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July 26, 2017—IMAX Corporation today reported second-quarter 2017 revenue of $87.8 million and a net loss attributable to common shareholders of $1.7 million, or $0.03 per diluted share. "We continue to focus our efforts on driving operating leverage and increasing the profitability of our Company," said Gelfond. "While growing the network is the most powerful factor in earnings growth long-term, we are also implementing strategies aimed at increasing the revenue productivity of our current network, while also reducing our cost structure. On the expense side, we streamlined our cost structure, shaving $20 million in annualized costs, which increases profitability and enables us to scale more efficiently. We are also identifying means to increase the revenue productivity of our theaters. For example, we are working with our exhibitor partners to reseat a number of our theaters with new, premium seats. On the film side, we are aiming to play more 2D-version of films domestically, given the clear preference from consumers for 2D, particularly in North America. We also intend to shorten the length of play that we allot many films, which helps keep the content on screen fresh." Gelfond concluded, "We believe our focus on network growth, coupled with strategies to increase our revenue productivity while also reducing our cost structure, should facilitate meaningful value creation long-term."
July 24, 2017—The Smithsonian's National Museum of Natural History wants to replace the Samuel C. Johnson IMAX Theater with an expanded cafeteria. A group of prominent giant screen industry veterans has started a petition to save this iconic theater: http://www.saveourimax.org/
July 5, 2017—We're so very sorry to share that legendary, Oscar-nominated director/producer George Casey has died. Mr. Casey’s films include Africa: The Serengeti, Alaska: Spirit of the Wild, Amazing Journeys, Eruption of Mount St. Helens, The Great Barrier Reef, Ring of Fire, Darwin on the Galapagos, and Genesis. Our deepest sympathies to his family, friends, and colleagues. Mr. Casey's memorial service will be held at the First United Methodist Church of San Diego, located in Mission Valley, on July 17, at 4pm. Read his full obituary here.
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