Imax fiscal 1st-quarter loss widens on increased expenses

Imax Corp., a maker of large-screen movie systems, said Monday its fiscal first-quarter loss widened on increased expenses.

Toronto-based Imax reported a loss of $10.3 million, or 25 cents per share, for period ended March 31, compared with a loss of $4.7 million, or 12 cents per share, a year earlier.

Selling, general and administrative expenses climbed to $12.4 million from $10.3 million, while research and development costs grew to $2.5 million from $1.5 million.

Quarterly sales declined 12 percent to $23.5 million from $26.8 million.

Imax said it signed deals for 66 of its theater systems during the quarter, compared with 13 in the prior-year period.

The company said "Shine a Light" and "The Spiderwick Chronicles: The Imax Experience" did not perform as well as expected in the seasonally soft quarter.