TuesdayFiled under Asia News, Southeast Asia, Business & Politics, Entertainment, Movie News
IMAX Corporation(IMAX 15.95, -0.10, -0.62%) (CA:IMX 15.89, 0.00, 0.00%) and SM Prime Holdings, the largest mall operator and exhibitor in the Philippines, today announced an agreement to install five digital IMAX projection systems at SM shopping malls in the cities of Las Piñas City, Fort Bonifacio, Davao City, Angeles City and Manila. The deal follows the market-leading success of SM’s two existing IMAX(R) theatres in Manila and Quezon, with the operator’s first IMAX location in Manila ranking as the highest grossing screen in the country since it opened.
Under the terms of the parties’ agreement, three of the IMAX theatre systems are expected to be installed in 2011 and two in 2012. SM will also open another location under a previous agreement in the city of Cebu this month in time for the highly anticipated release of Inception. The new theatre deal brings the total number of IMAX system deals announced year-to-date to 89, which compares to 35 system signings in all of 2009.
“The tremendous success of our first two IMAX theatres demonstrates how consumers in the Philippines love The IMAX Experience(R), and based on this success, the next logical step for our business is to add more locations,” said Mr. Hans Sy, President, SM Prime Holdings Inc. “The IMAX theatres serve as a great source of incremental revenue for our business, and we’re seeing a growing demand for the IMAX brand as more big Hollywood movies are released in the format.”
“SM Prime Holdings has been a fantastic partner for us in the Philippines, and they have done a great job of marketing The IMAX Experience to their patrons, which has contributed significantly to the strength of the brand in that market,” said IMAX’s Chief Executive Officer Richard L. Gelfond. “SM’s commitment to add five additional locations demonstrates how the success of our theatre business model is driving repeat business from our existing exhibition partners. We also believe that an endorsement from a prominent and successful IMAX operator will further stimulate exhibitor interest in the IMAX business in the Asia-Pacific region.”
Mr. Gelfond continued, “This deal also builds on the momentum of theatre systems signings activity and network growth that we have experienced since the beginning of the year. So far this year, we have more than doubled the total number of systems signings as compared to 2009 with many of these new locations scheduled to open in 2010 and 2011. This network expansion will have a positive impact on IMAX’s future revenues and earnings given the revenues from the sales of the systems and recurring revenues from joint revenue sharing theatres, theatre maintenance and box office royalties.”
The two existing IMAX theatres operated by SM in the Philippines have consistently posted market-leading box office performances. For the recent release of Toy Story 3, the two IMAX screens generated a per screen average that was more than seven times the national per screen average for the film. For Alice in Wonderland, the IMAX per screen average was more than ten times the national average.
About SM Prime Holdings
The SM Group was founded in 1958 by Henry Sy, Sr. and is now the largest mall operator in the Philippines. The Mall of Asia is the SM Group’s 24th mall out of 30, and it is the largest and finest to date.
Opened in the first quarter of 2006, the mall brings to the Philippines a new standard of shopping and entertainment. With over 380,000 square meters of gross floor area, it includes such attractions as an Olympic-size skating rink, nine 35-mm theatres, a large live theatre and the biggest array of retail, dining and entertainment options ever assembled under one roof in the Philippines.
About IMAX Corporation
IMAX Corporation is one of the world’s leading entertainment technology companies, specializing in immersive motion picture technologies. The worldwide IMAX network is among the most important and successful theatrical distribution platforms for major event Hollywood films around the globe, with IMAX theatres delivering the world’s best cinematic presentations using proprietary IMAX, IMAX(R) 3D, and IMAX DMR(R) technology. IMAX DMR is the Company’s groundbreaking digital re-mastering technology that allows it to digitally transform virtually any conventional motion picture into the unparalleled image and sound quality of The IMAX Experience. The IMAX brand is recognized throughout the world for extraordinary and immersive entertainment experiences for consumers. As of March 31, 2010, there were 438 IMAX theatres (316 commercial, 122 institutional) operating in 47 countries.
IMAX(R), IMAX(R) 3D, IMAX DMR(R), An IMAX 3D Experience(R) and The IMAX Experience(R) are trademarks of IMAX Corporation. More information about the Company can be found atwww.imax.com. You may also connect with IMAX on Facebook (www.facebook.com/imax), Twitter (www.twitter.com/imaxnews) and YouTube (www.youtube.com/imaxmovies).
The IMAX Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6469
This press release contains forward looking statements that are based on management’s assumptions and existing information and involve certain risks and uncertainties which could cause actual results to differ materially from future results expressed or implied by such forward looking statements. Important factors that could affect these statements include ongoing discussions with the SEC and OSC relating to their ongoing inquiries and the Company’s accounting, the performance of films, the signing of theatre system agreements, the viability of new technologies, businesses and products, the timing of theatre system deliveries, the mix of theatre systems shipped, the timing of the recognition of revenues and expenses on film production and distribution agreements, risks arising from potential material weaknesses in internal control over financial reporting and fluctuations in foreign currency and in the large format, general commercial exhibition and out-of-home entertainment markets. These factors and other risks and uncertainties are discussed in the Company’s most recent Annual Report on Form 10-K and most recent Quarterly Reports on Form 10-Q.
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