Disney's Alice in Wonderland: An IMAX 3D Experience (March 2010), DreamWorks Animation's How to Train Your Dragon: An IMAX 3D Experience (March 2010) and Shrek Forever After: An IMAX 3D Experience (May 2010), and an IMAX original film in partnership with Warner Brothers, currently titled Hubble 3D. The Company is in the process of finalizing its 2010 release slate and is in discussions regarding potential titles for release as far out as 2012.

Mr. Gelfond concluded, "Harry Potter and the Half-Blood Prince: The IMAX 3D Experience, is tracking in-line with our expectations and we are pleased to have finalized our 2009 film slate with Cloudy With A Chance of Meatballs and Where the Wild Things Are. With the compilation of our 2010 slate progressing very nicely, and given the smooth roll-out of our digital projection systems to date, we can focus on additional strategic priorities like the continued growth of the network and other business opportunities such as our multi-picture deal with Huayi Bros. in China. Our business model is beginning to generate tangible results, and we are optimistic about our ability to deliver growth over the long-term."

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Meyer Sound has announced the newest member of the Cinema Experience line, the AcheronTM Studio, which brings the low distortion and transparency of the Acheron 80 screen channel loudspeaker to a smaller package. Designed for use behind a perforated screen or for direct monitoring, the THX-approved Acheron Studio is a perfect choice for small cinemas, post-production, and private theatres. Soundtracks monitored on the Acheron Studio translate accurately into larger cinema systems, making the loudspeaker an equally ideal fit for re-recording rooms, sound design rooms, and music studio control rooms.

"Today's cinema theatres range from a 6,000-seat theater to a 16-screen multiplex to a private screening room, but the important role that the soundtrack plays in the film experience remains the same in any venue," says John Meyer, co-founder and CEO of Meyer Sound. "With technology like the space-friendly Acheron Studio loudspeaker, we can reproduce the information in a soundtrack with a remarkable degree of resolution to match today's high-definition picture, meaning any punch and delicate nuance created in the sound design room or re-recording stage will be accurately delivered to the audience."

The Acheron Studio boasts an impressive power-to-size ratio, with a maximum peak level of 134 dB SPL at one meter. Designed to help maintain a full LCR screen perspective in all seats, the Acheron Studio uses the same horn technology (patent pending) developed for the Acheron 80, and has an extremely well behaved 80-degree horizontal by 50-degree vertical coverage pattern with a soft off-axis roll-off.

The horn in the Acheron Studio is fixed within the enclosure to ensure an accurate acoustic crossover, phase response, and an incredibly consistent vertical pattern between the low and high frequencies. Bass power comes from a new 15-inch low-frequency driver optimized for the compact enclosure. The 580 Hz crossover point places most of the dialog in the horn, making it an ideal choice for cinema applications. The self-powered Acheron Studio features a convection-cooled amplifier with an impressive signal-to-noise ratio of more than 100 dB to provide the extremely low noise floor required in a studio environment. In addition, it is a plug-and-play system and allows for easy setup and installation.

All components in the Acheron Studio are designed and manufactured at Meyer Sound's headquarters in Berkeley, Calif., where an Acheron Studio system is installed in the company's award-winning Pearson Theatre for movie playback. Meyer Sound Cinema Experience products are installed in Bay Area's Skywalker Sound, ImageMovers Digital, and American Zoetrope, as well as USC School of Cinematic Arts and Atkinson Hall at University of California, San Diego. For more information on the Acheron Studio and the entire Meyer Sound Cinema Experience product line, please send an email to, or click here.

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MORRISTOWN, NJ - Cinedigm Digital Cinema Corp. (NASDAQ: CIDM) (formerly AccessIT), the leader in the digital cinema industry, today announced Emagine Entertainment, Inc. ("Emagine"), a Michigan-based cinema chain, will participate in Cinedigm's Phase 2 digital cinema deployment program and will be the first exhibitor to do so through self-financing. Emagine is one of Cinedigm's first Phase 1 deployment program exhibitor partners and has been utilizing their networked digital cinema systems since late 2005.

In Phase 2, Cinedigm will provide networked digital cinema systems, including Christie DLP Cinema projectors, to the ten screens at Emagine's new Woodhaven, Michigan location. Christie Managed Services will be providing the long-term service agreement for this theatre. Under this new agreement, Emagine will become a senior lender to Cinedigm's Phase 2 deployment subsidiary. Cinedigm's subsidiary will make regular payments to Emagine based on an agreed-upon schedule similar to those of other long-term lenders.

"We've had great success with Cinedigm's digital cinema systems. Their technology has enabled us to bring unique, cutting-edge programming to our customers. Events like the live 3-D showings of the BCS and NBA games help set Emagine apart from competitors and is the reason we want to expand our relationship with Cinedigm to our new location," said Paul Glantz, founder of Emagine. "We're pleased that Cinedigm has worked with us to create this self-financing option which enables us to invest further in a business that is revolutionizing the movie-going experience."

"Emagine is breaking new ground with us, creating an innovative financing template for Cinedigm's rollout. This trend of self-funding by theatre owners is important given the ongoing growth of the theatre industry and the current lack of financing from traditional channels. We are confident that with the help of partners like Emagine, our Phase 2 deployment will continue to progress as planned," said Bud Mayo, chairman and CEO of Cinedigm.

"Cinedigm is pleased that our first exhibitor from our Phase 1 deployment has engaged us for Phase 2. We have valued our relationship with Emagine over the years and look forward to adding their new location to the growing number of screens contracted to our Phase 2 program for up to 10,000 digital cinema projection systems," said Chuck Goldwater, president of Cinedigm's Media Services Group.

Cinedigm's Digital Cinema division is the industry-leading deployment program for Digital Cinema that provides the funding, installation support and administration for the company's studio-supported Digital Cinema rollout plans.

To date, Cinedigm has contracted for and completed the rollout of nearly 4,000 systems in forty-one states with exhibitors including Atlas Theatres, Allen Theatres, Carmike Cinemas, Celebration! Cinema, Cinema West, Cinetopia, Dickinson Theatres, Emagine, Galaxy Cinema, Marquee Cinemas, Krikorian Premiere Theatres, MJR Theatres, Neighborhood Cinema Group, Premiere Cinema Corp., Rave Motion Picture Theatres, Showplace Cinemas, UltraStar, and Cinedigm's own Pavilion Digital Showcase Theatre.

Its Phase 2 plan for up to an additional 10,000 screens will provide networked, turnkey Digital Cinema systems in conformance with DCI specifications.

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San Francisco-Dolby Laboratories, Inc. (NYSE: DLB) today announced that Dolby 3D is the official 3D solution used to present content from major Hollywood studios at Comic-Con International 2009. On July 23 and 24, 2009, in hall H at the San Diego Conference Center, Comic-Con 2009 participants will be able to experience the premium quality of Dolby 3D on one 55-foot main screen and three 25-foot screens distributed throughout the hall.

Comic-Con audience members will experience the latest in cutting-edge digital 3D with Dolby 3D's unique full-spectrum color-filter technology that provides realistic color reproduction and extremely sharp images. Dolby 3D ensures that attendees will enjoy a rich, compelling 3D experience from any seat in the 6,500 seat auditorium. The Dolby 3D solution uses environmentally friendly 3D glasses that can be reused-in contrast to the waste associated with disposable glasses.

In addition to 20th Century Fox, 3D content from Columbia Pictures, Sony Pictures Animation, New Line Cinema, Walt Disney Pictures, Disney/Pixar, and Walt Disney Animation Studios will be seen in Dolby 3D by over 10,000 Comic-Con attendees throughout the two days.

"We are pleased that Dolby 3D is the official 3D solution for Comic-Con 2009," said, Page Haun, Senior Director of Cinema Marketing, Dolby Laboratories. "I know the Comic-Con audience will be amazed by the stunning lineup of Hollywood content to be presented in Dolby 3D."

Scheduled screenings in Dolby 3D (schedule subject to change) include:
Thursday, July 23, 2009 (hall H)
• 11:00 a.m.-12:30 p.m.: Walt Disney Pictures presents previously unseen Disney Digital 3D footage from its upcoming movie releases, including A Christmas Carol, Alice in Wonderland, and Tron.
• 12:45 p.m.-1:30 p.m.: Columbia Pictures and Sony Pictures Animation deliver a first look at Cloudy with a Chance of Meatballs, which will be followed by legendary director Joe Dante's (Gremlins and Gremlins 2: The New Batch, Innerspace, Explorers, The Howling) 3D thriller The Hole. In addition, a sneak peek of New Line Cinema's visceral 3D thrill-ride horror film The Final Destination will be shown.
• 3:00 p.m.-4:15 p.m.: 20th Century Fox and James Cameron present Avatar in this first public screening of footage in 3D from the much-anticipated action/adventure/fantasy film that was four years in the making.
Friday, July 24, 2009 (hall H)
• 12:45 p.m.-2:15 p.m.: Walt Disney Pictures, Disney/Pixar, and Walt Disney Animation Studios present a director panel with previously unseen footage from its upcoming animated slate, including Toy Story and Toy Story 2 (double feature), Beauty and the Beast, Toy Story 3, Prep and Landing, The Princess and the Frog, and Ponyo.
To find a cinema with Dolby 3D near you, click here.

For official Comic-Con International schedules and information, click here.

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New York and Centennial, Colo. - The Metropolitan Opera and NCM
Fathom will present two special summer encores pre-recorded from the first season of the Peabody Award-winning The Met: Live in HD series including Rossini's Il Barbiere di Siviglia (Barber of Seville) on Wednesday, July 29th followed by Mozart's The Magic Flute on Wednesday, August 5th at 7:00 p.m. local time in 275 select movie theaters nationwide.

Tickets for The Met: Live in HD summer encores are now available here or at participating theater box offices. More information about the summer encores is available here. One of the most beloved operatic comedies of all time, Il Barbiere di Siviglia was an instant audience favorite at its first showing as part of The Met: Live in HD series in March 2007. Returning to select theaters on Wednesday, July 29th, Il Barbiere di Siviglia cast includes Peruvian tenor Juan Diego Flórez as Count Almaviva, American mezzosoprano Joyce DiDonato as Rosina and Swedish baritone Peter Mattei in the title role of the swaggering barber. Il Barbiere di Siviglia is directed by Tony Award winner Bartlett Sher and conducted by Maurizio Benini.

Mozart's masterpiece The Magic Flute is presented on August 5th in an abridged, English-language version created especially for families. The production takes
audiences to a magical world of dancing bears, giant birds, and colorful adventure in
Mozart's ever-popular masterpiece on August 5th. This performance was originally
presented in December 2006 as the inaugural transmission of The Met: Live in HD series.

Directed by Tony Award winner Julie Taymor (The Lion King) and conducted by Metropolitan Opera Music Director James Levine, the dynamic cast includes Ying
Huang as Pamina, Matthew Polenzani as Tamino and Nathan Gunn the bird catcher

Originally broadcast to a limited number of movie theaters in the U.S., and
internationally in the inaugural 2006-2007 season of The Met: Live in HD series, Il Barbiere di Siviglia and The Magic Flute will each be rebroadcast one night only in 275 select AMC Entertainment Inc., Celebration! Cinema, Cobb Theatres, Goodrich Quality Theaters, Georgia Theater Company, Hollywood Theaters, Kerasotes Showplace Theatres, Malco Theatres, National Amusements and Regal Entertainment Group movie theaters, as well as El Raton Theatre (Raton, NM), Hollywood 14 (Asheville, NC), Palace Cinema 9 (South Burlington, VT) and Penn Cinema (Lititz, PA), through NCM's exclusive Digital Broadcast Network.

The Met: Live in HD series has featured a total of 24 live operas and one live Gala during its three season-run. The 2008-09 season was the biggest yet with 11 LIVE, high-definition opera transmissions including the Met's Opening Night Gala starring Renée Fleming, Lucia Di Lammermoor and Madama Butterfly. The first Met: Live in HD opera, The Magic Flute, was seen in 56 theaters in December 2006. Fathom has since expanded its participating theater footprint which now reaches nearly 500 movie theaters in the United States.

The Met: Live in HD series was recently honored with a prestigious Peabody Award for its "vividly designed, smartly annotated productions of Hansel and Gretel, Dr. Atomic, Peter Grimes and other operas," and the use of "state-of-the-art digital technology to reinvent the presentation of a classic art form." In addition, the Met won a special Emmy Award in January 2009 for "advancing technology through ongoing, live, global transmission of high-definition programming to movie theaters."

The Met: Live in HD is expanding the appeal and reach of opera around the world and has been met with both critical and popular acclaim. Using robotic cameras and state-of-the-art technology, The Met: Live in HD captures the onstage action from striking angles and heightens attention to the narrative elements of both performance and production. The series offers behind-the-scenes features, live interviews with cast and crew, insightful short documentaries, and bird's-eye views of the productions, offering an unprecedented look at what goes into the staging of an opera. The Met: Live in HD is made possible by a generous grant from the Neubauer Family Foundation.

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