Published:
National CineMedia, Inc. Reports Results for Fiscal Third Quarter 2009
CENTENNIAL, Colo. - (BUSINESS WIRE) - National CineMedia, Inc. (NASDAQ: NCMI) (the Company), the managing
member and owner of 41.5% of National CineMedia, LLC (NCM LLC), the
operator of the largest digital in-theatre network in North America,
today announced consolidated results for the third fiscal quarter ended
October 1, 2009.
Total revenue for the third quarter of 2009 decreased 11.1% to $95.7
million from $107.7 million for the comparable quarter last year.
Advertising revenue for the third quarter of 2009 was $88.3 million, a
decrease of 12.0% compared to $100.3 million for the comparable quarter
last year as an increase in national inventory utilization was more than
offset by a decrease in theatre attendance and CPMs. Meetings and Events
revenue increased 1.4% to $7.4 million in the third quarter of 2009
compared to $7.3 million for the comparable quarter last year. Adjusted
OIBDA decreased 16.5% to $51.8 million for the third quarter 2009 from
$62.0 million for the comparable quarter last year. Adjusted OIBDA as a
percentage of total revenue decreased to 54.1% in the current quarter
from 57.6% in the third quarter of 2008. Net income for the third
quarter of 2009 was $6.6 million, or $0.16 per diluted share, compared
to a net income of $10.9 million, or $0.26 per diluted share for the
comparable quarter last year.
For the nine months ended October 1, 2009, total revenue increased 1.9%
to $262.1 million compared to $257.1 million for the comparable period
last year. Adjusted OIBDA decreased 1.2% to $124.0 million for the nine
months ended October 1, 2009, from $125.5 million for the comparable
nine month period last year. Adjusted OIBDA as a percentage of total
revenue decreased to 47.3% for the nine months ended October 1, 2009,
from 48.8% in the nine months ended September 25, 2008. Net income for
the nine months ended October 1, 2009, was $14.9 million, or $0.35 per
diluted share, compared to net income of $14.8 million for the period
last year, or $0.35 per diluted share.
The Company announced today that its Board of Directors has authorized
the Company's third quarter cash dividend of $0.16 per share of common
stock. The dividend will be paid on December 3, 2009, to stockholders of
record on November 19, 2009. 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 third quarter results, Kurt Hall, NCM's
Chairman and CEO said, "I am very pleased that our business in 2009
continues to outperform the broader media marketplace. The decrease in
third quarter total revenue primarily related to the timing of
advertising client expenditures this year versus 2008 as our nine month
advertising revenue exceeded last year by 4.4% excluding a 17.2%
decrease in beverage advertising purchased by our Founding Members." Mr.
Hall concluded, "While we have made great progress broadening our client
base, there are still thousands of brands that have not yet made cinema
a part of their marketing mix. With the continued expansion of our
digital network we are well positioned to better compete in the national
media marketplace and expand our Fathom events business as the economy
recovers."
Supplemental Information
Payments made by AMC to NCM LLC pursuant to the Loews screen integration
agreement were $0.0 million, $0.1 million (Star Theatres), $0.4 million
and $4.4 million for the quarter ended October 1, 2009, the nine months
ended October 1, 2009, the quarter ended September 25, 2008, and the
nine months ended September 25, 2008, respectively. The payments made by
Regal associated with Consolidated Theatres payments were $0.9 million,
$2.0 million, $1.1 million and $1.6 million for the quarter ended
October 1, 2009, the nine months ended October 1, 2009, the quarter
ended September 25, 2008, and the nine months ended September 25, 2008,
respectively. These amounts are recorded directly to the balance sheet
and are not included in operating results.
2009 Outlook
The Company expects full year 2009 total revenue to be in the range of
$363.0 million to $ 368.0 million and Adjusted OIBDA to be $177.0 to
$182.0 million.
This outlook for fiscal 2009 does not reflect any potential make-goods
being generated.
Conference Call
The Company will host a conference call and audio webcast with
investors, analysts and other interested parties today at 5:00 p.m.
Eastern time. The live call can be accessed by dialing 877-407-9039 or
for international participants 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, November 19, 2009, by dialing 877-660-6853 or for
international participants 201-612-7415, and entering account 3055 and
conference ID 336669.
About National CineMedia, Inc.
NCM LLC operates the largest digital in-theatre network in North America
through long-term agreements with its founding members, AMC
Entertainment Inc., Cinemark Holdings Inc. (NYSE: CNK) and Regal
Entertainment Group (NYSE: RGC), the three largest theatre operators in
the U.S., and through multi-year agreements with several other theatre
operators. NCM LLC produces and distributes its FirstLook
pre-feature program; cinema, lobby and online advertising products;
comprehensive meeting and event services and other entertainment
programming content. NCM LLC's national network includes approximately
16,800 screens of which approximately 15,400 are part of the company's
Digital Content Network (DCN). NCM LLC's network covers 171 Designated
Market Areas (49 of the top 50). During 2008, approximately 660 million
patrons attended movies shown in theatres currently included in the
network (excluding Regal Consolidated Theatres). National CineMedia,
Inc. (NASDAQ: NCMI) owns a 41.5% interest in and is the managing member
of NCM LLC. To learn more about National CineMedia Inc., please visit
the Company's website at 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 regarding guidance and the dividend policy.
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, and 10)
changes in accounting principles. In addition, the outlook provided does
not include the impact of any future unusual or infrequent transactions;
unidentified restructuring charges; sales and acquisitions of operating
assets and investments; any future noncash impairments of goodwill,
intangible and fixed assets; amounts related to securities 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 for further information about these and
other risks.
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NATIONAL CINEMEDIA, INC.
Statement of Operations
Unaudited
($
in millions, except per share data)
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Quarter Ended
October 1,
2009
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Quarter Ended
September 25,
2008
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REVENUE:
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Advertising (including revenue from founding
members of $8.6
and $11.7 million,
respectively)
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$
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88.3
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$
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100.3
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Meetings and Events
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7.4
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7.3
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Other
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-
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0.1
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Total
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95.7
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107.7
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OPERATING EXPENSES:
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Advertising operating costs
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4.9
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5.7
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Meetings and Events operating costs
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4.6
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4.8
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Network costs
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4.7
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4.5
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Theatre access fees-founding members
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12.7
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13.5
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Selling and marketing costs
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12.7
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11.8
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Administrative costs
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5.8
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6.3
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Severance plan costs
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-
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0.1
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Depreciation and amortization
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4.0
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|
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3.8
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Total
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49.4
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50.5
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OPERATING INCOME
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|
46.3
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57.2
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Interest Expense and Other, Net
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Borrowings
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11.7
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12.3
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Change in derivative fair value
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2.4
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(2.1
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)
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Accretion of interest on the discounted payable to
founding
members under tax sharing agreement
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3.0
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2.8
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Interest income and other
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(1.8
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)
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(0.1
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)
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Total
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15.3
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12.9
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Equity in losses from investment
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0.4
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-
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INCOME BEFORE INCOME TAXES
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30.6
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44.3
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Provision for Income Taxes
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|
12.3
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16.3
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CONSOLIDATED NET INCOME
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|
18.3
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28.0
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Less: Net Income Attributable to Noncontrolling
Interests,
net of tax borne by founding members
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11.7
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17.1
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NET INCOME ATTRIBUTABLE TO NCM, INC.
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$
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6.6
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$
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10.9
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EARNINGS PER SHARE:
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Basic
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$
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0.16
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$
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0.26
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Diluted
|
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$
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0.16
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$
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0.26
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NATIONAL CINEMEDIA, INC.
Statement of Operations
Unaudited
($
in millions, except per share data)
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Nine Months
Ended
October 1,
2009
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Nine Months
Ended
September 25,
2008
|
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REVENUE:
|
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Advertising (including revenue from founding
members of $26.9
and $32.5 million,
respectively)
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$
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231.8
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$
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228.8
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Meetings and Events
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30.2
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28.2
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Other
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0.1
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0.1
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Total
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262.1
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257.1
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EXPENSES:
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Advertising operating costs
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13.9
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|
12.2
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Meetings and Events operating costs
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|
19.2
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|
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18.4
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Network costs
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|
13.9
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|
|
12.5
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Theatre access fees-founding members
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39.1
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|
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37.1
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Selling and marketing costs
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|
|
36.8
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|
|
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35.3
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|
|
Administrative and other costs
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|
|
19.3
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|
|
|
18.7
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|
|
Severance plan costs
|
|
|
-
|
|
|
|
0.4
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|
|
Depreciation and amortization
|
|
|
11.4
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|
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8.5
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Total
|
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|
153.6
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|
143.1
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|
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|
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|
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OPERATING INCOME
|
|
|
108.5
|
|
|
|
114.0
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Interest Expense and Other, Net
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|
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Borrowings
|
|
|
35.6
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|
|
38.3
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|
|
Change in derivative fair value
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|
(4.0
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)
|
|
|
(2.1
|
)
|
|
Accretion of interest on the discounted payable
to founding
members under tax sharing
agreement
|
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|
9.3
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|
8.5
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|
Interest income and other
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(2.0
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)
|
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|
(0.7
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)
|
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Total
|
|
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38.9
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|
44.0
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|
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Equity in losses from investment
|
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|
0.4
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|
-
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INCOME BEFORE INCOME TAXES
|
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|
69.2
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|
|
70.0
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|
|
Provision for Income Taxes
|
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|
26.3
|
|
|
|
27.5
|
|
|
CONSOLIDATED NET INCOME
|
|
|
42.9
|
|
|
|
42.5
|
|
|
Less: Net Income Attributable to Noncontrolling
Interests,
net of tax borne by founding members
|
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|
28.0
|
|
|
|
27.7
|
|
|
NET INCOME ATTRIBUTABLE TO NCM, INC.
|
|
$
|
14.9
|
|
|
$
|
14.8
|
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|
|
|
|
|
EARNINGS PER SHARE:
|
|
|
|
|
|
Basic
|
|
$
|
0.35
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|
|
$
|
0.35
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Diluted
|
|
$
|
0.35
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|
|
$
|
0.35
|
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|
|
|
|
|
|
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NATIONAL CINEMEDIA, INC.
Selected Balance Sheet Data
Unaudited
($ in millions)
|
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|
|
|
|
|
|
|
|
October 1, 2009
|
|
January 1, 2009
|
|
Cash, cash equivalents and short-term investments
|
|
$
|
87.3
|
|
|
$
|
69.2
|
|
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Receivables, net
|
|
|
62.6
|
|
|
|
92.2
|
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|
Property and equipment, net
|
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|
24.3
|
|
|
|
28.0
|
|
|
Total Assets
|
|
|
607.8
|
|
|
|
609.6
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|
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Borrowings
|
|
|
804.4
|
|
|
|
799.0
|
|
|
Stockholders' equity/(deficit)
|
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|
(504.5
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)
|
|
|
(526.3
|
)
|
|
Total Liabilities and Stockholders' Equity
|
|
|
607.8
|
|
|
|
609.6
|
|
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|
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NATIONAL CINEMEDIA, INC.
Operating Data
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
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Quarter and
Nine Months
|
|
Quarter and
Nine Months
|
|
|
|
|
|
|
|
Ended
|
|
Ended
|
|
|
|
|
|
|
|
October 1,
2009
|
|
September 25,
2008
|
|
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|
|
|
|
|
|
|
|
|
|
|
Total Screens at Period End (1) (6)
|
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16,805
|
|
17,204
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|
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Founding Member Screens at Period End (2) (6)
|
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14,476
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|
14,261
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|
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Total Digital Screens at Period End (3)
|
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15,395
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|
15,079
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
|
|
Quarter
|
|
Nine Months
|
|
Nine Months
|
|
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
|
|
|
October 1,
2009
|
|
September 25,
2008
|
|
October 1,
2009
|
|
September 25,
2008
|
|
|
|
|
|
|
|
|
|
|
|
Total Attendance for Period (4) (6)
(in millions)
|
|
157.0
|
|
178.8
|
|
495.5
|
|
477.7
|
|
|
|
|
|
|
|
|
|
|
|
Founding Member Attendance for Period (5) (6)
(in millions)
|
|
138.8
|
|
155.8
|
|
433.1
|
|
417.8
|
|
|
|
|
|
|
|
|
|
|
|
Capital Expenditures (in millions)
|
|
$1.2
|
|
$4.6
|
|
$5.7
|
|
$13.6
|
|
|
|
|
|
|
|
|
|
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(1) Represents the total screens within NCM LLC's advertising network.
(2) Represents the sum of founding member screens.
(3) Represents the total number of screens that are connected to the
digital content network.
(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 AMC Loews attendance for all periods prior to June 2008.
Excludes Star Theatres (a subsidiary of AMC Loews) attendance for all
periods prior to March 2009 and Regal Consolidated Theatres for all
periods presented.
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|
|
|
|
|
|
|
|
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NATIONAL CINEMEDIA, INC.
Operating Data
Unaudited
(in
millions, except advertising revenue per attendee and per share
data)
|
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|
|
|
|
|
|
|
|
|
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|
|
Quarter
|
|
Quarter
|
|
Nine Months
|
|
Nine Months
|
|
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
|
|
|
October 1,
2009
|
|
September 25,
2008
|
|
October 1,
2009
|
|
September 25,
2008
|
|
|
|
|
|
|
|
|
|
|
|
Advertising Revenue
|
|
$
|
88.3
|
|
|
$
|
100.3
|
|
|
$
|
231.8
|
|
|
$
|
228.8
|
|
|
Total Revenue
|
|
|
95.7
|
|
|
|
107.7
|
|
|
|
262.1
|
|
|
|
257.1
|
|
|
Operating Income
|
|
|
46.3
|
|
|
|
57.2
|
|
|
|
108.5
|
|
|
|
114.0
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Attendance (1)
|
|
|
157.0
|
|
|
|
178.8
|
|
|
|
495.5
|
|
|
|
477.7
|
|
|
Advertising Revenue / Attendee
|
|
$
|
0.56
|
|
|
$
|
0.56
|
|
|
$
|
0.47
|
|
|
$
|
0.48
|
|
|
|
|
|
|
|
|
|
|
|
|
OIBDA
|
|
$
|
50.3
|
|
|
$
|
61.0
|
|
|
$
|
119.9
|
|
|
$
|
122.5
|
|
|
Adjusted OIBDA
|
|
|
51.8
|
|
|
|
62.0
|
|
|
|
124.0
|
|
|
|
125.5
|
|
|
Adjusted OIBDA Margin
|
|
|
54.1
|
%
|
|
|
57.6
|
%
|
|
|
47.3
|
%
|
|
|
48.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Share - Basic
|
|
$
|
0.16
|
|
|
$
|
0.26
|
|
|
$
|
0.35
|
|
|
$
|
0.35
|
|
|
Earnings Per Share - Diluted
|
|
$
|
0.16
|
|
|
$
|
0.26
|
|
|
$
|
0.35
|
|
|
$
|
0.35
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Represents the total attendance within NCM LLC's advertising
network. Excludes AMC Loews attendance for all periods prior to June
2008. Excludes Star Theatres (a subsidiary of AMC Loews) attendance for
all periods prior to March 2009 and Regal Consolidated Theatres for all
periods presented.
(See attached tables for the non-GAAP reconciliation)
NATIONAL CINEMEDIA, INC.
Non-GAAP Reconciliations
Unaudited
($ in millions)
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 operating income (loss) before
depreciation and amortization expense. Adjusted OIBDA excludes from
OIBDA non-cash severance plan costs, share based payment costs and
deferred stock compensation. 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 and non-cash share based compensation programs, or
different 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 non-cash
severance plan costs, share based payment costs and deferred stock
compensation. 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 operating income is the most directly
comparable GAAP financial measure to OIBDA. Because not all companies
use identical calculations, these presentations may not be comparable to
other similarly titled measures of other companies.
OIBDA, Adjusted OIBDA and OIBDA
margin
The following table reconciles operating income to OIBDA and Adjusted
OIBDA for the periods presented (dollars in millions):
|
|
|
Quarter
|
|
Quarter
|
|
Nine Months
|
|
Nine Months
|
|
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
|
|
|
October 1,
2009
|
|
September 25,
2008
|
|
October 1,
2009
|
|
September 25,
2008
|
|
Operating income
|
|
$
|
46.3
|
|
|
$
|
57.2
|
|
|
$
|
108.5
|
|
|
$
|
114.0
|
|
|
Depreciation and amortization
|
|
|
4.0
|
|
|
|
3.8
|
|
|
|
11.4
|
|
|
|
8.5
|
|
|
OIBDA
|
|
|
50.3
|
|
|
|
61.0
|
|
|
|
119.9
|
|
|
|
122.5
|
|
|
Severance plan costs
|
|
|
-
|
|
|
|
0.1
|
|
|
|
-
|
|
|
|
0.4
|
|
|
Share-based compensation costs (1)
|
|
|
1.5
|
|
|
|
0.9
|
|
|
|
4.1
|
|
|
|
2.6
|
|
|
Adjusted OIBDA
|
|
$
|
51.8
|
|
|
$
|
62.0
|
|
|
$
|
124.0
|
|
|
$
|
125.5
|
|
|
Total Revenue
|
|
$
|
95.7
|
|
|
$
|
107.7
|
|
|
$
|
262.1
|
|
|
$
|
257.1
|
|
|
Adjusted OIBDA margin
|
|
|
54.1
|
%
|
|
|
57.6
|
%
|
|
|
47.3
|
%
|
|
|
48.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted OIBDA
|
|
$
|
51.8
|
|
|
$
|
62.0
|
|
|
$
|
124.0
|
|
|
$
|
125.5
|
|
|
AMC Loews /Regal Consolidated Theatres
Payments
|
|
|
0.9
|
|
|
|
1.5
|
|
|
|
2.1
|
|
|
|
6.0
|
|
|
Adjusted OIBDA after AMC
Loews/Regal Consolidated Theatres
Payments
|
|
$
|
52.7
|
|
|
$
|
63.5
|
|
|
$
|
126.1
|
|
|
$
|
131.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Share-based payment costs are included in network operations,
selling and marketing and administrative expense in the accompanying
financial statements.
Outlook (in millions)
|
|
|
Year Ending December 31, 2009
|
|
|
|
Low
|
|
High
|
|
Operating Income
|
|
$
|
156.1
|
|
$
|
160.8
|
|
Depreciation and amortization
|
|
|
15.4
|
|
|
15.6
|
|
OIBDA
|
|
$
|
171.5
|
|
$
|
176.4
|
|
Share-based compensation costs (1)
|
|
|
5.5
|
|
|
5.6
|
|
Adjusted OIBDA
|
|
$
|
177.0
|
|
$
|
182.0
|
|
Total Revenue
|
|
$
|
363.0
|
|
$
|
368.0
|
|
|
|
|
|
|
National CineMedia, Inc.
INVESTOR CONTACT:
David
Oddo, 800-844-0935
investors@ncm.com
or
MEDIA
CONTACT:
Lauren Leff, 303-957-1709
lauren.leff@ncm.com
Copyright © 2009, Business Wire, Inc., All rights reserved.
Copyright © 2009, NewsBlaze,
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