EX-12.1 7 o53535exv12w1.htm EX-12.1 EX-12.1
EXHIBIT 12.1
IMAX Corporation
Statement Regarding Computation of Ratio of Earnings to Fixed Charges
Ratio of Earnings to Fixed Charges:
                                                 
    Nine months        
    ended        
    September 30,     Years ended December 31,  
    2008     2007     2006     2005     2004     2003  
    (in thousands of dollars, except ratio data)
Earnings:
                                                
(Loss) income from continuing operations before income taxes and minority interest
   $ (23,804 )   $ (28,470 )   $ (11,904 )   $ 7,008     $ 6,444     $ 174  
Loss from equity-accounted investees
     —       —       —       —       —       (2,496 )
 
                                    
 
     (23,804 )     (28,470 )     (11,904 )     7,008       6,444       (2,322 )
 
                                    
 
                                                
Fixed charges:
                                                
Interest Expense
     12,240       15,825       15,651       15,665       15,906       15,096  
Amortization of capitalized expenses related to indebtedness
     1,067       1,267       1,108       1,210       1,164       704  
Estimate of interest within rental expense1
     880       1,110       988       918       757       685  
 
                                    
 
     14,187       18,202       17,747       17,793       17,827       16,485  
 
                                    
Earnings before fixed charges
   $ (9,617 )   $ (10,268 )   $ 5,843     $ 24,801     $ 24,271     $ 14,163  
 
                                    
Ratio of earnings to fixed charges
     (0.68 )     (0.56 )     0.33       1.39       1.36       0.86  
 
                                    
Additional earnings required to achieve earnings to fixed charges ratio of 1:1
   $ 23,804     $ 28,470     $ 11,904     $ —     $ —     $ 2,322  
 
                                    
 
1   Management considers approximately 22% of Company’s rental expense to reasonably approximate imputed interest.