My opponent thinks IMAX's (NASDAQ:IMAX) stock price of 25.8 times estimated 2005 earnings is a "fairly steep premium, given its anemic growth rate." That's true if you look to the past. But stocks are about the future, and analysts are looking at 25% annual growth here for the next five years. To call that kind of growth anemic is a misclassification at best, and it ignores the fundamental changes taking place at this company.

IMAX isn't a Sony (NYSE:SNE) Betamax type of example, either. IMAX is the big name in big-screen systems. There is no VHS equivalent.

Let's not link Regal (NYSE:RGC) with IMAX, either. Regal offers a commodity product on multiple screens, whereas IMAX selects a few highly anticipated Hollywood movies and offers them in its own proprietary format. Again, in 2005, that list included Batman Begins, Charlie and the Chocolate Factory, and Harry Potter and the Goblet of Fire from Time Warner's (NYSE:TWX) Warner Bros. Pictures, as well as Robots from the 20th Century Fox unit of News Corp. (NYSE:NWS). There is no macroflop like Gigli in that bunch.

My opponent's revenue-per-share numbers lack one piece of significant information: That big jump in shares in 2003 was the exchange of 5.8 million shares for $47.9 million in debt plus interest. By taking debt off the balance sheet, the company's debt rating was upgraded two levels by Moody's and Standard & Poor's.

IMAX has improved its balance sheet, added a yearly blockbuster film lineup to bolster system sales, and shown three straight years of year-over-year system-sales gains. With expected 25% annual growth, this company is rightly categorized as a Rule Breaker.

Time Warner and Moody's are Motley Fool Stock Advisor recommendations.

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Fool contributor W.D. Crotty own shares in News Corp. Click here to see The Motley Fool's disclosure policy.