Imax and Smart Balance both widen losses in the fourth quarter
Posted by: in Stocks Money NewsFiled under: Earnings reports
Both large-screen motion picture systems company Imax Corp. (NASDAQ: IMAX) and health food distributor Smart Balance Inc. (NASDAQ: SMBL) reported today widening losses in the fourth-quarter.
For the period that ended December 31, Toronto-based Imax reported a loss of $10.1 million, or 25 cents per share, compared with a loss of $9.2 million, or 23 cents per share, in the previous year. Excluding one-time charges, Imax’s quarterly loss was 21 cents per share. Analysts surveyed by Thomson Financial had expected a loss of 13 cents per share. Fourth quarter revenue declined 12% to $32.3 million, largely on lower equipment and product sales.
Imax reported an annual loss of $26.9 million, or 67 cents per share, compared with a loss of $16.8 million, or 42 cents per share, a year earlier. Analysts had expected a loss of 42 cents per share. Full-year revenue dropped 9% to $115.8 million.
Smart-Balance’s quarterly loss totaled $48.5 million, or $1.41 per share, from $11.1 million, or 77 cents per share in the prior year. Revenue grew 26% from the year-ago quarter to $50.7 million, helped by higher prices and higher demand for Smart Balance spreads, peanut butter, cooking oil, and mayonnaise.
For the year, the company’s net loss grew to $101.7 million, or $4.12 per share, from $13.8 million, or 96 cents per share, a year ago. Analysts had expected a loss of 80 cents per share. Revenue grew 28% to $175.6 million.
While Imax fell only about 1.8% to close at $6.62, Smart Balance fell more than 15% to close at $5.65, after hitting a new 52-week low of $5.48 in afternoon trading.
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