The company, which manufactures a range of commercial cameras and projectors, in addition to operating 3D theatres worldwide, said it was affected by a number of charges in the last quarter of 2008, principally those related to the introduction of its digital projection system and the launch of new joint revenue sharing arrangement theatres.

Imax co-chairmen and co-CEOs Richard Gelfond and Bradley Wechsler commented: "As we have said previously, in 2008 we laid the groundwork that is significantly transforming the company from one that was entirely film-based to one that is increasingly digital, and our business model from one of one-time sales to one of more significant recurring revenues.

"While our financial results reflect the costs associated with this transformation, our revenue did not yet reflect the benefits, as many customers elected to wait for our digital product.

"With the introduction of Imax’s digital technology now well underway, we continue to believe that the key drivers of our business – our digital technology, our growing base of joint revenue sharing theatres and our robust movie slate – should deliver strong revenue growth and return us to profitability in 2009."