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TECH STOCKS: Imax Rally Leads Tech In Year-end Trading Date : 12/31/2010 @ 4:25PM
Source : Dow Jones News
Stock : Imax Corp. (IMAX)
Quote : 28.07 1.21 (4.50%) @ 3:50PM


TECH STOCKS: Imax Rally Leads Tech In Year-end Trading Imax (MM) (NASDAQ:IMAX)
Intraday Stock Chart
Today : Saturday 1 January 2011
By Shawn Langlois, MarketWatch

SAN FRANCISCO (MarketWatch) -- Technology stocks edged lower in the final trading session of the year on Friday but the Nasdaq Composite Index still ended 2010 near its highest level in three years.

The Nasdaq (RIXF) finished down less than 1% at 2,653 points, off its peak of 2,675 earlier this month. The benchmark closed 2009 at 2,269 points and dropped as low as 2,061 in July before mounting its recovery along with the rest of the U.S. equity market.

As Friday's session, shares of big-screen cinema chain Imax Corp. (IMAX) were the most actively traded, surging 5% to close at $28.07 on reports Sony Corp. (SNE) and Walt Disney (DIS) may be interested in bidding for the company. (Good Luck To Sony and /or Disney to pull that off)....................................... IMAX shares have more than doubled this year. Elsewhere, it was a mostly quiet day for the regular cast of high-tech notables, with the likes of Microsoft Corp. (MSFT), Cisco Systems (CSCO), Google Inc. (GOOG) and Apple Inc. (AAPL) all hovering near breakeven.

Apple, the most heavily-weighted of the Nasdaq's near 2,700 components, has notched a 53% surge so far this year, thanks in part to the success of its IPad table computer.

Google, which has evolved into one of Apple's staunchest competitors on the browser and mobile phone operating systems fronts, actually saw its share price dip more than 4% despite glowing headlines.

Among software rivals, Microsoft is down more than 8% in 2010 while Oracle Corp.(ORCL), with its appetite for high-profile acquisitions, has enjoyed a 28% gain year-to-date.

Separately, NetFlix, Inc. (NFLX) shares drifted 2.3% lower during Friday's session, but that didn't take away from their spectacular rally this year. Riding strong growth in its steaming movie and TV business, the stock is up 219% in 2010 with international expansion key to further growth in coming years.

www.imax.com/corporate/investors/ HIGHLIGHTS , Oct 28, 2010 (GlobeNewswire via COMTEX) -- Third Quarter 2010 Adjusted Earnings Per Diluted Share Increased 128% to $0.15; Nine Month 2010 Adjusted Earnings Per Share Increased 442% to $0.81 -- Company Reports Record Third Quarter Revenues of $51.1 million -- 100 Theatre System Signings in Quarter Leads to Increased Network Growth Outlook

TORONTO, Oct. 28, 2010 (GLOBE NEWSWIRE) -- IMAX Corporation (Nasdaq:IMAX) (TSX:IMX) today reported that adjusted net income, which excludes the impact of the change in the value of the Company's variable stock compensation, increased 151% to $9.8 million, or $0.15 per diluted share, in the third quarter of 2010, compared to adjusted net income of $3.9 million, or $0.06 per diluted share, on the same basis in the third quarter of 2009. Total revenue for the third quarter 2010 increased 17% to $51.1 million, compared to $43.5 million in the third quarter of 2009. Reported net income for the third quarter 2010 increased to $6.7 million, or $0.10 per diluted share, from $1.1 million or $0.02 per diluted share in last year's third quarter.

"We are very pleased with our third quarter financial results, which exceeded our expectations and demonstrated the operating leverage that can come with our growing theatre network and a diversified film slate," said IMAX Chief Executive Officer Richard L. Gelfond. "Today, our Company is uniquely positioned at the intersection of the entertainment industry, innovation, and the digital age, which have come together to reinvent the IMAX business in many important ways. We believe the combination of continued consumer enthusiasm for the IMAX brand worldwide, increasing demand from our exhibitor partners and film commitments from studios as far out as 2013 is setting the stage for long-term growth."

For the nine month period ended September 30, 2010, adjusted net income, as defined above, increased to $53.5 million, or $0.81 per diluted share, compared to adjusted net income of $7.6 million, or $0.15 per share on the same basis last year. Total revenues increased 53% to $179.5 million for the nine month period ended September 30, 2010, compared to $117.0 million for the same period last year. Reported net income for the nine month period increased to $46.6 million, or $0.70 per diluted share, compared to $1.0 million, or $0.02 per share in the same period in 2009. For a reconciliation of adjusted net income to reported net income, please see the end of this press release. Adjusted EBITDA (as defined by the Company's credit facility) increased to $17.3 million and $96.5 million for the third quarter 2010 and last twelve months ended September 30, 2010, respectively, from $13.5 million and $40.3 million for the third quarter 2009 and last twelve months ended September 30, 2009, respectively. For a reconciliation to adjusted EBITDA, please see the tables at the end of this press release.

SC.