If at first you don't succeed, restate. It's been several months since IMAX (NASDAQ:IMAX) became delinquent in its quarterly filings, but the big daddy of big-screen movie experiences is finally ready for its close-up.

Restating its financials all the way back to 2002, the company has officially filed its updated numbers through 2005. It announced the final five tardy quarters today, and will file them with the SEC later today.

IMAX was mostly tripped up by the company's revenue recognition practices. It originally booked its new theater installations as major components were installed. Now, it will play things squeaky clean, only booking each new system once its installation is completed and signed for.

If IMAX has truly laid its demons to rest, we can finally begin to chew on the company's numbers. 2006 wasn't kind. Revenue dipped slightly, theater sales were flat with the 30 units it booked a year earlier, and a small operating profit turned into a $0.42-per-share loss after its heavy debt burden took a bite.

The picture is starting to get brighter in 2007. Revenues were up by 17%, to $27.2 million. IMAX still posted a loss of $0.12 a share, but the company's top- and bottom-line showings surpassed the $0.14-per-share loss on $21.8 million in revenue that Wall Street was expecting.

The key to revenue growth came from gains in film revenues. That's a good thing to see, especially since it's a steadier metric than lumpy theater installations. The success of Time Warner's (NYSE:TWX) 300 on IMAX played a major part of that uptick, but things should get even better. Sony's (NYSE:SNE) Spider-Man 3 slightly outgrossed 300 -- $24.1 million versus $24.0 million -- on IMAX screens during the second quarter. Here in the third quarter, the $11.6 million in ticket sales for Harry Potter and the Order of the Phoenix is an opening-week record for the company.

IMAX only gets a fraction of the box-office take, but successful screenings are no doubt inspirational to venue operators who might be on the fence about converting an old multiplex screen or two into a premium IMAX platform.

Major multiplex operators such as AMC, Muvico, and Regal (NYSE:RGC) are giving it a shot, typically through joint ventures. Between the capital required for similar ventures, the costly migration to a digital projection platform within two years, the negative book value, and the company's $160 million in debt, I still believe that IMAX is best served by cashing out to a larger company. The company tried and failed to do that last year, but I think that still has to be a priority. Now that the company is finally burying its past and waxing optimistic about its future, I'd be surprised if hungry private equity firms aren't ready to put up the buyout offers that could take IMAX to the next level.

Screen these other IMAX feature presentations:

IMAX has hasn't panned out as well as most of its fellow Motley Fool Rule Breakers picks, but the newsletter's portfolio is still beating the market on average. Meanwhile, Time Warner is a Stock Advisor selection. Get full access to our archived recommendations when you try either newsletter free for 30 days.

Longtime Fool contributor Rick Munarriz is a movie buff, but he does not own shares in any of the companies in this story. He is also part of the Rule Breakers newsletter research team, seeking out tomorrow's ultimate growth stocks a day early. The Fool's disclosure policy only seems eight stories tall.