May 12, 2008 / 12:17 PM / in 10 years

UPDATE 1-Imax quarterly loss widens as it shifts to digital

(Adds details. In U.S. dollars unless noted)

TORONTO, May 12 (Reuters) - Imax Corp IMX.TOIMAX.O reported a wider first-quarter loss on Monday, as the giant-screen movie theater firm said it was emerging from a “transitional” year.

Imax, which is shifting from film to digital, said it lost $10.3 million, or 25 cents per share, in the three months ended March 31. That’s more than twice its loss of $4.7 million, or 12 cents per share, in the same period a year earlier.

The Canadian company’s revenue fell more than 12 percent to $23.5 million. Revenue from both systems and film slipped.

Analysts had expected the company to lose 14 cents a share before one-time items on revenue of $25.4 million.

Imax repeated that it would launch a digital projection system in June, and that it expects “improved results in the fourth quarter of 2008 and profitability in 2009.”

It struck agreements for 66 theater systems in the quarter, up from 13 in the comparable period of 2007.

$1=$1.00 Canadian Reporting by Jonathan Spicer; Editing by Bernadette Baum

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