Imax taps new money man
Sparacio named chief financial officer
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He joins the Toronto-based company as exec VP of finance and is skedded to take over as CFO in May. He'll be based in New York.
Previously, Sparacio held posts with In Demand, Loews Cineplex Entertainment, Loews Theater Management and the accounting firm Ernst & Young.
Imax has twice missed the deadline for the posting of its 2006 fiscals. First it cited accounting errors worth $2.5 million spotted by its brass and accountants going back six years; prodded by an informal investigation by the SEC and the Ontario Securities Commission, the company subsequently announced that it is widening its fiscal investigation.
In addition to the annual report it must file with the U.S. Securities and Exchange Commission, the company is expected to restate its fiscals for related periods going back to 2001.
Edward MacNeil has been interim CFO since Frank Joyce left the company last August.
Company had put itself on the block a few months earlier; a suitable buyer was not found, and the SEC and OSC had some questions about the company's revenue recognition. Imax took itself off the market in December.
Imax had previously attempted to find a buyer in 2000 but was unsuccessful in that effort.
Amid the controversy and uncertainty, Imax continues to sign deals for new systems in North America and abroad, and it recently announced boffo attendance for the day-and-date release of "300."
