Announces Quarterly Cash Dividend; Provides
2015 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 fourth quarter and fiscal year ended January 1, 2015.
Total revenue for the fourth quarter of 2014 increased 0.3% to
$123.1 million from $122.7 million for the comparable quarter last
year. Excluding revenue from the Fathom Events division that was
sold in December 2013, advertising revenue increased 13.9% from
$108.1 million for the fourth quarter of 2013. Adjusted OIBDA
excluding Fathom Events increased 22.3% to $72.5 million from $59.3
million for the fourth quarter of 2013. Net income for the fourth
quarter of 2014 was $8.1 million, or $0.14 per diluted share
compared to net income of $19.0 million, or $0.32 per diluted share
for the fourth quarter of 2013. Excluding $3.8 million in pre-tax
costs associated with the proposed merger with Screenvision in the
fourth quarter of 2014, the impact of the Fathom business on the
fourth quarter of 2013 and 2014 and non-cash impairment charges in
2013, net income for the fourth quarter of 2014 would have
decreased to $0.18 per diluted share, compared to $0.19 per diluted
share, for the fourth quarter of 2013.
For the year ended January 1, 2015, total revenue decreased
14.9% to $394.0 million from $462.8 million for the year ended
December 26, 2013. Excluding revenue from the Fathom Events
division that was sold in December 2013, advertising revenue
decreased 7.6% from $426.3 million for the year ended December 26,
2013. Adjusted OIBDA excluding Fathom Events decreased 12.6% to
$199.3 million from $228.0 million for the year ended December 26,
2013. Net income for the year ended January 1, 2015 was $13.4
million, or $0.23 per diluted share compared to net income of $41.2
million, or $0.73 per diluted share for the year ended December 26,
2013. Excluding $7.5 million in pre-tax costs in 2014 associated
with the proposed merger with Screenvision, the impact of the
Fathom business on 2013 and 2014 and impairment charges in 2013,
net income for the year ended January 1, 2015 would have decreased
to $0.31 per diluted share, compared to $0.57 per diluted share,
for the year ended December 26, 2013.
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 March 26,
2015 to stockholders of record on March 12, 2015. The Company
intends to pay a regular quarterly dividend for the foreseeable
future at the discretion of the Board of Directors consistent with
the Company’s intention to distribute over time a substantial
portion of its free cash flow in the form of dividends to its
stockholders. The declaration, payment, timing and amount of any
future dividends payable will be at the sole discretion of the
Board of Directors who will take into account general economic and
business conditions, the Company’s financial condition, available
cash, current and anticipated cash needs, and any other factors
that the Board of Directors considers relevant.
Commenting on the Company’s 2014 results, Kurt Hall, NCM’s
Chairman and CEO said, “2014 was a rollercoaster year for our
company as the impact of new digital technology and the continued
expansion of online content accelerated changes in consumer viewing
habits. Despite these competitive pressures, we finished the year
strong with Q4 2014 Adjusted OIBDA growth of 22% over the prior
year (excluding Fathom). We are projecting further growth in 2015
as our effective competition in the TV upfront process produced
national commitments for calendar 2015 that were nearly 75% higher
than those booked going into 2014.”
Mr. Hall concluded, “Our ability to continue to compete more
effectively in the broader video advertising marketplace will be
closely tied to our continued success in the TV upfront sales
process and the further expansion of our network. Further network
expansion will enable us to offer marketers the broad audiences
required to create meaningful targeted campaigns and the market
coverage ubiquity that is now offered by our video advertising
competitors, including broadcast, cable, online and mobile
networks.”
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 fourth quarter of 2014 and 2013 and the year
ended January 1, 2015 and December 26, 2013 were $0.8 million, $0.7
million, $2.2 million and $2.8 million, respectively. The
integration payments were recorded as a reduction of an intangible
asset.
First Quarter and Full Year 2015 Outlook
For the first quarter of 2015, the Company expects total revenue
to be up 7% to 11% and Adjusted OIBDA is expected to be up 11% to
24% from the first quarter of 2014. The Company expects total
revenue in the range of $75.0 million to $78.0 million during the
first quarter of 2015, compared to total revenue for the first
quarter of 2014 of $70.2 million and Adjusted OIBDA in the range of
$25.0 million to $28.0 million during the first quarter of 2015
compared to Adjusted OIBDA for the first quarter of 2014 of $22.6
million.
For the full year 2015, the Company expects total revenue to be
up 7% to 10% and Adjusted OIBDA is expected to be up 5% to 10% from
the full year 2014. The Company expects total revenue in the range
of $422.0 million to $432.0 million for the full year 2015,
compared to total revenue for the full year 2014 of $394.0 million
and Adjusted OIBDA in the range of $210.0 million to $220.0 million
for the full year 2015 compared to Adjusted OIBDA for the full year
2014 of $199.3 million.
The above outlook does not include any impact from the proposed
merger with Screenvision and any legal expenses that may be
incurred associated with the antitrust lawsuit by the Department of
Justice seeking to enjoin the merger are excluded from Adjusted
OIBDA.
Conference Call
The Company will host a conference call and audio webcast with
investors, analysts and other interested parties February 26, 2015
at 5:00 P.M. Eastern time. The live call can be accessed by dialing
1-877-407-9039 or for international participants 1-201-689-8470.
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, March 12, 2015, by dialing 1-877-870-5176 or
for international participants 1-858-384-5517, and entering
conference ID 13600536.
About National CineMedia, Inc.
National CineMedia (NCM) is the #1 weekend network in America
and the largest cinema advertising network reaching moviegoers
on-screen, on-site, online and on mobile devices. NCM offers
captivating entertainment content, national reach and unparalleled
audience engagement across its digital in-theater network of over
20,100 screens in approximately 1,600 theaters in 183 Designated
Market Areas® (49 of the top 50). During 2014, over 700 million
moviegoers attended theaters that exclusively present NCM's
FirstLook pre-show program, including AMC Entertainment Inc.
(NYSE:AMC), Cinemark Holdings, Inc. (NYSE:CNK), Regal Entertainment
Group (NYSE: RGC), and over 40 other leading regional theater
circuit affiliates. 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 first quarter and full year 2015, the dividend
policy, network expansion, competition in the broader advertising
marketplace 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) economic conditions, including the level of expenditures
on cinema advertising; 2) increased competition for advertising
expenditures; 3) technological changes and innovations; 4) level of
theatre attendance; 5) our ability to renew or replace expiring
advertising and content contracts; 6) our need for additional
funding, risks and uncertainties relating to our significant
indebtedness; 7) fluctuations in operating costs; 8) changes in
interest rates; 9) changes in accounting principles; and 10) the
outcome of our defense of the Screenvision merger with the
Department of Justice 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; merger termination payments 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 Year
Ended
January 1,2015
December 26,2013
January 1,2015
December 26,2013
REVENUE: Advertising (including revenue from founding members of
$10.3, $10.0, $38.7 and $41.6, respectively) $ 123.1 $ 108.1 $
394.0 $ 426.3 Fathom Events - 14.6 - 36.5
Total 123.1 122.7 394.0 462.8
OPERATING EXPENSES: Advertising operating costs 8.3 7.3 26.4 29.0
Fathom Events operating costs - 10.1 - 25.5 Network costs 4.9 4.2
18.3 19.4 Theatre access fees—founding members 18.3 17.0 70.6 69.4
Selling and marketing costs 13.8 14.8 57.6 61.5 Merger-related
administrative costs 3.8 - 7.5 - Other administrative and other
costs 7.9 6.5 29.5 29.4 Depreciation and amortization 8.2
7.8 32.4 26.6 Total 65.2 67.7
242.3 260.8 OPERATING INCOME 57.9 55.0
151.7 202.0 NON-OPERATING EXPENSES: Interest on
borrowings 13.8 12.7 52.6 51.6 Interest income (0.6 ) (0.1 ) (1.8 )
(0.4 ) Accretion of interest on the discounted payable to founding
members under tax receivable agreement 3.8 3.7 14.6 13.9
Amortization of terminated derivatives 2.4 2.5 10.0 10.3 Impairment
of investment - 0.8 - 0.8 Gain on sale of Fathom Events - (25.4 ) -
(25.4 ) Other non-operating expense (0.1 ) - 0.8 1.2
Total 19.3 (5.8 ) 76.2 52.0 INCOME
BEFORE INCOME TAXES 38.6 60.8 75.5 150.0
Income tax expense 5.7 7.2 9.9 20.2
CONSOLIDATED NET INCOME 32.9 53.6 65.6 129.8 Less: Net
income attributable to noncontrolling interests 24.8 34.6
52.2 88.6 NET INCOME ATTRIBUTABLE TO NCM, INC.
$ 8.1 $ 19.0 $ 13.4 $ 41.2
EARNINGS PER COMMON SHARE: Basic $ 0.14 $ 0.33 $ 0.23 $ 0.74
Diluted $ 0.14 $ 0.32 $ 0.23 $ 0.73
NATIONAL CINEMEDIA, INC.Selected
Condensed Balance Sheet DataUnaudited ($ in
millions)
As of
January 1, 2015
December 26, 2013
Cash, cash equivalents and marketable securities $ 80.6 $ 126.0
Receivables, net 116.5 120.4 Property and equipment, net 22.4 25.6
Total assets 991.4 1,067.3 Borrowings 892.0 890.0 Total
equity/(deficit) (208.7 ) (146.1 ) Total liabilities and equity
991.4 1,067.3
NATIONAL CINEMEDIA,
INC.Operating DataUnaudited
Quarter and Year Ended January 1, 2015
December 26, 2013 Total Screens (100% Digital) at Period End
(1)(6) 20,109 19,878 Founding Member Screens at Period End (2)(6)
16,497 16,562 DCN (Digital Content Network) Screens at Period End
(3)(6) 19,251 19,054
Quarter
Ended Year Ended (in millions)
January 1, 2015
December 26,2013
January 1, 2015
December 26,2013
Total Attendance for Period (4)(6) 182.8 165.5 688.2 699.2 Founding
Member Attendance for Period (5)(6) 155.6 142.9 588.7 598.4 Capital
Expenditures $ 1.8 $ 2.4 $ 8.8 $ 10.6
(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 Year Ended
January 1,2015
December 26,2013
January 1,2015
December 26,2013
Revenue breakout: National advertising revenue $ 84.8 $ 69.0
$ 258.8 $ 295.0 Local advertising revenue $ 28.1 $ 29.2 $ 96.8 $
89.9 Total advertising revenue (excluding beverage) $ 112.9 $ 98.2
$ 355.6 $ 384.9 Total advertising revenue $ 123.1 $ 108.1 $
394.0 $ 426.3 Total revenue $ 123.1 $ 122.7 $ 394.0 $ 462.8
Per attendee data: National advertising revenue per attendee
$ 0.464 $ 0.417 $ 0.376 $ 0.422 Local advertising revenue per
attendee $ 0.154 $ 0.176 $ 0.141 $ 0.129 Total advertising revenue
(excluding beverage) per attendee $ 0.618 $ 0.593 $ 0.517 $ 0.550
Total advertising revenue per attendee $ 0.673 $ 0.653 $ 0.573 $
0.610 Total attendance (1) 182.8 165.5 688.2 699.2
Other
operating data: Operating income $ 57.9 $ 55.0 $ 151.7 $ 202.0
OIBDA $ 66.1 $ 62.8 $ 184.1 $ 228.6 Adjusted OIBDA $ 72.5 $ 62.5 $
199.3 $ 234.5 Adjusted OIBDA margin 58.9% 50.9% 50.6% 50.7%
Income per share – basic $ 0.14 $ 0.33 $ 0.23 $ 0.74 Income
per share – diluted $ 0.14 $ 0.32 $ 0.23 $ 0.73
(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 Year Ended
January 1, 2015
December 26,2013
January 1, 2015
December 26,2013
Consolidated net income $ 32.9 $ 53.6 $ 65.6 $ 129.8 Income tax
expense 5.7 7.2 9.9 20.2 Interest and other non-operating costs
19.3 (5.8) 76.2 52.0 Depreciation and amortization 8.2 7.8 32.4
26.6 OIBDA $ 66.1 $ 62.8 $ 184.1 $ 228.6 Share-based compensation
costs (1) 2.6 (0.3) 7.7 5.9 Merger-related administrative costs (2)
3.8 - 7.5 - Adjusted OIBDA $ 72.5 $ 62.5 $ 199.3 $ 234.5 Total
revenue $ 123.1 $ 122.7 $ 394.0 $ 462.8 Adjusted OIBDA margin 58.9%
50.9% 50.6% 50.7% Adjusted OIBDA $ 72.5 $ 62.5 $
199.3 $ 234.5 Rave theatres integration payments 0.8 0.7 2.2 2.8
Adjusted OIBDA after integration
payments
$ 73.3 $ 63.2 $ 201.5 $ 237.3
(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 EndingApril 2,
2015
Year Ending December 31,
2015
NCM, Inc. NCM, Inc. Low High
Low High Consolidated net
income $ (4.8) $ (4.6) $ 78.6 $ 81.7 Income tax expense (1.7) (1.9)
13.4 13.8 Interest and other non-operating costs 17.5 18.5 66.0
68.0 Depreciation and amortization 8.0 8.5
34.5 35.5 OIBDA 19.0 20.5 192.5 199.0 Share-based
compensation costs (1) 3.0 3.5 12.5 13.0 Merger-related
administrative costs (2) 3.0 4.0 5.0
8.0 Adjusted OIBDA $ 25.0 $ 28.0 $ 210.0 $ 220.0 Total revenue $
75.0 $ 78.0 $ 422.0 $ 432.0
(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 fourth
quarter and full year 2014 results and outlook for the fourth
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 Year
Ended December 26, 2013 December 26, 2013 Revenue
$ 122.7 $ 462.8 Fathom Events revenue (14.6 ) (36.5 ) Revenue
excluding Fathom Events $ 108.1 $ 426.3
The following table reconciles consolidated net income to
Adjusted OIBDA excluding Fathom Events for the periods presented
(dollars in millions):
Quarter Ended Year
Ended
December 26,2013
December 26, 2013
Consolidated net income $ 53.6 $ 129.8 Income tax expense 7.2 20.2
Interest and other non-operating costs (5.8 ) 52.0 Depreciation and
amortization 7.8 26.6 Fathom operating income (3.2 ) (6.5 )
Share-based compensation costs (1) (0.3 ) 5.9 Adjusted OIBDA
excluding Fathom Events $ 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, Fathom Events and Impairment Charges
Net income and earnings per share excluding merger-related
administrative costs, Fathom Events and impairment charges 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,
Fathom Events and impairment charges 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 and impairment charges 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, Fathom Events and
impairment charges 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, Fathom Events and impairment
charges for the periods presented (dollars in millions):
Quarter Ended Year Ended
January 1,2015
December 26,2013
January 1,2015
December 26,2013
Net income as reported $ 8.1 $ 19.0 $ 13.4 $ 41.2 Impairment
of investment - 0.8 - 0.8 Gain on sale of Fathom Events - (25.4 ) -
(25.4 ) Merger-related administrative costs (1) 3.8 - 7.5 - Fathom
Events operating income - (3.2 ) - (6.5 ) Fathom Events
non-operating expense 0.7 - 0.7 - Effect of noncontrolling
interests (54.2%, 53.9%, 54.2% and 53.7%, respectively) (2) (0.4 )
15.0 (0.4 ) 16.7 Effect of provision for income taxes (38%
effective rate) (1.6 ) 4.9 (3.0 ) 5.5 Net effect of
adjusting items 2.5 (7.9 ) 4.8 (8.9 )
Net income excluding adjusting items $ 10.6 $ 11.1
18.2 $ 32.3 Weighted Average Shares
Outstanding as reported Basic 58,749,819 58,355,989 58,709,534
56,014,404 Diluted 59,041,545 59,119,150 59,005,320 56,628,457
Weighted Average Shares Outstanding as adjusted Basic
58,749,819 58,355,989 58,709,534 56,014,404 Diluted 59,041,545
59,119,150 59,005,320 56,628,457 Basic income per share as
reported $ 0.14 $ 0.33 $ 0.23 $ 0.74 Net effect of
adjusting items 0.04 (0.14 ) 0.08 (0.16 ) Basic
income per share excluding adjusting items $ 0.18 $ 0.19
$ 0.31 $ 0.58 Diluted income per share
as reported $ 0.14 $ 0.32 $ 0.23 $ 0.73 Net effect of adjusting
items 0.04 (0.13 ) 0.08 (0.16 ) Diluted income per
share excluding adjusting items $ 0.18 $ 0.19 $ 0.31
$ 0.57
(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
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