April 28, 2011 / 12:07 PM / 7 years ago

CORRECTED-UPDATE 1-Imax posts Q1 loss; expands credit facility

(Corrects revenue figures and also says revenue fell not rose in third paragraph) (Follows alerts)

April 28 (Reuters) - Canadian big-screen movie company Imax Corp posted a first-quarter loss, hurt mainly by lower box office collections on a lack of blockbuster films.

The Toronto-based company posted a loss of $1 million, or 2 cents a share — its first after seven quarter. It had posted a profit of $26.5 million, or 42 cents a share, a year ago on the back the release of “Avatar.”

Revenue in the quarter fell to $45.2 million from $72.8 million.

Excluding one-time items, earnings fell to $2.5 million, or 4 cents a share, from $35.3 million, or 53 cents a share.

That compared to an average expectation among 16 analysts polled by Reuters for earnings of 11 cents a share on revenue of $50.5 million.

The company also said it would expand its senior secured credit facility to up to $110 million, replacing its previous $75 million facility.

Shares of the company closed at C$30.76 on the Toronto Stock Exchange and at $32.3 on the New York Stock Exchange on Wednesday. (Reporting by Maneesha Tiwari in Bangalore; Editing by Joyjeet Das)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below