Imax widens accounting probe, filing of 2006 results delayed again
Last Updated: Thursday, March 29, 2007 | 4:15 PM ET
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Imax Corp. has again delayed filing its 2006 annual report as the company widens its internal accounting review of the past six years.
The large-format movie company said Thursday that it will expand its review of revenue recognized on some theatre system installations in previous periods, including the fourth quarter of 2005.
"As a result of this expanded review, which is ongoing by the company and its auditors, Pricewaterhouse Coopers LLP, the company may determine that it is necessary to restate additional items beyond the previously identified errors," Imax said in a statement.
On March 16, Imax said it would file its 2006 audited financial results by the end of this month. With the latest delay, the company is now not offering a firm date on when it hopes to file the results with securities regulators in Canada and the United States.
Imax said it does not believe its operations will be affected by the filing delays.
Shares of Imax traded down 38 cents, or more than six per cent, to finish at $5.79 on the TSX.
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