Business
National CineMedia, Inc. Reports Results for Fiscal First Quarter 2020
Announced Quarterly Cash Dividend of $0.07 per Share Withdraws Full Year 2020 Outlook Amends Credit Facility CENTENNIAL, Colo.--(BUSINESS WIRE)-- National
About this update from National Cinemedia, Inc.
[{"type":"text","content":"\nAnnounced Quarterly Cash Dividend of $0.07 per Share\nWithdraws Full Year 2020 Outlook\nAmends Credit Facility\n\n CENTENNIAL, Colo.--(BUSINESS WIRE)--\nNational CineMedia, Inc. (NASDAQ: NCMI) (the Company), the managing member and owner of 48.0% of National CineMedia, LLC (NCM LLC), the operator of the largest cinema advertising network reaching movie audiences in the U.S., announced today consolidated results for the fiscal first quarter ended March 26, 2020.\n\n\nBeginning in mid-March 2020, all of the theater circuits in the Company's network announced that their theaters would be temporarily closed to address the COVID-19 pandemic. Several major motion picture releases were delayed until later in 2020 or 2021 and some other studios shortened the “release window” between the release of motion pictures in theaters and an alternative delivery method or released motion pictures directly to alternative delivery methods bypassing the theater entirely. The results of the first quarter of 2020 were significantly impacted by these temporary closures as theater attendance was less than expected beginning in March, initially as the public was told to practice social distancing, and then further when theaters were closed following stay at home orders issued by state and local governments. As of the date of this press release, almost all theaters remain closed across the United States.\n\n\nQ1 2020 Results\n\n\nTotal revenue for the first quarter ended March 26, 2020 decreased 15.9% to $64.7 million as compared to $76.9 million for the comparable quarter last year. Operating income decreased 55.0% to $4.9 million for the first quarter of 2020 from $10.9 million for the first quarter of 2019. Adjusted OIBDA decreased 34.8% to $14.4 million for the first quarter of 2020 from $22.1 million for the first quarter of 2019. Net loss for the first quarter of 2020 was $3.7 million, or $0.05 per diluted share, compared to net loss of $1.1 million, or $0.01 per diluted share, for the first quarter of 2019. See the tables at the end of this release for the reconciliations to the closest GAAP basis measurement.\n\n\nCOVID-19 Pandemic and Related Liquidity Measures\n\n\nIn March 2020, NCM LLC drew down an additional $110.0 million on its revolving credit facility increasing the Company’s cash and marketable securities balance to $215.3 million as o...