~ Announces Quarterly Cash Dividend
~~ Provides Fourth Quarter and Full Year 2014 Outlook
~
National CineMedia, Inc. (NASDAQ: NCMI) (the Company), the
managing member and owner of 45.8% of National CineMedia, LLC (NCM
LLC), the operator of the largest in-theatre digital media network
in North America, today announced consolidated results for the
fiscal third quarter ended September 25, 2014.
Total revenue for the third quarter of 2014 decreased 25.4% to
$100.8 million from $135.1 million for the comparable quarter last
year. Excluding revenue from the Fathom Events division that was
sold in December 2013, revenue decreased 21.0% from $127.6 million
for the third quarter of 2013. Adjusted OIBDA excluding Fathom
Events decreased 31.0% to $52.2 million from $75.6 million for the
third quarter of 2013. Net income for the third quarter of 2014 was
$4.8 million, or $0.08 per diluted share compared to net income of
$13.7 million, or $0.24 per diluted share for the third quarter of
2013. Excluding $2.0 million in pre-tax costs associated with the
proposed merger with Screenvision in the third quarter of 2014 and
excluding the impact of the Fathom business on the third quarter of
2013 and 2014, net income for the third quarter of 2014 would have
been $6.2 million, or $0.11 per diluted share, and net income for
the third quarter of 2013 would have been $13.4 million, or $0.24
per diluted share.
For the nine months ended September 25, 2014, total revenue
decreased 20.3% to $270.9 million from $340.1 million for the nine
months ended September 26, 2013. Excluding revenue from the Fathom
Events division that was sold in December 2013, revenue decreased
14.9% from $318.2 million for the nine months ended September 26,
2013. Adjusted OIBDA excluding Fathom Events decreased 24.8% to
$126.8 million from $168.7 million for the comparable nine month
period of 2013. Net income for the nine months ended September 25,
2014 was $5.3 million, or $0.09 per diluted share compared to net
income of $22.2 million, or $0.40 per diluted share for the first
nine months of 2013. Excluding $3.7 million in pre-tax costs
associated with the proposed merger with Screenvision in 2014 and
excluding the impact of the Fathom business on 2013 and 2014, net
income for the first nine months of 2014 would have been $7.8
million, or $0.13 per diluted share, and net income for the first
nine months of 2013 would have been $21.3 million, or $0.38 per
diluted share.
The Company announced today that its Board of Directors has
authorized the Company’s regular quarterly cash dividend of $0.22
per share of common stock. The dividend will be paid on December 5,
2014, to stockholders of record on November 20, 2014. The Company
intends to pay a regular quarterly dividend for the foreseeable
future at the discretion of the Board of Directors dependent on
available cash, anticipated cash needs, overall financial
condition, future prospects for earnings and cash flows as well as
other relevant factors.
Commenting on the Company’s recent operating results Chairman
and CEO Kurt Hall said, “After weathering a tough Q2 and Q3 for our
national advertising business as marketers sorted-out where to
invest their video advertising budgets, our national business has
made a meaningful recovery as Q4 2014 national advertising revenue
is projected to increase approximately 20% versus Q4 2013. Most of
this Q4 national revenue increase relates to commitments made
during our recent participation in the TV upfront selling process
where our overall upfront commitments more than doubled from last
year. This turnaround reflects an increased focus by media planners
on video platforms with higher quality event programming that
delivers ubiquitous national coverage and enough impressions to
positively impact their marketing campaigns. While this year’s
upfront was a good start, our proposed merger with Screenvision
will further enhance our ability to deliver what media planners
want to buy.”
Commenting on the previously announced lawsuit by the Department
of Justice (“DOJ”) seeking to block the Company’s proposed merger
with Screenvision, Mr. Hall concluded, "I am obviously very
disappointed that the DOJ did not see the benefits of the new
combined company to our advertising clients and their agencies and
our exhibitor partners. We look forward to demonstrating those
benefits. Combining NCM and Screenvision will enable us to offer
advertisers a better product with the broader reach, ubiquitous
geographic coverage, more advertising impressions, enhanced
targeting capability, and lower costs that advertising clients and
their agencies seek. The combined company will provide long term
additional advertising revenue to our theater circuit partners as
we will be more competitive in the advertising marketplace."
Revenue excluding Fathom Events, Adjusted OIBDA and Adjusted
OIBDA excluding Fathom Events are non-GAAP measures. See the tables
at the end of this release for the reconciliations to the closest
GAAP basis measurements.
Supplemental Information
Integration payments due from Cinemark and AMC associated with
Rave Theatres for the quarter ended September 25, 2014 and
September 26, 2013 and nine months ended September 25, 2014 and
September 26, 2013, respectively, were $0.6 million, $1.0 million,
$1.4 million and $2.1 million. The integration payments were
recorded as a reduction of an intangible asset.
Fourth Quarter and Full Year 2014 Outlook
For the fourth quarter of 2014, the Company expects total
revenue to be up 9% to 18% and Adjusted OIBDA is expected to be up
10% to 26% from the fourth quarter of 2013 (excluding the results
of Fathom Events from 2013). The Company expects total revenue in
the range of $118 million to $128 million during the fourth quarter
of 2014, compared to total revenue excluding Fathom for the fourth
quarter of 2013 of $108.1 million and Adjusted OIBDA in the range
of $65 million to $75 million during the fourth quarter of 2014
compared to Adjusted OIBDA excluding Fathom for the fourth quarter
of 2013 of $59.3 million.
For the full year 2014, the Company expects total revenue to be
down 6% to 9% and Adjusted OIBDA is expected to be down 11% to 16%
from the full year 2013 (excluding the results of Fathom Events
from 2013). The Company expects total revenue in the range of $389
million to $399 million for the full year 2014, compared to total
revenue excluding Fathom for the full year 2013 of $426.3 million
and Adjusted OIBDA in the range of $192 million to $202 million for
the full year 2014 compared to Adjusted OIBDA excluding Fathom for
the full year 2013 of $228.0 million.
Conference Call
The Company will host a conference call and audio webcast with
investors, analysts and other interested parties November 3, 2014
at 5:00 P.M. Eastern time. The live call can be accessed by dialing
1-855-327-6837 or for international participants 1-631-982-4565.
Participants should register at least 15 minutes prior to the
commencement of the call. Additionally, a live audio webcast will
be available to interested parties at www.ncm.com under the
Investor Relations section. Participants should allow at least 15
minutes prior to the commencement of the call to register, download
and install necessary audio software.
The replay of the conference call will be available until
midnight Eastern Time, November 17, 2014, by dialing 1-877-870-5176
or for international participants 1-858-384-5517, and entering
conference ID 13593586.
About National CineMedia, Inc.
National CineMedia (NCM) operates NCM Media Networks, a leading
integrated media company reaching U.S. consumers in movie theaters,
online and through mobile technology. NCM presents cinema
advertising across the nation’s largest digital in-theater network,
comprised of theaters owned by AMC Entertainment Inc. (NYSE: AMC),
Cinemark Holdings, Inc. (NYSE: CNK), Regal Entertainment Group
(NYSE: RGC) and other leading regional theater circuits. NCM’s
theater advertising network covers 183 Designated Market Areas® (49
of the top 50) and includes over 20,000 screens (approximately
19,200 connected to our Digital Content Network). During 2013, over
710 million patrons (on an annualized basis) attended movies shown
in theaters in which NCM currently has exclusive cinema advertising
agreements in place. NCM Digital offers 360-degree integrated
marketing opportunities in combination with cinema, encompassing 33
entertainment-related websites, online solutions and mobile
applications. National CineMedia, Inc. (NASDAQ: NCMI) owns a 45.8%
interest in and is the managing member of National CineMedia LLC.
For more information, visit www.ncm.com. (NCMI-F)
Forward-Looking Statements
This press release contains various
forward-looking statements that reflect management’s current
expectations or beliefs regarding future events, including
statements providing guidance and projections for fourth quarter
and full year, the dividend policy and the merger with
Screenvision. Investors are cautioned that reliance on these
forward-looking statements involves risks and uncertainties.
Although the Company believes that the assumptions used in the
forward looking statements are reasonable, any of these assumptions
could prove to be inaccurate and, as a result, actual results could
differ materially from those expressed or implied in the forward
looking statements. The factors that could cause actual results to
differ materially from those expressed or implied in the
forward-looking statements are, among others, 1) the level of
expenditures on cinema advertising; 2) increased competition for
advertising expenditures; 3) technological changes and innovations;
4) popularity of major motion picture releases and level of theatre
attendance; 5) shifts in population and other demographics that
affect theatre attendance; 6) our ability to renew or replace
expiring advertising and content contracts; 7) our need for
additional funding, risks and uncertainties relating to our
significant indebtedness; 8) fluctuations in operating costs; 9)
changes in interest rates; 10) changes in accounting principles;
and 11) the outcome of our defense of the merger with DOJ and the
Company’s ability to timely and successfully integrate
Screenvision’s operations into those of NCM LLC and achieve the
anticipated expense synergies and increased revenue and earnings.
In addition, the outlook provided does not include the impact of
any future unusual or infrequent transactions; sales and
acquisitions of operating assets and investments; the proposed
Screenvision merger; any future noncash impairments of intangible
and fixed assets; amounts related to litigation; or the related
impact of taxes that may occur from time to time due to management
decisions and changing business circumstances. The Company is
currently unable to forecast precisely the timing and/or magnitude
of any such amounts or events. Please refer to the Company’s
Securities and Exchange Commission filings, including the “Risk
Factor” section of the Company’s Annual Report on Form 10-K for the
year ended December 26, 2013, for further information about these
and other risks.
NATIONAL CINEMEDIA,
INC.Condensed Consolidated Statements of
IncomeUnaudited($ in millions, except per share
data)
Quarter Ended Nine Months Ended
September 25,2014
September 26,2013
September 25,2014
September 26,2013
REVENUE: Advertising (including revenue from founding members of
$9.1, $11.5, $28.4 and $31.6, respectively) $ 100.8 $127.6 $ 270.9
$ 318.2 Fathom Events - 7.5 -
21.9 Total 100.8 135.1
270.9 340.1 OPERATING EXPENSES: Advertising
operating costs 6.5 7.9 18.1 21.7 Fathom Events operating costs -
5.4 - 15.4 Network costs 4.4 5.1 13.4 15.2 Theatre access
fees—founding members 17.0 18.7 52.3 52.4 Selling and marketing
costs 14.7 15.6 43.8 46.7 Merger-related administrative costs 2.0 -
3.7 - Other administrative and other costs 6.9 7.8 21.6 22.9
Depreciation and amortization 8.6 7.2
24.2 18.8 Total 60.1 67.7
177.1 193.1 OPERATING INCOME
40.7 67.4 93.8 147.0
NON-OPERATING EXPENSES: Interest on borrowings 12.7 12.8 38.8 38.9
Interest income (0.3 ) (0.1 ) (1.2 ) (0.3 ) Accretion of interest
on the discounted payable to founding members under tax receivable
agreement 3.5 3.4 10.8 10.2 Amortization of terminated derivatives
2.6 2.6 7.6 7.8 Other non-operating expense 0.7 -
0.9 1.2 Total 19.2
18.7 56.9 57.8 INCOME BEFORE
INCOME TAXES 21.5 48.7 36.9 89.2 Income tax expense 2.1
6.4 4.2 13.0 CONSOLIDATED
NET INCOME 19.4 42.3 32.7 76.2 Less: Net income attributable to
noncontrolling interests 14.6 28.6 27.4
54.0 NET INCOME ATTRIBUTABLE TO NCM, INC. $
4.8 $13.7 $ 5.3 $ 22.2 EARNINGS
PER COMMON SHARE: Basic $ 0.08 $0.24 $ 0.09 $ 0.40 Diluted $ 0.08
$0.24 $ 0.09 $ 0.40
NATIONAL CINEMEDIA, INC.Selected
Condensed Balance Sheet DataUnaudited ($ in
millions)
As of
September 25,2014
December 26, 2013 Cash, cash equivalents and
marketable securities $ 84.3 $ 126.0 Receivables, net 97.2 120.4
Property and equipment, net 23.5 25.6 Total assets 994.0 1,067.3
Borrowings 895.0 890.0 Total equity/(deficit) (207.5 ) (146.1 )
Total liabilities and equity 994.0 1,067.3
NATIONAL CINEMEDIA,
INC.Operating DataUnaudited
Quarter and Nine Months Ended
September 25,2014
September 26,2013
Total Screens (100% Digital) at Period End (1)(6) 20,050 19,671
Founding Member Screens at Period End (2)(6) 16,450 16,423 DCN
(Digital Content Network) Screens at Period End (3)(6) 19,168
18,863
Quarter
Ended Nine Months Ended (in millions)
September
25,
2014
September 26,
2013
September 25,
2014
September 26,
2013
Total Attendance for Period (4)(6) 163.5 192.0 505.4 533.7 Founding
Member Attendance for Period (5)(6) 138.7 165.9 433.1 455.4 Capital
Expenditures $ 1.7 $2.0 $ 7.0 $ 8.2 (1) Represents
the total screens within NCM LLC’s advertising network. (2)
Represents the total founding member screens. (3) Represents the
total number of screens that are connected to the DCN. (4)
Represents the total attendance within NCM LLC’s advertising
network. (5) Represents the total attendance within NCM LLC’s
advertising network in theatres operated by the founding members.
(6) Excludes screens and attendance associated with certain AMC
Rave and Cinemark Rave theatres for all periods presented.
NATIONAL CINEMEDIA,
INC.Operating DataUnaudited(In millions,
except advertising revenue per attendee, margin and per share
data)
Quarter Ended Nine Months
Ended
September 25,2014
September 26,2013
September 25,2014
September 26,2013
Advertising Revenue $ 100.8 $ 127.6 $ 270.9 $ 318.2 Total Revenue $
100.8 $ 135.1 $ 270.9 $ 340.1 Operating Income $ 40.7 $ 67.4 $ 93.8
$ 147.0 Total Attendance (1) 163.5 192.0 505.4 533.7
Advertising Revenue / Attendee $ 0.617 $ 0.665 $ 0.536 $ 0.596
OIBDA $ 49.3 $ 74.6 $ 118.0 $ 165.8 Adjusted OIBDA $ 52.2 $
76.7 $ 126.8 $ 172.0 Adjusted OIBDA Margin 51.8 % 56.8 % 46.8 %
50.6 % Income Per Share – Basic $ 0.08 $ 0.24 $ 0.09
$ 0.40 Income Per Share – Diluted $ 0.08 $ 0.24 $ 0.09 $ 0.40
(1) Represents the total attendance within NCM LLC’s
advertising network. Excludes screens and attendance associated
with certain AMC Rave and Cinemark Rave theatres for all periods
presented.
(See attached tables for the non-GAAP
reconciliation)
NATIONAL CINEMEDIA, INC.Non-GAAP
ReconciliationsUnaudited
OIBDA, Adjusted OIBDA and Adjusted OIBDA Margin
Operating Income Before Depreciation and Amortization (“OIBDA”),
Adjusted OIBDA and Adjusted OIBDA margin are not financial measures
calculated in accordance with generally accepted accounting
principles (GAAP) in the United States. OIBDA represents
consolidated net income plus income tax expense, interest and other
costs and depreciation and amortization expense. Adjusted OIBDA
excludes from OIBDA non-cash share based compensation costs and
merger-related administrative costs. Adjusted OIBDA margin is
calculated by dividing Adjusted OIBDA by total revenue. These
non-GAAP financial measures are used by management to evaluate
operating performance, to forecast future results and as a basis
for compensation. The Company believes these are important
supplemental measures of operating performance because they
eliminate items that have less bearing on its operating performance
and so highlight trends in its core business that may not otherwise
be apparent when relying solely on GAAP financial measures. The
Company believes the presentation of these measures is relevant and
useful for investors because it enables them to view performance in
a manner similar to the method used by the Company’s management,
helps improve their ability to understand the Company’s operating
performance and makes it easier to compare the Company’s results
with other companies that may have different depreciation and
amortization policies, non-cash share based compensation programs,
levels of mergers and acquisitions, interest rates or debt levels
or income tax rates. A limitation of these measures, however, is
that they exclude depreciation and amortization, which represent a
proxy for the periodic costs of certain capitalized tangible and
intangible assets used in generating revenues in the Company’s
business. In addition, Adjusted OIBDA has the limitation of not
reflecting the effect of the Company’s share based payment costs or
costs associated with the proposed Screenvision merger. OIBDA or
Adjusted OIBDA should not be regarded as an alternative to
operating income, net income or as indicators of operating
performance, nor should they be considered in isolation of, or as
substitutes for financial measures prepared in accordance with
GAAP. The Company believes that consolidated net income is the most
directly comparable GAAP financial measure to OIBDA. Because not
all companies use identical calculations, these non-GAAP
presentations may not be comparable to other similarly titled
measures of other companies, or calculations in the Company’s debt
agreement.
The following tables reconcile consolidated net income to OIBDA
and Adjusted OIBDA for the periods presented (dollars in
millions):
Quarter Ended Nine Months
Ended
September 25,2014
September 26,2013
September 25,2014
September 26,2013
Consolidated net income $ 19.4 $ 42.3 $ 32.7 $ 76.2 Income tax
expense 2.1 6.4 4.2 13.0 Interest and other non-operating costs
19.2 18.7 56.9 57.8 Depreciation and amortization 8.6
7.2 24.2 18.8 OIBDA $
49.3 $ 74.6 $ 118.0 $ 165.8 Share-based compensation costs (1) 0.9
2.1 5.1 6.2 Merger-related administrative costs (2) 2.0
- 3.7 - Adjusted
OIBDA $ 52.2 $ 76.7 $ 126.8 $ 172.0
Total revenue $ 100.8 $ 135.1 $ 270.9 $ 340.1
Adjusted OIBDA margin 51.8 % 56.8 %
46.8 % 50.6 % Adjusted OIBDA $ 52.2 $ 76.7 $
126.8 $ 172.0 Rave theatres integration payments 0.6
1.0 1.4 2.1 Adjusted
OIBDA after integration payments $ 52.8 $ 77.7 $
128.2 $ 174.1 (1) Share-based
compensation costs are included in network operations, selling and
marketing and administrative expense in the accompanying financial
statements. (2) Merger-related administrative costs represent
legal, accounting, advisory and other professional fees associated
with the proposed merger with Screenvision and are included in
administrative expense in the accompanying financial statements.
Outlook (in millions)
Quarter Ending
January 1, 2015 Year Ending January
1, 2015
Low
High
Low
High
Consolidated net income $ 24.0 $ 28.5 $ 56.7 $ 61.2 Income tax
expense 6.0 6.5 10.2 10.7 Interest and other non-operating costs
19.0 20.0 75.9 76.9 Depreciation and amortization 8.0 9.0 32.2 33.2
OIBDA 57.0 64.0 175.0 182.0 Share-based compensation costs (1) 1.0
2.0 6.1 7.1 Merger-related administrative
costs (2)
7.0 9.0 10.7 12.7 Adjusted OIBDA $ 65.0 $ 75.0 $ 191.8 $ 201.8
Total revenue $ 118.0 $ 128.0 $ 388.9 $ 398.9 (1)
Share-based compensation costs are included in network operations,
selling and marketing and administrative expense in the
accompanying financial statements. (2) Merger-related
administrative costs represent legal, accounting, advisory and
other professional fees associated with the proposed merger with
Screenvision and are included in administrative expense in the
accompanying financial statements.
Revenue and Adjusted OIBDA excluding Fathom Events
Revenue excluding Fathom Events and Adjusted OIBDA excluding
Fathom Events are not financial measures calculated in accordance
with generally accepted accounting principles (GAAP) in the United
States. Revenue excluding Fathom Events represents total revenue
less revenue of our Fathom Events operating segment which was sold
on December 26, 2013. Adjusted OIBDA excluding Fathom Events
represents Adjusted OIBDA (defined above) less operating income of
our Fathom Events operating segment. These non-GAAP financial
measures are used to provide readers a comparison of our third
quarter and full year 2014 results and outlook for the third
quarter and full year 2014 to our results in the comparable period
of 2013 without the Fathom Events operating segment included. The
Company believes these are important supplemental measures because
they eliminate a portion of our business that was disposed of to
highlight trends in its ongoing business that may not otherwise be
apparent when relying solely on GAAP financial measures. Revenue
excluding Fathom Events and Adjusted OIBDA excluding Fathom Events
should not be regarded as an alternative to revenue, operating
income, net income or as indicators of operating performance, nor
should they be considered in isolation of, or as substitutes for
financial measures prepared in accordance with GAAP. The Company
believes that revenue and consolidated net income are the most
directly comparable GAAP financial measures. Because not all
companies use identical calculations, these non-GAAP presentations
may not be comparable to other similarly titled measures of other
companies.
The following table reconciles total revenue to revenue
excluding Fathom Events for the periods presented (dollars in
millions):
Quarter Ended
Nine MonthsEnded
Quarter Ended Year Ended September
26, 2013 September 26, 2013 December
26,2013
December 26,2013
Revenue $ 135.1 $ 340.1 $ 122.7 $ 462.8 Fathom Events revenue
(7.5 ) (21.9 ) (14.6 ) (36.5 ) Revenue
excluding Fathom Events $ 127.6 $ 318.2 $ 108.1
$ 426.3
The following table reconciles consolidated net income to
Adjusted OIBDA excluding Fathom Events for the periods presented
(dollars in millions):
QuarterEnded
Nine MonthsEnded
Quarter Ended
Year Ended
September 26, 2013 September 26, 2013
December 26,2013
December 26,2013
Consolidated net income $ 42.3 $ 76.2 $ 53.6 $ 129.8 Income tax
expense 6.4 13.0 7.2 20.2 Interest and other non-operating costs
18.7 57.8 (5.8 ) 52.0 Depreciation and amortization 7.2 18.8 7.8
26.6 Fathom operating income (1.1 ) (3.3 ) (3.2 ) (6.5 )
Share-based compensation costs (1) 2.1 6.2
(0.3 ) 5.9 Adjusted OIBDA excluding
Fathom Events $ 75.6 $ 168.7 $ 59.3 $ 228.0
(1) Share-based compensation costs are included in
network operations, selling and marketing and administrative
expense in the accompanying financial statements.
Net Income and Earnings per Share Excluding Merger-Related
Administrative Costs and Fathom Events
Net income and earnings per share excluding merger-related
administrative costs and Fathom Events are not financial measures
calculated in accordance with generally accepted accounting
principles (GAAP) in the United States. Net income and earnings per
share excluding merger-related administrative costs and Fathom
Events are calculated using reported net income and earnings per
share and the merger-related administrative costs and the results
of the Fathom Events operating segment shown in the below table.
These non-GAAP financial measures are used by management as an
additional tool to evaluate operating performance. The Company
believes these are important supplemental measures of operating
performance because they eliminate items that have less bearing on
its operating performance and so highlight trends in its core
business that may not otherwise be apparent when relying solely on
GAAP financial measures. The Company believes the presentation of
these measures is relevant and useful for investors because it
enables them to view performance in a manner similar to a method
used by the Company’s management and helps improve their ability to
understand the Company’s operating performance. Net income
excluding merger-related administrative costs and Fathom Events
should not be regarded as an alternative to net income and should
not be regarded as an alternative to earnings per share or as
indicators of operating performance, nor should they be considered
in isolation of, or as substitutes for financial measures prepared
in accordance with GAAP. The Company believes that net income and
earnings per share are the most directly comparable GAAP financial
measures. Because not all companies use identical calculations,
these presentations may not be comparable to other similarly titled
measures of other companies.
The following table reconciles net income and earnings per share
as reported to net income and earnings per share excluding
merger-related administrative costs and Fathom Events for the
periods presented (dollars in millions):
Quarter Ended Nine Months
Ended
September 25, 2014
September 26, 2013 September 25, 2014
September 26, 2013 Net income as reported $4.8 $ 13.7
$ 5.3 $ 22.2 Merger-related administrative costs (1) 2.0 -
3.7 - Fathom Events operating income - (1.1 ) - (3.3 ) Fathom
Events non-operating expense 0.7 - 0.7 - Effect of noncontrolling
interests (54.2%, 52.8%, 54.2% and 53.6%, respectively) (2) (0.4 )
0.6 (0.4 ) 1.8 Effect of provision for income taxes (38% effective
rate) (0.9 ) 0.2 (1.5 ) 0.6 Net
effect of adjusting items 1.4 (0.3 ) 2.5 (0.9 )
Net income excluding adjusting items $6.2 $
13.4 7.8 $ 21.3 Weighted Average
Shares Outstanding as reported Basic
58,744,395 56,027,288 58,695,073 55,233,875 Diluted 59,043,769
56,875,241 58,987,945 55,864,471 Weighted Average Shares
Outstanding as adjusted Basic 58,744,395 56,027,288 58,695,073
55,233,875 Diluted 59,043,769 56,875,241 58,987,945 55,864,471
Basic income per share as reported $0.08 $ 0.24 $ 0.09 $
0.40 Net effect of adjusting items 0.03 -
0.04 (0.02 ) Basic income per share excluding
adjusting items $0.11 $ 0.24 $ 0.13 $ 0.38
Diluted income per share as reported $0.08 $ 0.24 $
0.09 $ 0.40 Net effect of adjusting items 0.03 -
0.04 (0.02 ) Diluted income per share
excluding adjusting items $0.11 $ 0.24 $ 0.13
$ 0.38 (1) Merger-related administrative costs
represent legal, accounting, advisory and other professional fees
associated with the proposed merger with Screenvision and are
included in administrative expense in the accompanying financial
statements. (2) The effect of noncontrolling interests was not
included for the merger related costs because they were only
recorded at NCM, Inc. and not at NCM LLC and therefore, the
expenses were not attributable to noncontrolling interests.
National CineMedia, Inc.INVESTOR CONTACT:David Oddo,
800-844-0935investors@ncm.comorMEDIA CONTACT:Amy Jane
Finnerty, 212-931-8117amy.finnerty@ncm.com
National CineMedia (NASDAQ:NCMI)
Historical Stock Chart
From Aug 2024 to Sep 2024
National CineMedia (NASDAQ:NCMI)
Historical Stock Chart
From Sep 2023 to Sep 2024