March 12, 2009 / 12:05 PM / 9 years ago

UPDATE 1-Imax posts smaller loss, sees 2009 profit

*Sees return to profit in 2009 (In U.S. dollars unless noted)

OTTAWA, March 12 (Reuters) - Giant-screen movie theater company Imax Corp IMX.TO IMAX.O reported a smaller quarterly loss on Thursday and said it expected to return to profitability in 2009 based on its slate of films and growing network of revenue-sharing theaters.

Imax, which has been making a transition to digital technology in recent months, said it lost $9 million, or 21 cents a share, in the three months ended Dec 31. That compares with a loss of $10.1 million, or 25 cents a share, a year earlier.

Revenue fell to $28.1 million from $32.3 million a year before, Imax said.

“The key drivers of our business — our digital technology, our growing base of joint revenue sharing theaters and our robust movie slate — should deliver strong revenue growth and return us to profitability in 2009,” said co-Chief Executives Richard Gelfond and Bradley Wechsler in a statement. ($1=$1.29 Canadian) (Reporting by Susan Taylor)

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