National CineMedia, Inc. Reports Results for Fiscal First Quarter 2018
Announces Quarterly Cash Dividend of $0.17 per Share
Reaffirms Full Year 2018 Outlook
National CineMedia, Inc. (NASDAQ:NCMI) (the Company), the managing member and owner of 48.8% of National CineMedia, LLC (NCM
LLC), the operator of the largest in-theater digital media network in North America, announced today consolidated results for the
fiscal first quarter ended March 29, 2018.
Total revenue for the first quarter ended March 29, 2018 increased 11.5% to $80.2 million from $71.9 million for the comparable
quarter last year. Operating income increased 115.7% to $11.0 million for the first quarter of 2018 from $5.1 million for the first
quarter of 2017. Adjusted OIBDA increased 32.4% to $23.3 million for the first quarter of 2018 from $17.6 million for the first
quarter of 2017. Included in Adjusted OIBDA and operating income were $0.4 million and $1.4 million of non-cash impairment charges
during 2018 and 2017, respectively, on investments obtained in prior years in exchange for advertising services. Net loss for the
first quarter of 2018 was $1.9 million, or net loss of $0.03 per diluted share, compared to net loss of $1.3 million, or net loss
of $0.02 per diluted share, for the first quarter of 2017. Excluding CEO transition-related costs, net loss for the first quarter
of 2018 and for the first quarter of 2017 would have remained the same. See the tables at the end of this release for the
reconciliations to the closest GAAP basis measurement.
The Company announced today that its Board of Directors has authorized the Company’s regular quarterly cash dividend of $0.17
per share of common stock. The dividend will be paid on June 1, 2018 to stockholders of record on May 18, 2018. 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 advertising market 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. While it is the intention
of the Company to continue its practice of distributing a substantial proportion of its free cash flow, the Board of Directors
continues to review the factors listed above and others as deemed relevant to determine a sustainable distribution rate which
balances the operating and strategic needs of the Company with those of its lenders and stockholders.
Commenting on the Company’s first quarter 2018 operating results, Andy England, NCM’s CEO said, “It has been an excellent start
to 2018, with first quarter results coming in better than our expectations and second quarter also off to a good start. We continue
to attract new and returning advertisers, proving that the power of cinema advertising is alive and well. The launch of the first
app in our Noovie digital ecosystem, Noovie ARcade, is bringing interactive augmented reality gaming to the
big screen, enhancing the moviegoing experience and giving audiences a reason to arrive early to discover what’s next in
entertainment – which is good for both consumers and brands.”
2018 Outlook
For the full year 2018, the Company reaffirms its outlook of total revenue to be flat to up 4.5% and Adjusted OIBDA to be down
2.5% to up 4.8% from the full year 2017. The Company expects total revenue in the range of $425.0 million to $445.0 million
for the full year 2018, compared to total revenue for the full year 2017 of $426.1 million and Adjusted OIBDA in the range of
$200.0 million to $215.0 million for the full year 2018 compared to Adjusted OIBDA for the full year 2017 of $205.1 million. During
2018, the Company expects to record approximately $23.0 million in integration and other encumbered theater payments from Cinemark
and AMC associated with the Rave Theatres and Carmike Theatres acquisitions, which are recorded as a reduction of an intangible
asset.
Supplemental Information
Integration and other encumbered theater payments due from Cinemark and AMC associated with Rave Theatres and Carmike Theatres
for the quarter ended March 29, 2018 and March 30, 2017 were $2.2 million and $0.4 million, respectively. These payments were
recorded as a reduction of an intangible asset.
Conference Call
The Company will host a conference call and audio webcast with investors, analysts and other interested parties May 7, 2018 at
8:30 A.M. Eastern Time. The live call can be accessed by dialing 1-877-407-9716 or for international participants 1-201-493-6779.
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, May 21, 2018, by dialing 1-844-512-2921 or for
international participants 1-412-317-6671, and entering conference ID 13679035.
About National CineMedia, Inc.
National CineMedia (NCM) is America’s Movie Network. As the #1 Millennial weekend network in the U.S., NCM is the connector
between brands and movie audiences. According to Nielsen, more than 700 million moviegoers annually attend theaters that are
currently under contract to present NCM’s Noovie pre-show in 54 leading national and regional theater circuits including AMC
Entertainment Inc. (NYSE:AMC), Cinemark Holdings, Inc. (NYSE:CNK) and Regal Entertainment Group. NCM’s cinema advertising network
offers broad reach and unparalleled audience engagement with over 20,800 screens in over 1,650 theaters in 187 Designated Market
Areas® (all of the top 50). NCM Digital goes beyond the big screen, extending in-theater campaigns into online and mobile marketing
programs to reach entertainment audiences. National CineMedia, Inc. (NASDAQ:NCMI) owns a 48.8% interest in, and is the managing
member of, National CineMedia, LLC. For more information, visit www.ncm.com.
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 the full year 2018.
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) level of theater attendance or viewership of the Noovie Pre-show; 2) increased competition for
advertising expenditures; 3) changes to relationships with NCM LLC’s founding members; 4) inability to implement or achieve new
revenue opportunities; 5) technological changes and innovations; 6) economic conditions, including the level of expenditures on
cinema advertising; 7) our ability to renew or replace expiring advertising and content contracts; 8) our need for additional
funding, risks and uncertainties relating to our significant indebtedness; 9) reinvestment in our network and product
offerings may require significant funding and resulting reallocation of resources; 10) fluctuations in operating costs; and 11)
changes in interest rates. 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; 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 28, 2017, for further information about these and other risks.
Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they
are made. The Company undertakes no obligation to update any forward-looking statement, whether as a result, of new information,
future events or otherwise, except as required by law.
|
NATIONAL CINEMEDIA, INC.
Condensed Consolidated Statements of Income
Unaudited
($ in millions, except per share data)
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
|
|
|
March 29,
2018
|
|
|
March 30,
2017
|
|
Revenue (including revenue from founding members of
$8.0 and $8.4, respectively)
|
|
|
$ |
80.2 |
|
|
$ |
71.9 |
|
OPERATING EXPENSES: |
|
|
|
|
|
|
|
|
|
Advertising operating costs |
|
|
|
7.0 |
|
|
|
5.0 |
|
Network costs |
|
|
|
3.5 |
|
|
|
4.2 |
|
Theater access fees—founding members |
|
|
|
20.6 |
|
|
|
20.6 |
|
Selling and marketing costs |
|
|
|
16.0 |
|
|
|
18.1 |
|
Administrative and other costs |
|
|
|
12.6 |
|
|
|
9.3 |
|
Depreciation and amortization |
|
|
|
9.5 |
|
|
|
9.6 |
|
Total |
|
|
|
69.2 |
|
|
|
66.8 |
|
OPERATING INCOME |
|
|
|
11.0 |
|
|
|
5.1 |
|
NON-OPERATING EXPENSES: |
|
|
|
|
|
|
|
|
|
Interest on borrowings |
|
|
|
13.8 |
|
|
|
13.2 |
|
Interest income |
|
|
|
(0.2 |
) |
|
|
(0.4 |
) |
Gain on re-measurement of the payable to
founding members under the tax receivable
agreement (1)
|
|
|
|
(0.1 |
) |
|
|
— |
|
Other non-operating income |
|
|
|
— |
|
|
|
(0.1 |
) |
Total |
|
|
|
13.5 |
|
|
|
12.7 |
|
LOSS BEFORE INCOME TAXES (1) |
|
|
|
(2.5 |
) |
|
|
(7.6 |
) |
Income tax expense (benefit) (1) |
|
|
|
1.0 |
|
|
|
(1.8 |
) |
CONSOLIDATED NET LOSS (1) |
|
|
|
(3.5 |
) |
|
|
(5.8 |
) |
Less: Net loss attributable to noncontrolling
interests
|
|
|
|
(1.6 |
) |
|
|
(4.5 |
) |
NET LOSS ATTRIBUTABLE TO
NCM, INC. (1)
|
|
|
$ |
(1.9 |
) |
|
$ |
(1.3 |
) |
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE SHARES OUTSTANDING |
|
|
|
|
|
Basic |
|
|
|
76,640,414 |
|
|
|
60,309,087 |
|
Diluted |
|
|
|
76,640,414 |
|
|
|
60,309,087 |
|
NET LOSS PER NCM, INC. COMMON SHARE: (1) |
|
|
|
|
|
Basic |
|
|
$ |
(0.03 |
) |
|
$ |
(0.02 |
) |
Diluted |
|
|
$ |
(0.03 |
) |
|
$ |
(0.02 |
) |
|
|
|
|
|
|
|
|
|
|
Dividends declared per common share |
|
|
$ |
0.17 |
|
|
$ |
0.22 |
|
|
|
|
|
|
|
|
|
|
|
(1) |
|
These 2017 balances have been adjusted to reflect 1) the change in accounting
principle adopted in the first quarter of 2018 and applied retrospectively to all prior periods related to the presentation of
the Company’s payable to founding members under the tax receivable agreement whereby the Company is no longer discounting the
payable and 2) the correction of prior period errors related to these accounts. These changes resulted in a $0.06 increase in
diluted earnings per share for the three months ended March 30, 2017. Refer to the Company’s Form 10-Q for the quarter ended
March 29, 2018, expected to be filed with the SEC on May 8, 2018, for further discussion of the nature and amount of the
changes. |
|
|
|
|
|
|
|
|
NATIONAL CINEMEDIA, INC.
Selected Condensed Balance Sheet Data
Unaudited ($ in millions)
|
|
|
|
|
|
|
|
|
As of |
|
|
|
|
March 29, 2018 |
|
|
December 28, 2017 |
|
Cash, cash equivalents and marketable securities |
|
|
$ |
81.2 |
|
|
$ |
59.5 |
|
Receivables, net |
|
|
|
115.0 |
|
|
|
160.6 |
|
Property and equipment, net |
|
|
|
31.5 |
|
|
|
30.7 |
|
Total assets (1) |
|
|
|
1,157.7 |
|
|
|
1,173.1 |
|
Borrowings, gross |
|
|
|
953.0 |
|
|
|
932.0 |
|
Total equity/(deficit) |
|
|
|
(84.4 |
) |
|
|
(74.8 |
) |
Total liabilities and equity (1) |
|
|
|
1,157.7 |
|
|
|
1,173.1 |
|
|
|
|
|
|
|
|
|
|
|
(1) |
|
These 2017 balances have been adjusted to reflect the change in accounting principle
adopted in the first quarter of 2018 and applied retrospectively to all prior periods related to the presentation of the
Company’s payable to founding members under the tax receivable agreement, deferred tax assets and liabilities, APIC and
retained earnings as the Company is no longer discounting the payable. Refer to the Company’s Form 10-Q for the quarter ended
March 29, 2018, expected to be filed with the SEC on May 8, 2018, for further discussion of the nature and amount of the
change. |
|
|
|
|
|
|
|
NATIONAL CINEMEDIA, INC.
Operating Data
Unaudited
|
|
|
|
|
|
|
|
Quarter Ended |
|
|
|
March 29, 2018 |
|
March 30, 2017 |
Total Screens (100% Digital) at Period End (1)(6) |
|
|
|
20,802 |
|
|
20,505 |
Founding Member Screens at Period End (2)(6) |
|
|
|
16,787 |
|
|
16,396 |
DCN (Digital Content Network) Screens at Period End (3)(6) |
|
|
|
20,416 |
|
|
19,937 |
|
|
|
|
|
|
|
Quarter Ended |
(in millions) |
|
|
March 29,
2018
|
|
March 30,
2017
|
Total Attendance for Period (4)(6) |
|
|
|
177.0 |
|
|
181.5 |
Founding Member Attendance for Period (5)(6) |
|
|
|
147.0 |
|
|
153.3 |
Capital Expenditures |
|
|
$ |
3.5 |
|
$ |
3.0 |
|
|
|
|
|
|
|
|
(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 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 theaters
operated by the founding members. |
(6) |
|
Excludes screens and attendance associated with certain AMC Carmike, AMC Rave and
Cinemark Rave theaters for all periods presented. |
|
|
|
|
|
|
|
|
NATIONAL CINEMEDIA, INC.
Operating Data
Unaudited
(In millions, except advertising revenue per attendee, margin and per share data)
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
|
|
|
March 29,
2018
|
|
|
March 30,
2017
|
|
Revenue breakout: |
|
|
|
|
|
|
|
|
|
National advertising revenue |
|
|
$ |
54.8 |
|
|
$ |
44.4 |
|
Local and regional advertising revenue |
|
|
|
17.4 |
|
|
|
19.1 |
|
Total advertising revenue (excluding beverage) |
|
|
$ |
72.2 |
|
|
$ |
63.5 |
|
|
|
|
|
|
|
|
|
|
|
Total revenue |
|
|
$ |
80.2 |
|
|
$ |
71.9 |
|
|
|
|
|
|
|
|
|
|
|
Per attendee data: |
|
|
|
|
|
|
|
|
|
National advertising revenue per attendee |
|
|
$ |
0.310 |
|
|
$ |
0.245 |
|
Local and regional advertising revenue per attendee |
|
|
$ |
0.098 |
|
|
$ |
0.105 |
|
Total advertising revenue (excluding beverage)
per attendee
|
|
|
$ |
0.408 |
|
|
$ |
0.350 |
|
Total revenue per attendee |
|
|
$ |
0.453 |
|
|
$ |
0.396 |
|
Total attendance (1) |
|
|
|
177.0 |
|
|
|
181.5 |
|
|
|
|
|
|
|
|
|
|
|
Other operating data: |
|
|
|
|
|
|
|
|
|
Operating income |
|
|
$ |
11.0 |
|
|
$ |
5.1 |
|
OIBDA (2) |
|
|
$ |
20.5 |
|
|
$ |
14.7 |
|
Adjusted OIBDA (2) |
|
|
$ |
23.3 |
|
|
$ |
17.6 |
|
Adjusted OIBDA margin (2) |
|
|
|
29.1 |
% |
|
|
24.5 |
% |
|
|
|
|
|
|
|
|
|
|
Loss per share – basic |
|
|
$ |
(0.03 |
) |
|
$ |
(0.02 |
) |
Loss per share – diluted |
|
|
$ |
(0.03 |
) |
|
$ |
(0.02 |
) |
|
|
|
|
|
|
|
|
|
|
Adjusted income per share – diluted (2) |
|
|
$ |
(0.03 |
) |
|
$ |
(0.02 |
) |
|
|
|
|
|
|
|
|
|
|
(1) |
|
Represents the total attendance within NCM LLC’s advertising network. Excludes
screens and attendance associated with certain AMC Carmike, AMC Rave and Cinemark Rave theaters for all periods presented. |
(2) |
|
OIBDA, Adjusted OIBDA, Adjusted OIBDA margin and adjusted income per share are not
financial measures calculated in accordance with GAAP in the United States. See attached tables for the non-GAAP
reconciliations. |
|
|
|
NATIONAL CINEMEDIA, INC.
Non-GAAP Reconciliations
Unaudited
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 GAAP in the United States. OIBDA represents operating income before depreciation and
amortization expense. Adjusted OIBDA excludes from OIBDA non-cash share based compensation cost and Chief Executive Officer
transition costs. Adjusted OIBDA margin is calculated by dividing Adjusted OIBDA by total revenue. Our management uses these
non-GAAP financial measures 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, CEO turnover, interest
rates, 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 resignation of the company’s former Chief Executive Officer. 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 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 operating income to OIBDA and Adjusted OIBDA for the periods presented (dollars in millions):
|
|
|
|
|
|
|
|
Quarter Ended |
|
|
|
|
March 29,
2018
|
|
|
March 30,
2017
|
|
Operating income |
|
|
$ |
11.0 |
|
|
$ |
5.1 |
|
Depreciation and amortization |
|
|
|
9.5 |
|
|
|
9.6 |
|
OIBDA |
|
|
$ |
20.5 |
|
|
$ |
14.7 |
|
Share-based compensation costs (1) |
|
|
|
2.8 |
|
|
|
2.7 |
|
CEO transition costs (2) |
|
|
|
— |
|
|
|
0.2 |
|
Adjusted OIBDA |
|
|
$ |
23.3 |
|
|
$ |
17.6 |
|
Total revenue |
|
|
$ |
80.2 |
|
|
$ |
71.9 |
|
Adjusted OIBDA margin |
|
|
|
29.1 |
% |
|
|
24.5 |
% |
|
|
|
|
|
|
|
|
|
|
Adjusted OIBDA |
|
|
$ |
23.3 |
|
|
$ |
17.6 |
|
Carmike and Rave Theatres integration
and other encumbered theater payments accrued
|
|
|
|
2.2 |
|
|
|
0.4 |
|
Adjusted OIBDA after integration and
other encumbered theater payments
|
|
|
$ |
25.5 |
|
|
$ |
18.0 |
|
|
|
|
|
|
|
|
|
|
|
(1) |
|
Share-based compensation costs are included in network operations, selling and
marketing and administrative expense in the accompanying financial tables as shown in the following table (dollars in
millions). |
|
|
|
|
|
|
March 29,
2018
|
|
|
March 30,
2017
|
Share-based compensation costs included in
network costs
|
|
|
$ |
0.2 |
|
|
$ |
0.3 |
Share-based compensation costs included in
selling and marketing costs
|
|
|
|
1.0 |
|
|
|
0.9 |
Share-based compensation costs included in
administrative and other costs
|
|
|
|
1.6 |
|
|
|
1.5 |
Total share-based compensation costs |
|
|
$ |
2.8 |
|
|
$ |
2.7 |
|
|
|
|
|
|
|
|
|
(2) |
|
Chief Executive Officer transition costs represent consulting, relocation and other
costs and are included in administrative expense in the accompanying financial tables. |
|
|
|
|
Outlook (in millions)
|
|
Year Ending
December 27, 2018
|
NCM, Inc. |
|
|
Low |
|
|
High |
Operating income |
|
$ |
156.0 |
|
|
$ |
163.0 |
Depreciation and amortization |
|
|
36.0 |
|
|
|
40.0 |
OIBDA |
|
|
192.0 |
|
|
|
203.0 |
Share-based compensation costs (1) |
|
|
8.0 |
|
|
|
12.0 |
Adjusted OIBDA |
|
$ |
200.0 |
|
|
$ |
215.0 |
Total revenue |
|
$ |
425.0 |
|
|
$ |
445.0 |
|
|
|
|
|
|
|
|
(1) |
|
Share-based compensation costs are included in network operations, selling and
marketing and administrative expense in the accompanying financial tables. |
|
|
|
Adjusted Net Loss and Loss per Share
Adjusted net loss and loss per share are not financial measures calculated in accordance with GAAP in the United States.
Adjusted net loss and loss per share are calculated using reported net loss and loss per share and exclude CEO transition-related
costs. Our management uses these non-GAAP financial measures 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. Adjusted net income should not be regarded as an alternative to net income and
should not be regarded as an alternative to income 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 income 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 as previously reported to net income as reported reflecting the impact of the change
in accounting principle. In addition, as reported net income and income per share are reconciled to adjusted net income and income
per share excluding the CEO transition-related costs for the periods presented (dollars in millions):
|
|
|
|
|
|
|
|
Quarter Ended |
|
|
|
|
March 29,
2018
|
|
|
March 30,
2017
|
|
Net loss as previously reported |
|
|
$ |
— |
|
|
$ |
(5.0 |
) |
Adjustment due to change in accounting principle and
correction of prior period error
|
|
|
|
— |
|
|
|
3.7 |
|
Net loss as reported |
|
|
$ |
(1.9 |
) |
|
$ |
(1.3 |
) |
CEO transition costs (1) |
|
|
|
— |
|
|
|
0.2 |
|
Effect of noncontrolling interests (51.2% and
60.7%, respectively)
|
|
|
|
— |
|
|
|
(0.1 |
) |
Effect of provision for income taxes (88%
and 38% effective rate, respectively)
|
|
|
|
— |
|
|
|
— |
|
Net effect of adjusting items |
|
|
|
— |
|
|
|
0.1 |
|
Diluted net loss excluding adjusting items |
|
|
$ |
(1.9 |
) |
|
$ |
(1.2 |
) |
|
|
|
|
|
|
|
|
|
|
Weighted Average Shares Outstanding as reported
and as adjusted
|
|
|
|
|
|
Diluted |
|
|
|
76,640,414 |
|
|
|
60,309,087 |
|
|
|
|
|
|
|
|
|
|
|
Diluted loss per share as reported (2) |
|
|
$ |
(0.03 |
) |
|
$ |
(0.02 |
) |
Net effect of adjusting items |
|
|
|
— |
|
|
|
— |
|
Diluted loss per share excluding adjusting
items
|
|
|
$ |
(0.03 |
) |
|
$ |
(0.02 |
) |
|
|
|
|
|
|
|
|
|
|
(1) |
|
Chief Executive Officer transition costs represent consulting, relocation and other
costs and are included in administrative expense in the accompanying financial tables. |
(2) |
|
The impact of the change in accounting principle and correction of a prior period
error was an increase of $0.06 to diluted earnings per share for the three months ended March 30, 2017. |
|
|
|
National CineMedia, Inc.
INVESTOR CONTACT:
Ted Watson, 800-844-0935
investors@ncm.com
or
MEDIA CONTACT:
Amy Jane Finnerty, 212-931-8117
amy.finnerty@ncm.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20180507005352/en/