IMAX Corp (IMAX:NASDAQ)

IMAX Corporation announced that it has entered into a commitment letter with Wachovia Capital Finance Corporation pursuant to which Wachovia, with the participation of Export Development Canada, has committed to provide a four-year senior secured $75 million credit facility. Upon execution of definitive documents, the credit facility will consist of revolving loans of up to $40 million and a term loan of $35 million. Once completed, the company intends to use the new facility to finance its future growth and working capital requirements. The proposed credit facility matures on October 31, 2013 and will replace the company's previous $40 million credit facility which was to mature in October of 2010. As currently contemplated, borrowings under the credit facility will bear interest at variable rates based on LIBOR or Wachovia's prime rate plus variable margins at the Borrower's option, under which applicable interest rates currently range from 3.03% to 4.03% per annum. As previously announced on October 2, 2009, the company called $75 million of its senior notes for redemption on December 1, 2009. The company intends to redeem the remaining $29.4 million of its Senior Notes by year-end.

IMAX Corporation announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the company's total revenues increased 33% to $43.6 million, compared to total revenues of $32.9 million in the same period last year. The company generated operating income of $4.7 million during the third quarter, a 93% increase compared to operating income of $2.4 million in the year-ago period. The company reported net income of $1.1 million or $0.02 basic and diluted per share. The company's third quarter net income results included a year-over-year increase of $3.4 million, or $0.06 per diluted share, in share-based compensation expense primarily due to the company's increased stock price over the course of the quarter. For the third quarter of 2008, the company reported a net loss of $2.1 million, or $0.05 per diluted share. Income from continuing operations before income taxes was $1.3 million compared to loss from continuing operations before income taxes was $1.9 million for the same period last year. Income from continuing operations was $1.0 million or $0.02 basic and diluted per share compared to loss from continuing operations of $2.1 million or $0.05 basic and diluted per share for the same period last year. For the nine-months ended September 30, 2009, the company reported net income of $1.0 million or $0.02 basic and diluted per share. The company's nine month net income results include a year-over-year increase of $6.5 million, or $0.13 per diluted share, in share-based compensation expense primarily due to the company's increased stock price over the course of the nine-month period. For the nine months ended September 30, 2008, the company reported a net loss of $24.6 million, or $0.58 basic and diluted per share. The company's total revenue increased 54% to $117.7 million compared to $76.4 million for the year-ago period. The company's operating income increased to $13.3 million a $24.2 million turn around compared to an operating loss of $10.9 million in the same period last year. Income from continuing operations before income taxes was $1.9 million compared to loss from continuing operations before income taxes was $23.9 million for the same period last year. Income from continuing operations was $1.06 million or $0.02 basic and diluted per share compared to loss from continuing operations of $24.7 million or $0.58 basic and diluted per share for the same period last year. The company looks forward to building on year-to-date success in the fourth quarter, continuing to expect full year profitability for 2009 and also the company expects that it is well-positioned to deliver increased earnings in 2010.

IMAX Corporation expected to Report Fiscal Year 2009 Results on March 8, 2010. This event was calculated by Capital IQ (Created on November 5, 2009).