maintenance (the use of maintenance services related to its theater systems); and other activities, which include theater operations (owning equipment, operating, managing or participating in the revenues of IMAX theaters), the sale of after-market parts and camera rentals. IMAX Theater Systems, Theater System Maintenance and Joint Revenue Sharing Arrangements The company’s primary products are its theater systems. Its digital projection systems include a projector; a 6 or 12-channel, digital audio system delivering up to 12,000 watts of sound; a screen with a proprietary coating technology, and, if applicable, three-dimensional (3D) glasses cleaning equipment. The company’s digital projection system also operates without the need for analog film prints. Traditional IMAX film-based theater systems contain the same components as the digital projection systems but include a rolling loop 15/70-format projector and require the use of analog film prints. As part of the arrangement to sell or lease its theater systems, the company provides extensive advice on theater planning and design and supervision of installation services. Theater systems are also leased or sold with a license for the use of the world-famous IMAX brand. IMAX theater systems consist of various configurations, including IMAX digital systems, which are digital-based theater systems; IMAX GT projection systems, which are film-based theater systems for IMAX theaters; IMAX SR systems, which are film-based theater systems for smaller theaters than the IMAX GT systems; and theater systems featuring heavily curved and tilted screens that are used in dome-shaped theaters. The company has installed 18 laser-based digital theater systems and is expecting the roll-out of additional laser-based digital systems in 2016. The company designs and manufactures digital sound system components for applications, including traditional movie theaters, auditoriums and IMAX theaters. It holds patents on the geometrical design of IMAX theaters. The company’s arrangements for theater system equipment involve a sale, sales-type lease or joint revenue sharing arrangement. As part of the purchase, lease or other acquisition of an IMAX theater system, the company also advises the customer on theater design, supervises the installation of the theater systems and provides projectionists with training in using the equipment. The company’s typical arrangement also includes trademark license rights whose term tracks the term of the underlying agreement. For a separate fee, the company provides ongoing maintenance and extended warranty services for the theater system. The company also offers certain commercial clients IMAX theater systems under joint revenue sharing arrangements. The company has two basic types of joint revenue sharing arrangements: traditional and hybrid. Under a traditional joint revenue sharing arrangement, the company provides the IMAX theater system in return for a portion of the customer’s IMAX box-office receipts and, in some cases, concession revenues, rather than requiring the customer to pay a fixed upfront payment or annual minimum payments. The company retains title to the theater system equipment components, and the equipment is returned to it at the conclusion of the arrangement. Under a hybrid joint revenue sharing arrangement, by contrast, the customer is responsible for making upfront payments prior to the delivery and installation of the IMAX theater system in an amount that is typically half of what the company would receive from a straight sale transaction. The company generally retains title to the theater system equipment components, and the equipment is returned to the company at the conclusion of the arrangement. IMAX Digital: Xenon Theater Systems: The company offers a proprietary IMAX xenon-based digital projection system. As of December 31, 2015, the company had installed 939 xenon-based digital theater systems, including 156 upgrades, and had an additional 348 xenon-based digital theater systems in its backlog. IMAX Digital: Laser Theater Systems: As at December 31, 2015, the company had installed 18 laser-based digital syst
imax corp (IMAX:New York)
2525 Speakman Drive
Mississauga, ON L5K 1B1
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