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 Anonymous posted on Thursday, July 13, 2000 - 01:24 pm
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Imax Corporation Hires Financial Advisors to
Evaluate Strategic Alternatives Including the
Potential Sale of the Company
07/13 06:14
TORONTO, July 13 /PRNewswire/ -- Imax Corporation (Nasdaq: IMAX) (Toronto:IMAX today announced that, consistent with its Board of Directors' and Senior Management's priority and its commitment to realizing enhanced value for all Imax shareholders, it has retained Goldman, Sachs & Co. and Wasserstein, Perella & Co. as financial advisors to assist in the evaluation of potential strategic alternatives that may be available to the Company. Accordingly, the Company's financial
advisors have been authorized to explore among other things the sale or merger of the Company.
Imax co-CEOs Richard L. Gelfond and Bradley J. Wechsler stated,"Imax has made tremendous strides in the last few years on several strategic initiatives including establishing the IMAX® theatre network as a release window for Hollywood films and securing a role in the digital future of entertainment. We believe that the future for Imax can be even brighter and that significant opportunities lie ahead."
Messrs. Gelfond and Wechsler continued, "Our priority is to maximize Imax's long-term business potential for the benefit of its shareholders,
employees, customers and the viewing public and we believe that this may be best accomplished by aligning ourselves with a larger entity. Our
decision is also consistent with the desire of Wasserstein Perella, our largest and one of our original shareholders, for additional liquidity in
connection with its investment in the Company. While there can be no assurance that any potential transaction that may arise will be more attractive than the Company's current path, we believe that it is in the Company's and its shareholders' best interests to undertake this effort."
Imax Corporation and its subsidiaries comprise one of the world's leading entertainment technology companies, with particular emphasis on film and digital imaging technologies including giant-screen images, 3D presentations, digital post-production and digital projection. There were
more than 210 IMAX theatres operating in 26 countries around the world as of March 31, 2000. Imax's subsidiaries include Digital Projection International, whose primary business is the design and manufacture of high-end digital image delivery devices, and Sonics Associates a designer and manufacturer of high-end sound systems. Imax
has forged strategic alliances and relationships with some of the most prominent corporations in the world including Famous Players Inc. (a
subsidiary of Viacom Inc.), America Online Inc. and Loews Cineplex Corp. Imax Corporation is a publicly traded company listed on both the
Nasdaq and Toronto stock exchanges. More information on the Company can be found at www.imax.com . |
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| Anonymous posted on Thursday, July 13, 2000 - 09:04 pm
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| Does anyone see a mouse here? |
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| Tom Wahl posted on Friday, July 14, 2000 - 08:46 am
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| A Mouse or a yellow box maybe |
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| Anonymous posted on Friday, July 14, 2000 - 09:07 am
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Sorry to be ignorant but which yellow box?
All I can think of is Crayola. |
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| Anonymous posted on Friday, July 14, 2000 - 09:40 am
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| I smell something...akin to a mouse. If ya catch my drift. |
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| Anonymous posted on Friday, July 14, 2000 - 05:27 pm
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| A yellow box what does Sunlight want with a large format company. |
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| Anonymous posted on Friday, July 14, 2000 - 07:51 pm
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| This is getting ridiculous. |
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| Anonymous posted on Saturday, July 15, 2000 - 03:56 pm
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| kodak is the yellow box |
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| Anonymous posted on Sunday, July 16, 2000 - 12:34 am
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| Viacom is in the hunt too. |
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| Anonymous posted on Wednesday, August 09, 2000 - 08:21 pm
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| What about Sony? |
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| Anonymous posted on Thursday, August 24, 2000 - 11:30 am
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NEW YORK (Variety) - Can a whole industry declare bankruptcy?
The down-at-the-heels exhibition business is doing its best. Privately held Edwards Theatres said Wednesday it filed for Chapter 11 bankruptcy protection. Carmike Cinemas did the same a few weeks ago, and Regal Cinemas, the nation's biggest chain, gave notice it may not be far behind. Meanwhile, United Artists is trying to hash out a deal with its bankers and bondholders in lieu of an outright bankruptcy filing.
Newport Beach, Calif.-based Edwards is one of the largest theater operators in the area and ranks 10th-largest nationwide. CEO W. James Edwards III said that "after reviewing the various alternatives available, we concluded that utilizing the Chapter 11 process to complete our restructuring is in the best long-term interests of the company." The bankruptcy filing gives Edwards breathing time to restructure its debt, reorganize its operations and strengthen its balance sheet. It also gives the company carte blanche to reject any leases, which means it can shut down older, loss-making theaters faster. In fact, Edwards closed four southern California locations Tuesday night, sources said, none of which had more than 10 screens.
Without those locations, Edwards has 70 theaters with 736 screens. Most locations are in southern California, primarily in Orange County. Four are in Idaho and three in Houston. Edwards owes its banking group, led by Bank of America, $215 million, plus some $36 million in trade debt owed mainly to vendors and studios, including Warner Bros., DreamWorks, 20th Century Fox, Universal and Buena Vista. Exhibitors have been hit by surging construction costs in a frenetic round of building over the past several years. Their new state-of-the-art megaplexes have been rapidly draining business from the older theaters, which lack stadium seating, movable armrests, cupholders and other expensive amenities. However, it is often hard for chains to get out of those leases.
James Edwards said the filing in U.S. Bankruptcy Court in Santa Ana, Calif., was voluntary and that operations will continue as before. Employees and vendors will be paid and the company "intends to seek court approval to honor policies regarding gift certificates, movie passes and other customer programs."
Meanwhile, Carmike Cinemas said Wednesday it will be late filing its financial report for the June quarter, citing "difficulties and issues related to appropriate disclosures and representations associated with the filing of the company's Chapter 11 proceedings." The New York Stock Exchange suspended trading in Carmike shares several weeks ago and is considering delisting the stock. |
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We're back where we were six years ago:
IMAX to explore strategic alternatives
Thursday March 9, 7:00 am ET
TORONTO, March 9 /PRNewswire-FirstCall/ - IMAX Corporation today announced that its Board of Directors has decided to begin a process to explore strategic alternatives to enhance shareholder value, including, but not limited to, the sale or merger of the business with another entity offering strategic opportunities for growth. The company has retained Allen & Company and UBS Investment Bank as financial advisors in this process.
"In order to fully realize the growth potential inherent in both the IMAX brand and the business we have built to date, we are evaluating strategic alternatives in order to expand our scale and maximize value for our shareholders. We have recently received several unsolicited inquiries, and believe this preliminary interest shows that there is awareness of the strength and attractive qualities of our business. We think this interest, coupled with our solid fiscal 2005 results and compelling growth opportunities, makes this an ideal time to explore our options," said IMAX Co-Chairmen and Co-Chief Executive Officers Richard L. Gelfond and Bradley J. Wechsler.
In making the announcement, IMAX stated that there can be no assurance that the exploration of strategic alternatives will result in a transaction. The Company does not currently intend to disclose developments with respect to the exploration of strategic alternatives unless and until its Board of Directors has approved a specific transaction.
About IMAX Corporation
Founded in 1967, IMAX Corporation is one of the world's leading entertainment technology companies and the newest distribution window for Hollywood films. IMAX delivers the world's best cinematic presentations using proprietary IMAX, IMAX® 3D, and IMAX DMR® technology. IMAX DMR (Digital Re-mastering) makes it possible for virtually any 35mm film to be transformed 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. As of December 31, 2005, there were 266 IMAX theatres operating in 38 countries.
IMAX®, IMAX® 3D, IMAX DMR®, IMAX® MPX®, and The IMAX Experience® are trademarks of IMAX Corporation. More information on the Company can be found at www.imax.com.
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 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, the performance of films, the viability of new businesses and products, fluctuations in foreign currency and conditions, changes and other developments in the large format and general commercial exhibition markets and broader entertainment industry. These factors and other risks and uncertainties are discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2004 and in the subsequent reports filed by the Company with the Securities and Exchange Commission including the Company's 10-K for the year ended December 31, 2005, scheduled to be filed on March 9, 2006. |
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| Dan Suomi posted on Thursday, March 09, 2006 - 09:09 am
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| Can you say Warner Brothers? |
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| No I can't. Warner is cutting costs across the board. This type of acquisition makes no sense for them, especially if they're trying to push digital distribution. They're better off distributing and enjoying the incremental revenue. More likely, a projector manufacturer (analog or digital) or an investment firm would purchase IMAX. |
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| Anonymous posted on Thursday, March 09, 2006 - 11:06 am
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I'd actually hope for it to be Disney this time around. There are rumors floating around about Apple buying Disney. Imagine Apple running Imax! It'd be a safe bet that Steve Jobs would throw Gelfond and Wechsler out on their asses.
My bet is that we'll see Imax merge with or be bought by Digital Projection, Inc. (again).
-- Runs with Splicers |
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| Anonymous posted on Thursday, March 09, 2006 - 11:14 am
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Yeah, I realize that before it was Imax that bought DPI (not the other way around)...I just meant that there will be a pairing once again. My $.02.
-- RwS |
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| Anonymous posted on Thursday, March 09, 2006 - 11:47 am
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| I wonder if the decision to dump some of the service team, Chuck Howell and Richard Conville, was part of a cost cutting exercise to reduce overheads prior to this announcement |
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| Anonymous posted on Thursday, March 09, 2006 - 11:51 am
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| Chuck Howell and Richard Conville are gone? How long ago did this happen? |
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| Anonymous posted on Thursday, March 09, 2006 - 12:03 pm
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I heard Imax let them go on March 2nd. Chuck's been there 20 years and really knew his s**t. I can't imagine why they'd be cutting the tech department AGAIN unless they are really hurting. Still paying for TWO CEOs though...hmmm.
-- RwS |
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| Anonymous posted on Thursday, March 09, 2006 - 01:07 pm
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| I find it very hard to beleve that Imax let Chuck Howell go. Is this just a big lie ? With all the aera he had to cover for the service. |
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| Anonymous posted on Thursday, March 09, 2006 - 01:10 pm
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| Not let him go. Kicked out! |
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| Anonymous posted on Thursday, March 09, 2006 - 01:25 pm
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Were these guys involved in MPX R&D?
It was mentioned today that Imax was moving their R&D $ from MPX to LF digital R&D. |
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| Anonymous posted on Thursday, March 09, 2006 - 01:38 pm
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They still have damn near 400 theatres to support...and they are decimating their tech division!
STOCKHOLDERS, ARE YOU PAYING ATTENTION!?
RwS |
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| Anonymous posted on Thursday, March 09, 2006 - 01:47 pm
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Forget stockholders.
THEATRES, are YOU paying attention? |
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| Anonymous posted on Thursday, March 09, 2006 - 03:04 pm
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Forget theatres.
CHIEF PROJECTIONISTS, are YOU paying attention?
Before long, we'll ALL be in the SPP - either by ourselves or with a 3rd party like Media Merge.
As for the MPX theatres, don't even get me started. |
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| Anonymous posted on Thursday, March 09, 2006 - 03:14 pm
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| Buying replacement parts at Radio Shack? lol |
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| Dan Suomi posted on Thursday, March 09, 2006 - 04:14 pm
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| Actually, Richard got fired for doing something stupid out in the field and no one knows why Chuck got it. I know this beacuse my tech had to deal with what Richard did. |
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| Anonymous posted on Thursday, March 09, 2006 - 04:22 pm
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Chuck had a tendency to "do the right thing" to make the customer happy, and that can tend to be expensive from time to time. That in turn can attract attention from the nickel and dime brigade who don't care about anything except about nickels and dimes. "Customers? Quality of shows? Who cares. Let's make some MONEY!" they say.
I hope that wasn't it, but it certainly might have been. I can see Chuck taking a stand on something like that. If it was, well done, Chuck! |
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I never met with Chuck personally... but when I was at Lincolnshire, he was a big help when it came to getting our pre-show unit repaired, so I can see where anon's comment from above is coming from.
As for the co-CEO thing, that's always been lame for a company as small as IMAX. The $1.25 million IMAX would save by going with one CEO would cover the salary of quite a few technicians per year, which would lead to better customer service and an increase in morale. |
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| Anonymous posted on Sunday, March 12, 2006 - 04:48 pm
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That got everyone to quiet down real quick!  |
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| James Hyder posted on Thursday, March 16, 2006 - 02:14 pm
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If anyone here is in touch with Chuck Howell, or if he checks this forum, I would like to talk with him. I can be reached via the contact information in my profile (click on my name at left).
Thanks. |
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| Anonymous posted on Saturday, March 18, 2006 - 11:01 am
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| I heard that Chuck wasn't doing all that upper management wanted him to do. They gave him more work than there are hours in a week and of course set him up for failure. Typical Imax policy. They seem to want to eliminate service as a cost cutting measure. |
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| Anonymous posted on Saturday, March 18, 2006 - 11:11 am
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| Has anyone else heard about the Imax techs getting into a union to protect themselves? It seems that Richard M.'s management of the service department leaves alot to be desired. |
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| Anonymous posted on Saturday, March 18, 2006 - 01:21 pm
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A union!?
Do the SPPs get a cut?
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| Anonymous posted on Saturday, March 18, 2006 - 05:11 pm
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I wouldn't lay the blame on Richard M just because Imax can't keep their shit together. He's not the one that makes the decisions about where cuts are made. Chuck's the man! I'm sure as hell gonna miss him! His dismissal only proves where their heads are...
It's clear that Imax is on it's way to eliminating it's entire tech division and will soon be relying on 3rd party service providers to step in (licensed, of course), so a union would seem moot, no?
RwS |
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| Anonymous posted on Monday, March 20, 2006 - 06:01 pm
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The purpose of the union would be to protect the jobs of the techs still there. Their lives are getting more stressful, both job and personal, and the company doesn't care. The company is reducing service quality by downsizing the service dept and hoping the techs leave on their own....
Richard M is just doing the dirty work for them, following orders to improve the bottom line at the expense of the customer.
There are good SPP techs and there are bad ones. The bad ones, I wouldn't let them change the batteries in my flashlight.... and Imax has no say on who gets hired for SPP and doesn't care if they are not technically proficient. They get a diploma as long as their theater pays the bill.
Rumor has it that it was Richard who told Chuck the news. |
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| Anonymous posted on Tuesday, March 21, 2006 - 07:14 pm
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| The SPP's are one reason to form a union. The Imax service jobs are being eliminated by the SPP's. The other reason is to protect them from the company's tactics and downsizing. |
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| Jim Kral posted on Friday, March 24, 2006 - 09:26 am
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After being in this industry since 1988 and one of the first SPP's to be trainded I've worked closely with most all the IMAX tech's and been to the plant many many times.
Anon 4:04 I disagree with your statments...Steve and Russ care a great deal about the SPP tech's skill level. In fact When I was in training they sent one person home because of lack of skills.
The SPP program is not for everyone it is a tuff course and not a cake walk. It's your responibility to maintain your skill level after you complete the course, plus IMAX offers on going training every 3 years or so.
I don't think a Union is the answer, I've spoke to a union boss before who wanted to take over our IMAX theater and he told me "you can go work in one of our 35mm theaters"
Remember the secret to hanging on to your job is maintaing a good relationship with your supervisor. If that becomes damaged or tarnished, you could be on your way out.
If anyone knows the exact story with Chuck please email me as this is all quite disturbing to me. |
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