Venezuela has the largest proven oil reserves in the world. It was once so rich that Concorde used to fly from Caracas to Paris. But in the last three years its economy has collapsed. Hunger has gripped the nation for years. Now, it’s killing people and animals that are dying of starvation. The Venezuelan government knows, but won’t admit it!!! Four in five Venezuelans live in poverty. People queue for hours to buy food. Much of the time they go without. People are also dying from a lack of medicines. Inflation is at 82,766% and there are warnings it could exceed one million per cent by the end of this year. Venezuelans are trying to get out. The UN says 2.3 million people have fled the country - 7% of the population.

Friday, March 4, 2011

Industry News: Imax Earnings Up Sharply After Theater Build-Out...

The company sees earnings rise to $54.2 million against $4 million in 2009, on overall revenue at $69.1 million, compared to a year-earlier $54.2 million.
TORONTO – An expanding giant screen theatre network and 3D films helped Imax Corp post sharply higher fourth-quarter earnings and revenue.
Toronto-based Imax saw earnings for the three months to December 31 rise to $54.2 million, against $4 million in 2009, on overall revenue at $69.1 million, compared to a year-earlier $54.2 million.
Factoring in one-time items like stock compensation and a tax allowance reversal led Imax to post adjusted earnings of $14.3 million during the latest frame, against earnings of $12.9 million in 2009.
Fourth quarter systems revenue for Imax increased 67% to $32.9 million, after the big screen exhibitor installed 20 new theatre systems in latest quarter, against 10 new systems in the same period of 2009. Imax also installed seven digital upgrades, against six in the fourth quarter of 2009.
The supersized theater chain also pulled in higher rent, fees and finance income, including several sale and lease theaters whose box office in 2010 triggered higher box office overage fees.
Fourth quarter film revenue rose 19% to $18 million, while production and DMR revenues increased 9% to $13.1 million. And gross box office from digital media remastering titles (most of them Hollywood) was $101.9 million in the fourth quarter, compared to $101.0 million in the fourth quarter of 2009.
Imax is to hold an analyst call Thursday morning to discuss its latest results.

Thank you Hollywood Reporter

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