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Iwerks reports third quarter results

Iwerks Entertainment Inc. continued its improved operating performance infiscal 1999 by reporting revenues of $10,423,000 for the third quarterended March 31, 1999, representing a 133 percent improvement over the sameperiod last year when it reported revenues of $4,483,000. The third-quarternet loss of $389,000, or 3 cents per share, compared favorably with theprior year's net loss of $5,077,000, or 42 cents per share. EBITDA[earnings before interest, taxes, depreciation, depletion, amortization anditems classified as other expense, net] (a) for the quarter was $1,234,000,compared with a loss of $3,938,000 for the same period last year. For thenine months ended March 31, 1999, the company had revenues of $26,445,000vs. $18,524,000 for the same period the prior year, a 43 percent increase.EBITDA for the nine months ending March 31, 1999, was also positive,totaling $1,431,000, compared to a loss of $6,042,000 for the same periodlast year. "This was our fourth consecutive quarter of improved earningsover the prior quarter, which validates the key objectives of our strategicplan for returning the company to profitability," said Charles Goldwater,president and CEO.

The quarter was highlighted by the company's recent announcements ofseveral new domestic and international Large Format theater projects,including a Giant Screen theater project in the United Kingdom with WarnerVillage Cinemas; a new ride-simulator project in Okinawa, Japan; and 3Dupgrades to existing Iwerks attractions at a number of Six Flags andParamount Parks venues. Iwerks Entertainment, founded in 1986, is one ofthe world'sleading full-service providers of high-tech entertainment systems,support services and film-based software in Large Format,ride-simulation and specialty-venue attractions.

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