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BRIEF-Imax announces new share-repurchase program and cost-reduction initiative
June 12, 2017 / 8:44 PM / 2 months ago

BRIEF-Imax announces new share-repurchase program and cost-reduction initiative

June 12 (Reuters) - Imax Corp:

* Imax announces new share-repurchase program and cost-reduction initiative

* Imax Corp - authorizes repurchase of up to $200 million of its common shares by June 30, 2020

* Imax Corp - implementing a cost-reduction plan that will target approximately $20 million in annualized cost savings

* Says as part of its cost-reduction plan Imax expects approximately 100 full-time positions

* Imax Corp - expects to report aggregate pre-tax restructuring and impairment charge of about $15 million in 2017 in connection with cost-reduction efforts

* Says company further expects about $11 million of restructuring and impairment charges will be recognized in Q2 of 2017

* Imax Corp - anticipates cost savings to take effect beginning in Q3 of 2017 Source text for Eikon: Further company coverage:

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