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Strategic Analysis for Imax Paper

Term of Refrences: We have refered to the book that was assigned to us in this semster which is Management (10th edition) by Stephen Robbins, Mary Coulter and Nehrika Vohra. We also consulted Strategic Management: An Integrated Approch (8th edition) by Charles Hill and Gareth Jones. Another two books that helped us to analyse this case study were Startegic Management : Creating Competitive Advantage (5th edition) by Gregory Dess, G.

T Lumpkin and Alan Eisner and Strategic Management (6th edition) by John Pearce and Richard Robinsons Description of Report: In Section 1 we analyize the corporate strategy of IMAX corporation followed by their integration strateges. In Section 2 we access the comparitive advantage of IMAX Corporation. Section 3 talks about the effect of enviorment on IMAX, both internal and external. Section 4 is the breif discussion of Industry Analysis and how IMAX has been performaing compartivily with the rest of the firm, then followed by EFE Matrix. In Section 5 we have calculated and interpreated the financl ratios of IMAX Corporation.

SECTION 1: CORPORATE STRATEGY A Corportae strategy is one that specifies what business a company is in or wants to be in and what it wants to do with those business. It¶s based on the mission and goals of the organization. Mission on IMAX as stated by co-CEO Gelfond is : ? It¶s[IMAX] is designed to deliever the worlds most immersive movie experience? IMAX designs and manufactures large image producing format cameras and projection system as well as film development,production, post production and distribution to IMAX affiliated theatres worldwide. IMAX has about 400+ theatres in 47 countries.

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IMAX¶s strategy is to entice consumers happiest infront of 60-inch plasma screen TV. In order to get a consumer out of his home and make him go and watch an IMAX format movie, the company needs to give them something amazing and something special. And IMAX does it. INTEGRATION STRATEGIES There are basically two types of integration 1. Vertical Inegration 2. Horizontal Integration Page | 1 Vertical Integration The process in which several steps in the production and/or distribution of a product or service are controlled by a single company or entity, in order to increase that company’s or entity’s power in the market place.

IMAX is into vertical integration as it is into processing, distribution and exhibition of its own films. Vertical integration is further sub divided into two parts and that is 1. Forward Integration 2. Backward Integration Forward Integration: Gaining ownership or increased control over distributors or retaliers. When an organization becomes its own distributor its called Forward Integration e. g. a manufacturing firm open up its own franchise. In such situations the organization has control over the output.

IMAX initialy was focused on large format films that were educational yet entertaining and the theatres were located in institutions, museums, aquariums and national parks. IMAX forwrad integration took place when it become the distributor of its own produced films. IMAX is relatively small when it comes to rival studios and theatres but in itself IMAX is the leader in the industry when it comes to producing image in large format. IMAX not only played its films in its own theatres but gives its films to other theatres so that they would further promot the movie.

Backward Integration: Backward integration takes place when an organization becomes its own supplier. As we have earlier discussed IMAX was mainly focused on producing films that were of large format. To do so obviously they would require special cameras, projectors, screens etc. From past 15 years IMAX has aquired the ownership of the companies listed below: y y y y y y y IMAX Corporation acquiring Imagery Rentals (September 07 1995) Acquiring minority shares in Mainframe Entertaintment Inc. ( June 1999) Acquiring Sonics Associates Inc. 2009 whole ownership) Acquiring David Keighley Production. Acquiring Digital Projection Int Ltd. (September 27 2000) Acquiring Cinema Plus Ltd. (October 29,2006) Acquiring a minority stakes in Laser Light Engines Inc. (July 14,2010) IMAX has a subsidiary company (meaning IMAX has 51% ownership in that company) Sonics Associates Inc which is an audio develpement company. It manufactures the sound systems for IMAX. And David Keighley Production,which is wholley owned by IMAX, works on the post prouduction. Most of the firms above mentioned were the suppliers to IMAX.

In this way IMAX has reduced the chances of suppliers effecting the prices. When IMAX has made itself independent in manufacturing all the aspect required to deliever as high quality large format film, it has access to all the new technology which is an essntail element in survival of IMAX. Page | 2 So we can see that through backward integration IMAX has made itself more stronger by being its own suppiler. In this way it has ganied control over the technology and cost to manufacture the systems that produce 2D or 3D images or audio system.

Horizontal Integration When an organization reduces the competition by combinig with its competitors. In case of IMAX it had only two competitor that too produced images in large format. One was which Iwerks which produced films in 15/70 and 8/70 format and ride simulations but its main focus was on the later. Another rival was Megasystems which manfactured large format projection system and provided technical services. But as IMAX has expanded itself to the commercial business but converting an 35mm Hollywood films into large format, Iwerks didnt do that.

It limited itself to ride simulation packages that are located in theme parks or museums and such other locations. Megasystem later stopped its production of projction systems and renamed itself to Pollavision. Now Pollavision is only involved in consultancy services of the large format film theaters. If we just analyize these three organizations i. e. IMAX, Iwerks and Pollavision, all of which were the manufactures of high definiton image producing projection systems, then the only organization left in the market that converts commercial movies into large format is IMAX.

Its as good as a Monopolist in this feild. And if we analyize IMAX in the category of Studios and theaters, then IMAX is relativily very small. IMAX stands at 12th position when it comes to studios, Disney taking the lead with 1st position. We think it would not effect IMAX if it didnt merge with other studios. It is because of the reason that cosumers have now fully become aware of IMAX format movies,the demand of watching movie in large format is increasing. And IMAX has expereinced a growth rate of 128% in the 1st quater of 2010 alone.

It if merges with other studio, it wont be able to work with rest of the studios. IMAX should launch many more commercial theatres where it can run converted Hollywood movies of 35mm to large format so that it can compete against large theatres like Regal Enternaintment Group. Page | 3 BCG MATRIX OF IMAX CORPORATION Market Share High IMAX System Sales Production of Movies Low Conversion of Movies into IMAX format Growth Rate High Low The BCG matrix is a strategic tool used to identify that which business of the organization offers high potentail and which were draining organizations resources.

Accorning to the Annual report of IMAX 2007, 51. 04% of the total revenue was generated by IMAX system sales like camers, screens, projection systems etc so we added it in the Stars section. As IMAX has has an advantage over the technology of larger-than-life image production,it should invest more in in R&D of the systems used to produce 2D and 3D films. We added µConversion of movies into IMAX format¶ in the question mark section on BCG matrix. Its is because that though now-a-days lots of studios convet their movies into IMAX format, IMAX gains not that much from it.

As IMAX is not part of any studio,it doesnt get all the share in the profit. The growth is really high in converting movies but the market share is low. In the year 2008-10 IMAX only produced one documentary and that is Space Station. IMAX is orignally know for producing documentary movies but that hasnt given them the oppertunity to have a higher market share. In the motion picture industry,documentry segmant is considered significant than the others. The Motion Picture Association of America gives out seperate award for documantry movies in the grand Oscar Award.

IMAX is a brand name not only for the fact that it produces larger-than-life image format but also because of its great collection of documantries which are not only educationall but also entertaining. But as IMAX hasnt produced any movie since 2008, it¶s not growing on the pace it should. So we added µproduction of movies¶ in the star section IMAX should produce more movies. The dogs section of the BCG matrix is empty because there is no such business done by IMAX that should be liquidated. Its earning profit from all the three industries that it is working in i. . photographic equipment and supplies, motion picture and video tape production and Motion Pictur and Video Distribution Page | 4 SECTION 2: PORTER¶S FIVE FORCES MODEL It helps in accessing where the power lies in a business situation. A series of IMAX Business Talks have been developed to complement the Big Screen Business Education Pack and provide student with an overview of business operations and marketing. Porter¶s Model is actually a business strategy tool that helps in analyzing the attractiveness in an industry structure.

It let you access current strength of your competitive position and the strength of the position that you are planning to attain. Porter¶s Model is considered an important part of planning tool set. When you¶re clear about where the power lies, you can take advantage of your strengths and can remove the weaknesses and can compete efficiently and effectively. Porter¶s Model of Competitive Forces Assumes that there are five competitive forces that identify the competitive power in a IMAX business situation. These five competitive forces identified by the Michael Porter are: 1. 2. 3. 4. 5.

Threat of substitute products Threat of new entrants Intense rivalry among existing players Bargaining power of suppliers Bargaining power of Buyers Page | 5 1. Threat of Substitute Products Threat of substitute products (film cinema) means how easily IMAX customers can switch to IMAX competitors product (film cinema). IMAX is the largest and most exciting film format in the world. With crystal clear images, ten times larger than traditional cinema format. Imagine the difference between watching a film at home on video and the same film at a normal 35mm cinema. The film might be the same, but the experience couldn¶t be more different.

Well consider the jump from traditional cinema to IMAX as a similar dramatic leap. Threat of substitute(film cinema) is high when: There are many substitute products (cinema) against IMAX are available Customer can easily find the product or service (film cinema)that Imax¶s offering at the same or less price Quality of the Imax competitors(film cinema) product is better Substitute product (film cinema) is by a company earning high profits so can reduce prices to the lowest level. In the above mentioned situations, Customer can easily switch to substitute products(film cinema).

The screens in IMAX Theatres are the biggest in the world. Up to eight stories high, they are ten times larger than a traditional cinema screen and fill the whole field of human vision. Sound is critical to the IMAX experience. The film soundtracks are delivered through a 15 000 watt digital surround sound system manufactured by Sonics Associates Inc, one of the world leaders in sound system design. Now-a-days you can find DVD¶s and VCD¶s with great resoultion. Even in cinema¶s the quality of the film is really good so there might be customers who wont be willingto pay an extra $4-$5 to watch a movie in 3D.

This could prove a fatel blow to the IMAX Page | 6 2. Threat of New Entrants A new entry of a film theatre into your market also weakens IMAX power. Threat of new film theatre depends upon entry and exit barriers. Threat of new film theatre is high when: Capital requirements to start the business are less Few economies of scale are in place Customers can easily switch (low switching cost) Your key technology is not hard to acquire or isn¶t protected well IMAX film theatre is not differentiated There is variation in attractiveness of segment depending upon entry and exit barriers. That egment is more attractive which has high entry barriers and low exit barriers. Market research carried out by World¶s Biggest Screens Pty Ltd has helped to define the IMAX brand in the competitive film market and understand the key drivers (and barriers) to attendance. The lessons drawn from the research indicate that IMAX can sustain a positioning as a premium cinema destination not simply because it offers a better experience than other cinema destinations, but because it offers a very different cinema experience. IMAX is perceived as being at the cutting edge of new cinema, potentially offering new experiences in film.

The IMAX. Experience gives visitors the sense of real exhilaration ± a real µbuzz¶. It is also about the strong sense of realism of the film style which allows visitors the feeling of destination exploration; the feeling of µbeing there¶. There are main threats of IMAX film theatre: Primary threat: Conventional cinemas Home viewing: Pay TV, Video, free to air TV Other Darling Harbour Attractions: Sydney Aquarium Other Sydney Attractions: harbour cruises, shopping, Other Sydney Attractions: harbour cruises, shopping The Rocks area, Opera House tours, Taronga Park Zoo, Sydney Tower, bus tours, museums & art galleries

Some new film theaters enter into industry and low performing film theaters leave the market easily. When both entry and exit barriers are high then profit margin is also high but film theatres face more risk because poor performance companies stay in and fight it out. When these barriers are low then film theatres easily enter and exit the industry, profit is low. The worst condition is when entry barriers are low and exit barriers are high then in good time¶s film theatres enter and it become very difficult to exit in bad times.

Page | 7 3. Industry Rivalry Industry rivalry means the intensity of competition among the existing film theatres in the market. Intensity of rivalry depends on the number of film theatre and their capabilities. Period of uncertainty during liquidation and restructuring in 2000. Poor film line up, combined with the aftershocks of company restructuring, resulted in low attendance figures. Industry rivalry is high when: There are number of small or equal film theatre and less when there¶s a clear market leader. Customers have low switching costs Industry is growing Exit barriers are high and rivals stay and compete Fixed cost are high resulting huge production and reduction in prices The marketing strategy will aim to achieve its objective in three key areas: The release of a minimum of 6-8 new films in each market A groups sales program with a key focus on niche visitor groups e. g. schools, groups and functions/ events. Value-based promotions to drive business in traditionally softer trading periods The marketing strategy will be executed using the full range of the marketing mix including: Advertising Public Relations Internet/ Email Promotions Events Sales Point of Sale These situations make the reasons for advertising wars, price wars, modifications, ultimately costs increase and it is difficult to compete. 4. Bargaining Power Of Suppliers Bargaining Power of supplier means how strong is the position of a film theatre. How much film theatre¶s suppliers have control over increasing the Price of supplies.

Film marketing takes the form of a combination of elements: advertising, publicity & promotions, word of mouth, website and e-communications. Films are released usually every 6-8 weeks in a staggered program timed to coincide, where possible, with key school holiday periods. The release of a new film is the prime driver to attendance. Each new film release aims to sell the IMAX experience through the title, reminding all consumers of the key IMAX proposition (i. e. IMAX is a giant screen cinema experience) whilst presenting a µcall to action¶ to visit the theatre again, or to trial for the first time.

Page | 8 Suppliers are more powerful when Suppliers are concentrated and well organized a few substitutes available to supplies Their product is most effective or unique Switching cost, from one suppliers to another, is high Films are not an important than other The criteria for title selection are based on a number of factors: Format: 2D or 3D? 3D films have now surpassed 2D films as the most popular. There is however, a limited supply of 3D films (They¶re more expensive to make) to choose from.

Experience of similar titles: An examination of the success of previous titles and the potential audience reaction to new titles. Success of titles in other markets: If a film has performed well overseas, it may do well in Australia also. Title testing: Testing the appeal of a film title with current IMAX audiences through surveys site. Expand the market: Titles that present an opportunity to draw a new market into the theatres and encourage trial. When suppliers have more control over supplies and its prices that segment is less attractive.

It is best way to make win-win relation with suppliers. It¶s good idea to have multi-sources of supply. conducted on 5. Bargaining Power Of Buyers Bargaining Power of Buyers means, How much control the buyers have to drive down your products price, Can they work together in ordering large volumes. Buyers have more bargaining power when: Few buyers chasing too many goods Buyer purchases tickets of film theatre Film theatre is not differentiated Buyer¶s cost of switching to a competitors¶ product(film theatre) is low Film ticket cost is low Page | 9 Buyers are price sensitive Credible Threat of integration Our market research indicates that 78% of those who have seen an IMAX film express the intent to return. Activities to encourage this process include: Using the interior of the theatre building to highlight new releases Screening of trailers at least 3 months prior to the feature release Interior light boxes featuring coming soon films e. g. behind box office What¶s On Brochures featuring µcoming soon¶ films Buyer¶s bargaining power may be lowered down by offering differentiated film theatres.

If IMAX¶ serving a few but huge quantity(tickets)ordering buyers, then they have the power to dictate IMAX. PORTER¶S GENERIC STRATEGIES According to porter¶ strategies allow company to gain competitive advantage from three different bases: Cost Leadership Strategy: A primary reason for pursuing forward, backward and horizontal strategies is to gain cost leadership benefits IMAX could be considered a part of three different industries: Photographic equipment and supplies, motion pictures and video tape production and motion picture and video distribution, it is called horizontal integration.

The purpose is overhead is kept minimum, and the firm does everything it can to cut costs. IMAX should be produce and distribute its movies in digital format also this shift will allow it to lower its operational cost significantly. Differentiation Strategies: The unique feature of IMAX is large format films, which differentiated it with others filmmakers and production houses. Its library of films and by locating itself in prestigious venues firm had created a unique brand image. Its goal is to provide his customers with high quality entertainment and documentary movies with 3D images and distortion free sounds.

For this IMAX had even developed a 3D directional sound technology that offered location and depth to the audio. If IMAX is able to continuously improve the quality and reliability of its programmes, it may have competitive advantage that can¶t be taken away. It¶s not enough simply to create a competitive advantage. A corporation must be able to sustain that advantage. And IMAX must be developed the skills knowledge and capabilities to design and assemble the critical elements in its projector and camera systems with technological changes.

Page | 10 Focus Strategies: A successful focus strategy depends upon an industry segment that is of sufficient size, has good growth potential and is not crucial to the success of other major competitors. Growth opportunity for IMAX is to focus on retention of the customers. According to IMAX more than 20 percent of its audience were school group, about 70 per cent of its viewers were between 19 and 65 years of age, and the majority were college or university educated.

IMAX needed to figure out a way to attract this demographic. To retain them IMAX should focused on educational documentaries and entertainment movies. As a result zoos, museums software, TV shows and toys were all redesigning their products to entertain and educate. The Value Chain The business of a firm can best be described as a value chain in which total revenues minus toal costs of all acrivities undertaken to develop and market a product or service yields value. Given is the semi income statment of IMAX.

We can see that for two years 2007 and 2008 IMAX faced loses PERIOD ENDING Total Revenue Cost of Revenue Gross Profit Operating Expenses Research Development Selling General and Administrative Non Recurring Others Total Operating Expenses Operating Income or Loss Dec 31, 2009 171,211 89,659 81,552 3,755 56,207 1,247 546 61,755 19,797 Dec 31, 2008 Dec 31, 2007 106,226 115,832 68,766 74,673 37,460 41,159 7,461 43,652 2,005 526 53,644 (16,184) 5,789 44,705 562 547 51,603 (10,444) Page | 11 SECTION 3: ENVIRONMENTAL ANALYSIS:

IMAX interacts with its environment as it takes inputs and distributes its output, in form of large screen format movies with 3D images and distorted sound. Like every organization IMAX has also external and internal environment which affects its outputs. The External Environment The factors and forces outside the IMAX Corporation that affects its performance are its external environment. External environment of the IMAX Corporation has two components: a) Specific environment b) General environment Specific Environment Specific environment includes those forces and factors those directly relevant to the achievement of the IMAX¶S goals.

The main forces that that make the IMAXµs specific environment are: Customers: Customers represent potential uncertainty to the IMAX because their taste changes. Therefore IMAX should need to create educational and entertainment movies and show them in full screen format. Demand for animated and technological base movies is increasing rapidly. IMAX should merge with some large theaters like Pixer to fulfill the demands of their customers.

Suppliers: IMAX had developed the skills, knowledge and capabilities to design and assemble the critical elements involved in its projector and camera systems, though most of the components were purchased from the suppliers with whom it maintained long run relationships. So it is supplier of its own cameras and projection systems. Competitors: IMAX has also competitors like other profit and non profit organizations. Now it faces competition from digital cable, satellite, DVDs and the internet all of which offer customers a much broader choice. Within the large format film segment, Iwerks was the only rival to IMAX.

General Environment Includes the political/legal social cultural demographic, technological that affects the IMAX indirectly. Movies which are presented in IMAX theater should represent the social culture of Page | 12 that area, where it going to be released. Mostly the audience is college or university educated, are between 19 and 65 years of age, so its projects should fulfills theirs desires. The Internal Environment Internal environment of IMAX includes the procedures and inputs which are used to attain its goals. IMAX had successfully developed 3D cameras and projection systems to produce realistic 3D images.

IMAX projection system produced images on screen that were brighter and sharper those found in conventional movie theater. The company had even produced a 3D directional sound technology that offered location and depth to the audio. IMAX also focuses on its research and development programmers¶ to present movies in latest technological method . for this IMAX had spend $12. 6 million in research and development in past three years. As part of lease IMAX advised customers on theater design, supervised the installation of the system, trained theater staff and maintain the system. Page | 13 SECTION 4: INDUSTRY ANALYSIS

Industry analysis is an market assessment tool designed to provide a business with an idea of the complexity of a particular industry. Industry analysis involves reviewing the economic, political and market factors that influence the way the industry develops. Major factors can include the power wielded by suppliers and buyers, the condition of competitors, and the likelihood of new market entrants. We analyize the positon of an organization in the industry. In this case, we will be analyizing IMAX¶s position in the industry which is Photographic Equipment and Supplies. IMAX shares performance according to 30th July 2010 is as

PERFORMANCE SUMMARY Name IMAX Corporation Ticker IMAX Change 0. 13% Photographic Equipment And Supplies YHoh726 0. 24% The above table shows us the performance of IMAX corporation in the share market. IMAX is losing by -0. 13% of the share price where as the rest of the industry is booming at 0. 24% of their share prices. The main competitors of IMAX are : Canon Inc Eastman Kodak Co X-Rite Incorporated Ballantyne Strong Inc Ikonics Coropration. Given below is table which tell us the different share prices of different firms in the industry andwhose share prices are increasing in th industry Page | 14

Top Photographic Equipment & Supplies Companies By Market Cap Company Canon Inc. Eastman Kodak Co IMAX Corporation X-Rite Incorporated Ballantyne Strong Inc Ikonics Corporation Symbol CAJ EK IMAX XRIT BTN IKNX Price 43. 32 3. 97 15. 47 3. 70 7. 72 7. 30 Change 0. 28% 1. 49% 0. 13% 1. 65% 0. 39% 4. 14% Market Cap 53. 48B 1. 07B 982. 67M 316. 04M 108. 80M 14. 37M P/E 27. 23 4. 12 27. 14 N/A 43. 37 N/A We can see that on 30th July 31, 2010 Canon Inc. was leading the photographic equipment and supplies industry with share price as high as 43. 32. It expereinced an increse in its market share by 0. 8% and has the highest market capitalization in the industry by $53. 48 Billion. Where as IMAX Corporation, Eastman Kodak and Ballantyne faced a downfall in the prices of their shares by 0. 13%, 1. 49% and 0. 39% respectivily. GROWTH OF IMAX CORPORATION Below is the tabel which shows us quaterly growth of IMAX Corporation as compared to rest of the firm of the industry Leaders in Quarterly Revenue Growth (YoY) Imax Corporation Ballantyne Strong, Inc. Eastman Kodak Canon Inc. X-Rite Incorporated Ikonics Corporation 128. 00% 47. 80% 30. 90% 10. 00% 9. 90% 3. 40%

As on 30th July 2010, IMAX has expereiced growth of about 128% in an quater alone. This is amazingly high when we compare with rest of the industry. IMAX with its great control and knowledge of technology has outrun Canon Inc,who had experienced an increase in its share prices at mentioned above. IMAX also converting movies into large format,has helped to increase its revenues. This quater alone IMAX has a list of hit movies which have been converted into IMAX format. Toy Story 3, The Twilight Saga: Eclipes, Inception, Resident Evil, Avatar, Legends of The Gurdians are a few of them.

Consumers interest watching a movie in IMAX format has been increasing alot. Page | 15 Following IMAX is Ballantyne Strong Incorporation which has expereinced growth of about 47. 80% this quarter. The growth is good but comparing it with IMAX Corporation, its very low. Laging behind in the league of growth is Ikonics Corporation with about only 3. 40%. Ikonics is going through rough time, with only 3. 40 % growth this quater and fall in the price of it shares. IMAX CORPORATION VS INDUSTRY We will now analyize IMAX position against rest of the industry.

Below is the table which tells us about the different aspects that will detemine the value and rank of each organization. Statistic Market Captialization P/E Ratio (ttm) PEG Ratio(5 yss expected) Revenue Growth (Qtrly YoY) EPS Growth(Qtrly) Long Term Growth Rate (5yrs) Return on Equity(ttm) Long Term Debt Equity (mrq) Divident Yeild (annaul) Where: Ttm= Trailing Twelve Months Mrq= Most Recent Quater Qtrly= Quaterly Industry Leader IMAX CAJ 53. 48B 982. 67M BTN 43. 37 27. 14 CAJ 0. 87 0. 66 IMAX 128. 00% CAJ 220. 20% N/A IMAX 25. 00% EK 84. 25% N/A N/A IMAX Rank 3/6 3/6 2/6 1/6 N/A 1/6 N/A N/A N/A

In finance, the Trailing twelve months (TTM) is a moving measurement calculated using a company’s interim or quarterly reports together with its annual report to show the twelve months of income statement data trailing the end date of an interim or quarterly report. Coming back to the case study, IMAX is doing really good when it comes to ranking. In market captialization, IMAX stands 3rd as comapred to the 6 firms in the industry. It leads the industry in Quaterly Growth and in five years the firm most likely to have the highest growth rate is IMAX Corporation itself.

IMAX gains the 2nd rank when it comes to Price Earning to Growth Ratio (PEG Ratio). The above statistics tells us that IMAX has growth potential Page | 16 AS PER PRICE TO EARNINGS VALUE Leaders in P/E Ratio (ttm) Ballantyne Strong Inc. Canon Inc. Imax Corporation Eastman Kodak Company 43. 54 27. 29 27. 18 4. 18 The P/E ratio (price-to-earnings ratio) of a stock (also called its “P/E”, or simply “multiple”) is a measure of the price paid for a share relative to the annual net income or profit earned by the firm per share.

It is a financial ratio used for valuation: a higher P/E ratio means that investors are paying more for each unit of net income, so the stock is more expensive compared to one with lower P/E ratio. Very intrestingly we saw earlier that Ballantyne Strong Inc expereinced a decrese in its share price by 0. 39% but here we see that investors are more willing to invest in Ballantyne Strong as compared to Canon Inc. IMAX Corporation¶s P/E ratio is $27. 18, the amount investors are willing to pay to have a single share of IMAX Conclusion

As the above statistics has shown that up to 30th July 2010, the leader of the Photographic Equipment and Supplies industry was Canon Inc. IMAX Corporation took the 3rd rank. But in case of growth, IMAX has more potentail than any of the firms with 128% growth the first quater of 2010 alone. This shows that IMAX will lead the photographic equipment and supplies industry in coming future THE EXTERNAL FACTOR EVALUATION MATRIX (EFE) An EFE matric allows strategies to summerize and evaluate economic, social, cultural, demographic, enviormental, technological, legal and comeptetive information.

Both the opportunities and threats effecting the organization are listed. It is used to see the competitness of a firm. The highest possible total weighted score for an organization is 4. 0 and the lowest possible is 1. 0. The average total weighted score is 2. 5. A 4. 0 score indicates that an organization is respoding in an outstanding way to exsisting opportunites and threats in the industry Through the matrix we see that the strategies opted by IMAX corporation are effective. Its is throught the fact that the weighted score of all the opportunities and threats is above 2. . so we can see that IMAX is responding effectivly to the opportunites and threats comign tis way. The matrix is given on the next page Page | 17 OPPORTUNITIES Increase in the demand of Hollywood Movies Teaming up with other studios for joint ventures Opening IMAX theatres within Multiplexes No competitor that is converting movies into lareg format Converting existing multiplexe screens to IMAX format MPAA has given documantary movies segmant special significance Opening up IMAX in Pakistan and other countries High Populartiy of watching IMAX format movies

WEIGHT 0. 07 RANKING 3 W. S 0. 24 .10 2 0. 20 0. 12 4 0. 48 0. 05 1 0. 05 0. 08 2 0. 16 0. 05 1 0. 05 0. 04 1 0. 04 0. 09 3 0. 27 THREATS Piracy of movies High quality DVD s Home theatre Systems Social factor Union of labor Joint partner, AMC rolling out its own big screesns Political Intervention Change of Taste of consumers Total 0. 04 0. 02 0. 04 0. 07 0. 13 0. 07 1 2 3 4 3 4 0. 04 0. 04 0. 12 0. 28 0. 39 0. 28 0. 02 0. 01 1. 00 2 3 0. 04 0. 03 2. 71 Page | 18 SECTION 5: IMAX¶S FINANCIAL ANALYSIS Activity (Asset Utilization) ratios: Day¶s sales in Receivables: ays sales in receivable Days’ sales in Receivable 300 200 100 0 2004 2005 2006 2007 Days’ sales in Receivable 53. 413 224. 57 73. 357 80. 369 Days’ sales in Receiva ble years Interpretation: The number of day¶s sales in receivables relates the amount of the accounts receivables to the average daily sales on account. IMAX shows better improvement in 2004 where his days sales in receivable is 53. 413 days and then in 2005 his days sales in receivable is 224. 57days which is not good for company and then in 2006 & 2007 IMAX shows big improvement in their days sales receivables.

Page | 19 Account Receivable Turnover: accou t ece a e tu o e Account ece eab e Turnover 6 4 2 0 2004 2005 2006 2007 Account 2 493 2 516 5 025 4 542 ece ve ab e Turnover yea s Account ece veab e Turnover Interpretation: The Account Receivable Turnover ratio gives the number of times account receivable is collected during the year. it indicates the liquidity of receivables. In general the higher the account receivable turnover, the better since the company collecting quickly from customers.

In 2006 IMAX has greater account receivables turnover as compared to other years indicating the highest liquidity of receivables and in 2007 IMAX shows some decline and is significant and indicates some problem in 2007 which is 4. 542 times as compare to 2006 which is 5. 025 times. Page | 20 Account Receivable Turnover in Days: rn ver Accoun Receivable Tu nover in Days 200 100 0 n receiable Accoun Receivable Turnover in Days 2004 2005 2006 2007 72. 64 80. 37 acc Accoun 146. 4 145 Receiv able Turnov years Interpretation: The account receivables turnover can be expressed in term of days instead of times per year.

In 2004,2005 & 2006 IMAX is efficient in managing its receivables and shows the positive trend in collection of its receivables turnover in days indicate an improvement in the control of receivables but in 2007 IMAX some negative trend in collection of its receivables turnover in days. Page | 21 Days Sales in Inventory: Days Sales in Inven ry days sales in inven ry 200 100 0 Days Sales in Inven ory 2004 2005 2006 2007 151. 09 141. 46 127. 74 107. 78 Days Sales in Inven ory years Interpretation: It relates the amount of ending inventory to the average daily cost of goods sold . t gives an indication of the length of time that it will take to use up the inventory through sales. the days sales in inventory estimates the number of days that it will take to sell the current inventory . in our data IMAX shows positive trend means that it takes less and less days to selling its inventory which is shown in the graph and this is the good symbol for the company. Page | 22 Inventory Turnover: Inventory Turnover 4 3 2 1 0 2004 2005 2006 2007 Inventory Turnover inventory turnover Inventory 2. 44566 2. 64477 3. 14123 3. 38653 Turnover years Interpretation: It indicates the liquidity of the inventory in times per year.

IMAX shows the positive trend in their inventory turnover. Which is good for the company and increase in the inventory turnover indicates that the IMAX is not stocking the goods. Page | 23 Inventory Turnover in Days: Inven ory Turnover in Days inven ry in days 200 100 0 Inven ory Turnover in Days 2004 2005 2006 2007 Inven ory 149. 244 138. 008 116. 197 107. 78 Turnover in Days years Interpretation: The inventory turnover figure can be expressed in the number of days instead of times per year. It gives an indication of the length of time that it will take to use up the inventory through sales.

The day¶s sales in inventory estimate the number of days that it will take to sell the current inventory. IMAX shows the positive trend in their inventory turnover in days, means IMAX takes less and less days to sale its inventory which shows the improvement in inventory turnover in days. Page | 24 Operating Cycle: Opera ing Cycle 200 pera ing cycle 150 100 50 0 Opera ing Cycle 2004 2005 138 2006 2007 Opera in 149. 2 g Cycle 116. 2 107. 8 years Interpretation: The operating cycle represents the period of time elapsing between the acquisition of goods and the final cash realization resulting from sales and subsequent collections.

IMAX shows the positive trend and takes the less number of days to convert inventory and receivables to cash. Page | 25 Liquidity Ratios: Working Capital: Worki pi l i l Worki worki pi l Worki pi l y r – Interpretation: The working capital of a business is an indication of the short run solvency of the business. It is the difference between the current assets and current liabilities. If current liabilities exceed the current assets then it shows the bad short run solvency of the firm.

In 2004 & 2005 IMAX shows that their current assets are more than their current liabilities indicating the better short tern solvency as compared to the 2006 & 2007 in which IMAX shows that their current assets are less than their current liabilities indicating the shows the bad short run solvency of the IMAX and unfavorable sign. Page | 26 Current Ratio: Curren Ra io 3 2. 5 c rren ra i 2 1. 5 1 0. 5 0 Curren Ra io 2004 2005 2006 2007 Curren Ra io 1. 2777 2. 4781 1. 1991 0. 8973 years Interpretation: Current ratio which is subject to seasonal fluctuations is used to measure the ability of an enterprise to meet its current liabilities ut of current assets. The above graph of IMAX shows that in 2005 his ability to pay their short term liabilities is much stronger as compared to others years. which shows the decline over the year. Page | 27 Acid-Test Ratio: Acid Tes Ra io 2 acid es ra i 1. 5 1 0. 5 0 Acid Tes Ra io 2004 0. 779 2005 2006 2007 Acid Tes Ra io 1. 8289 0. 7335 0. 571 years Interpretation: The acid test ratio relates the most liquid assets to current liabilities because it ignores the inventory figure while collecting the short term debt paying ability of the firm.

On examining the company, we can find that in 2005 IMAX is greater to 1 means that IMAX shows strong position enough liquid assets to pay their short term debt while ignoring its inventory. In 2004 & 2006 IMAX is closer to 1 means that it is somewhat in a better condition while ignoring its inventory. Page | 28 Cash Ratio: Cash Ra io 0. 5 0. 4 cash ra i 0. 3 0. 2 0. 1 0 2004 2005 2006 2007 Cash Ra io Cash 0. 46177 0. 39196 0. 36034 0. 22757 Ra io years Interpretation: The cash ratio relate to extreme analysis of the firm debt paying ability.

Because in this ratio we only take the figures of such liquid assets as cash in bond, bank balances, marketable securities, the ratio shows that how much firm¶s cash in their hands and accounts to pay their short term liabilities . it gives us the extreme closer view of the firm short term paying ability. The above graph of IMAX shows that the company has not more cash in hand and at bank to pay its short term liabilities. In fact the cash ratio is more extreme analysis of the firm debt paying ability so we can say that IMAX is in better conditions but not as much good because its ratio is less than in all four years.

Page | 29 Sales to Working Capital: Sale to Wor ing Captal sa es to working capita 60 40 20 0 -20 2004 2005 2006 2007 Sale to Wor ing Captal Sale to 2. 492 2. 745 41. 38 -15. 19 Wor ing Captal yea s Interpretation: Relating sales to working capital gives an indication of the turnover in working capital per year. A low working capital turnover ratio indicates an unprofitable use of working capital. In other words, sales are not adequate in relation to the available working capital. The above graph of IMAX shows working capital turnover ratio of different firms over the tfour years. e can see that IMAX have positive working capital turnover ratio in 2004, 2005 & 2006 because, their current assets are more than their current liabilities while in 2007 IMAX has more liability that¶s why their working capital turnover ratio show the negative trend. in comparison the 2006 is better off in respect to their ratio as compared to 2004 & 2005 which indicates that in 2006 working capital is efficiently utilizing to generate sales as compared to other years and in a better position Page | 30 Operating Cash flow/Current Liabilities Ratio:

OCF/Curren liabili ies OCF/c rrent liabilities 0. 2 0. 1 0 -0. 1 OCF/Curren liabili ies 2004 2005 2006 2007 OCF/Curr 0. 1819 0. 0288 -0. 085 -0. 084 en liabili ies years Interpretation: This ratio is an indication of short term debt paying ability of the firm. This ratio shows the relationship if cash generated from operating activities to the current liabilities of the firm. If the firm generates enough cash from its operations which is greater than its liabilities than the firm is in better condition and its short term debt paying ability.

The above graph of IMAX in years 2004 & 2005 shows that there are a positive trend, means the firm generates enough cash from its operations which is greater than its liabilities than the firm is in better condition and its short term debt paying ability while in 2006 & 2007 shows the negative trend, shows IMAX have not cash to meet their current liabilities. Page | 31 Leverage (Solvancy, Long-Term Debt) Ratios Debt Equity Ratio: Deb Equi y Ra io 0 debt eq ity rati -5 Deb Equi y Ra io -10 -15 2004 2005 2006 2007 -6. 448 -13. 15 -4. 903 -3. 436 Deb Equi y Ra io years

Interpretation: The debt/equity ratio is another computation that determines the entity¶s long term debt paying ability. Thus computation compares the total debt with the total shareholder¶s equity. The debt/equity ratio also helps determine how well creditors are protected in the case of solvency, for the prospective of long term paying ability, the lower this ratio is the better of the company¶s debt position. The above graph shows that IMAX is not in a better condition showing the negative trend in all four years . The negative indicates that their stockholder¶s equity figures in negative that¶s why they lie below the zero line

Page | 32 Debt Ratio: Deb Ra io 1. 5 debt ratuo 1 0. 5 Deb Ra io 0 2004 2005 2006 2007 Deb 1. 18356 1. 08234 1. 2562 1. 41047 Ra io years Interpretation: This ratio also indicates long-term debt-paying ability of the firm. the debt ratio indicates the percentage of assets financed by creditors and its help to determine how well creditors are protected in the case of insolvency, if the creditors are not well protected the company is not in a position to issue addition long term debt paying ability, the lower this ratio the better the company position.

In the above graph of IMAX clearly shown that in 2005 is better off as compared to other years. In the 2005 the IMAX much better condition as compared to others because its total assets contain not much from the creditor side. Those firms whose ratio is less then are better off, indicating that their assets do not include more from creditors¶ side. Page | 33 Operating Cash Flows/Total liabilities: OCF/To al liabili ies OCF/total liabilities 0. 06 0. 04 0. 02 0 -0. 02 -0. 04 2004 2005 2006 2007

OCF/To al liabili ies OCF/T 0. 042 0. 007 -0. 02 -0. 02 o al liabili i es years Interpretation: This ratio is also indication of long term debt paying ability of the firm. This ratio shows the relationship if cash generated from operating activities to the total liabilities of the firm. If the firm generates enough cash from its operations which is greater than its liabilities than the firm is in better condition and its long term debt paying ability includes transitioned interest debts and principal sum in good.

The above graph of IMAX shows that in years 2004 & 2005 are generating enough cash from operations to meet their long term and short term debt because in these years the IMAX shows the positive trend, while in years 2006 & 2007 the IMAX shows the negative trend in generating enough cash to meet their liabilities over the two periods. The higher the ratio the better will be the position of the fir Page | 34 Long-term Debt-Equity Ratio: Long erm Deb Equi y Ra io l ng term debt equity rati 0 -5 -10 -15 2004 2005 2006 2007 Long erm Deb Equi y Ra io

Long -4. 968 -10. 08 -3. 706 -2. 566 erm Deb Equi y Ra io years Interpretation: This ratio also shows the long term debt paying ability of the firm. This ratio relates the portion of total equity financed by the long term debt. The lesser the ratio the better will be the company’s position and its ability to pay its debts. The above graph of IMAX shows that in all four years there are negative, the negative trend of the IMAX is due to that their total equity figure is in negative which leads to lie their ratio below the zero line. Page | 35

Time Interest Earned: Time In eres Earned time interest earned 2 1 0 -1 -2 Time In eres Earned 2004 2005 2006 2007 Time In eres Earned 0. 77132 0. 93299 -0. 4019 -1. 2075 years Interpretation: The time interest earned ratio indicates a firm¶s long term debt paying ability from the income statement view. If time interest earned is adequate, little danger exits that the firm will not able to meet its interest obligations. If the firm has a good coverage of the interest obligation, it should be able to refinance the principal when it comes due.

In the above figure of IMAX show the positive trend in years 2004 & 2005 means that in good position to pay its interest obligations on the long term liabilities while in 2006 & 2007 shows the negative trend and are not in good position to pay its interest obligations on the long term liabilities and it may seem also be difficult for the IMAX to pay their principals amount of their long term debts. In 2004 & 2005 the IMAX shows the positive trend indicating that it is generating enough income to meet its interest obligations and is able to pay its principal some debt as compared to other years.

Page | 36 PROFITABILITY ANALYSIS Net Profit Margin: Net Profit M r i . r i . t rofit – . – . – . Net Profit M r i . . – . – . Net Profit M r i y r Interpretation: A commonly used profit measure is return on sales often termed net profit margin. This ratio gives a measure of net income rupees generated by each dollar of sales. it is desirable for this ratio to be high, competitive forces within the industry, economic conditions, use of debt financing an operating characteristics such as high fixed costs will cause the net profit margin to vary between and within the industry,. he above graph of IMAX net profit margin shows a profitable position over the two years and its profit from sales increases substantially from 2004 to 2005, while in next two years the IMAX faces losses on sales continuously i. e. 2006 to 2007. Page | 37 Total asset Turnover: Total asset Turnover total asset turn ver 0. 62 0. 6 0. 58 0. 56 0. 54 0. 52 2004 2005 2006 2007 Total asset Turnover 0. 5701 0. 6122 0. 5948 0. 5569 Total asset Turnover years Interpretation: The total asset turnover measures the activity of the assets and the ability of the firm to generate sales through the use of assets.

The above graph of IMAX shows that who efficiently the years uses their assets to generate sales. The high figure shows that that the firm¶s net sales are than its total assets. It indicates that the firm is not using enough of the assets to generate sales. In the above graph of IMAX, the activity of assets in the years 2004 & 2007 is greater than the other years that are why its ratios is lower as compared to other. As we look towards the years 2005 & 2006 its figure is higher indicating that this firm is not using much of its assets to generate sales. Page | 38 Return on Assets:

Return On Assets 0. 1 return n assets 0. 05 0 -0. 05 -0. 1 -0. 15 2004 2005 2006 2007 Return On Assets Return 0. 043 0. 061 -0. 077 -0. 13 On Assets years Interpretation: Return on assets measures the firm ability to utilize its assets to create profits by comparing the profits with the assets that generate the profits. The higher the firm¶s return on assets better will be the company¶s position. The above graph of IMAX shows the return on assets of four years . By looking toward the graph we can see that from 2004 to 2005 years shows the positive and profitable trend.

This indicates that in 2004 & 2005 management is efficiently utilizing their assets to generate profits, and also there is a positive trend over the two years while in next two years i. e from 2006 to 2007 shows the negative and non profitable trend which indicates that in these years IMAX management is not efficiently utilizing their assets to generate profits. Page | 39 Operating Income Margin: Operating Income perating inc me margin 0. 3 0. 2 0. 1 0 -0. 1 Operati ng Income argin 2004 0. 22 2005 argin Operating Income argin 2006 2007 0. 224 0. 077 -0. 031 years Interpretation: It shows the relationship of operating income to net sales.

This ratio indicates that how much the firm generates income from its net sales after excluding administrative, selling and other expenses from the gross profit. The higher the figure of operating income margin the better the company¶s better position and its profitability. The above graph of IMAX shows that the in years 2004 & 2005 are in better position in relation to operating income margin as compared to the other years in the IMAX Company while in years from 2006 to 2007 IMAX shows the decline means in these years IMAX Company¶s position is not good and non profitability. So we can say that there are only two years i. from 2004 to 2005 that generate positive incomes from net sales. Further we can see that the in years 2004 & 2005 shows the continuous improvement over the two years while 2006 & 2007 shows decline over the two years. Page | 40 Return on Operating Assets return n perating assets Return On Operating Assets 2 1 0 -1 2004 2005 2006 2007 Return On Operating Assets Return 1. 076 1. 261 0. 415 -0. 15 On Operati ng Assets years Interpretation: This ratio measures the ability of operating assets to generate sales dollars. The higher the ratio the better will be the position of the company.

The above graph of IMAX shows that there are only two years in the company i. e. 2004 to 2005 whose position is better as compared to other years in the company. Because these years shows positive figure over the two years, while next year shows big decline i. e. 2006 and in 2007 the IMAX shos the negative fingure. The IMAX company show an improvement from year 2004 to 2005 but in last two years they show the decline position In year 2004 & 2005 operating assets are efficiently contributing in the generation of the sales while in the years 2006 & 2007 are not utilizing efficiently contributing in the generation of the sales

Page | 41 DuPont Return on Operating Assets: dupont return on operating assets DuPont Return on Operating Assets 2 1 0 -1 2004 2005 2006 2007 DuPont Return on Operating Assets DuPon 1. 076 1. 261 0. 415 -0. 15 t Return on Operat years Interpretation: It shows the relationship between operating and average operating assets of the firm. It indicates that how efficiently the management of the firm operates its assets to generate income. The higher the figure the better will be the position of the firm.

The above graph of IMAX shows that that the management of years 2004 to 2005 has a control over its operating assets in relation to generate income while in next two years the IMAX shows the declining position means have not a control over its operating assets in relation to generate income and these two years shows the declining figure in the year 200 and 2007 indicating that they are not generating income from their operating assets in fact they faces a lose in the year 2007 . Page | 42 Sales to Fixed Assets: Sales To Fixed Assets sales to fixed assets 2. 5 2 1. 5 1 0. 0 2004 2005 2006 2007 Sales To Fixed Assets Sales To 1. 895 2. 081 1. 923 1. 725 Fixed Assets years Interpretation: The ratio measure the firm¶s ability to make productive use of its property, plant and equipment by generating sales rupees. The above graph of IMAX shows that in the years from 2004 to 2005 have a the positive trend indicating that their fixed assets are contributing more efficiently toward the sales while in years from 2006 to 2007 the IMAX have a negative trend indicating that their fixed assets are not contributing more efficiently toward the sales.

In fact In last year they faces a lose in the year 2007 . Page | 43 Return on Investment: Return On Investment return n investment 0. 2 0. 1 0 -0. 1 -0. 2 2004 2005 2006 2007 Return On Investment Return On 0. 1204 0. 148 Investmen t -0. 041 -0. 118 years Interpretation: It applies to ratio measuring the income earned on the invested capital. These types if measures are widely used to evaluate enterprise performance. Since return on investment is a type of return on capital, this ratio measure the ability of the firm to reward those who provide long term funds and to attract provides of future funds.

This ratio evaluates the earning performance of the firm without regard to the investment is financed. The higher the ratio, the better will be the position of the company. The above graph of IMAX shows that in the years from 2004 to 2005 have a better positive and shows positive trend over the two years but in last two years the IMAX shows the negative trend and shows the continues losses. Page | 44 Return on Total Equity: Return On Total Equity return n total equity 0. 5 0 -0. 5 Return On Total Equity Return On Total Equity 2004 2005 2006 2007 0. 327 -0. 3664 0. 2347 0. 3156 years Interpretation: It measures the return to both common and preferred stockholders. The higher the ratio the better will be the position of the company. This ratio is important for shareholder point of view. Higher returns attract more shareholders. The above graph of IMAX Company shows in the years 2004 to 2005 have the decreasing trend over the two years also below the zero line i. e. negative returns. While in last two years from 2006 to 2007 have a positive trend and shows the better position. Page | 45

Gross Profit Margin: Gross gr ss pr fit margin 0. 6 0. 4 0. 2 0 rofit argin Gross rofit Margin 2004 2005 2006 2007 Gross 0. 485 0. 496 0. 406 0. 355 rofit Margin years Interpretation: The ratio shows the relationship between gross profit and net sales. Higher the figure the better will be the position of the firm. The above graph of IMAX shows that the company generate profits continuously over the two years from the net sales, while in last two years shows decline from 2006 to 2007 and shows the continues losses. Page | 46 INVESTOR ANALYSIS

Degree of Financial Leverage: Degree Of i i ll v r ci l Lever ge of fi Degree Of Fi ci l Lever ge 2004 2005 2006 2007 2 – . 9 0. 2 r Degree 2. 296 2. Of ci Fi l Lever y r Interpretation: The use of financing with a fixed charge (such as interest) is termed financial leverage. Financial leverage is successfully the firm earns more on the borrowed finds than it pays to use them. It is not successful if the firm earns less on the borrowed funds than it pays to use them. If the earning before interest increases, the financial leverage will be favorable.

If earning before interest deceased the financial leverage will be unfavorable. The above graph of IMAX shows that the years from 2004 to 2005 the negative trend over the two years earning before interest decreased the financial leverage are unfavorable while in 2006 the IMAX company goes to the below the zero line shows negative figure but then in the year 2007 shows the positive trend here the earning before interest increases, the financial leverage is the favorable and the degree of financial leverage becomes favorable from 2006 to 2007. Page | 47 Earning Per Common Share: arning per c mm n share Earning er Common Share 0. 2 0. 1 0 -0. 1 -0. 2 -0. 3 2004 2005 2006 2007 Earning er Common Share Earning 0. 086 0. 118 -0. 138 -0. 22 er Commo n Share years Interpretation: It is the amount of income earned on a share of common stock during period, applies only to common stock. The higher the ratio, the higher will be position of the firm. The above graph of IMAX company shows that only in the years from 2004 to 2005 shows a continuous positive trend in the earnings per common share and also show improvement in their earning .

While in next two years the company going to down and down and not shows a good position. Page | 48 Book Value per Share: Book Value per Share k value per share 0 -0. 2 -0. 4 -0. 6 -0. 8 2004 2005 2006 2007 Book Value per Share b Book -0. 364 -0. 167 -0. 477 -0. 697 Value per Share years Interpretation: It indicates the amount of stockholder¶s equity that relates to each share of outstanding common stock. The above figure of IMAX Company shows a book value per share below the zero line over the four years.

Page | 49 Operating Cash flow Per Share: perating cash fl w per year Operating Cash flow er Share 0. 15 0. 1 0. 05 0 -0. 05 -0. 1 2004 2005 2006 2007 Operating Cash flow er Share Operatin 0. 096 0. 015 -0. 049 -0. 051 g Cash flow er Share years Interpretation: Operating cash flow per share indicates the funds flow per common share outstanding, it is usually substantially than the earning per share because depreciation has not been deducted.

It is the indication of a firm¶s ability to make capital expenditures decisions and pay dividends than is earning per share. This ratio does not viewed as substitute for earning per share in terms of its profitability. The higher the ratio, the better will be the position of the firm. The above graph of IMAX shows the negative trend continuous over the four years also shows below the zero line in last two years which is in a continuous non profitability position. Page | 50

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