'Spiderwick,' 'Shine a Light' see low grosses

Canuck giant-screen company Imax Corp. more than doubled its first quarter losses to C$10.3 million ($10.3 million) compared to a year earlier due to disappointing box office results and higher expenses.

The Toronto-based company reported revenue of $23.4 million for the quarter ended March 31, down from $26.7 million last year.

The company had a big hit in the first quarter last year with “300.” This year “The Spiderwick Chronicles” grossed $6.8 million while Rolling Stones documentary “Shine a Light” has grossed $3.9 million so far.

Imax co-CEOs Richard Gelfond and Bradley Wechsler described this as a transitional period, as the company moves toward digital projection, backed by a credit line from Wachovia Capital Finance Corp. Imax inked deals for 66 Imax theater systems in the quarter, compared to 13 at the same time last year.

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