Business
National CineMedia, Inc. Reports Results for Fiscal First Quarter 2022
First Quarter Revenue Exceeds Management Guidance Company Encouraged with the Increase in Advertising Demand Following Recent Box Office Success and Upfront
About this update from National Cinemedia, Inc.
[{"type":"text","content":"\nFirst Quarter Revenue Exceeds Management Guidance\n\nCompany Encouraged with the Increase in Advertising Demand Following Recent Box Office Success and Upfront Presentations\n\n CENTENNIAL, Colo.--(BUSINESS WIRE)--\nNational CineMedia, Inc. (NASDAQ: NCMI) (the Company), the managing member and owner of 47.4% 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 31, 2022.\n\nQ1 2022 Results\n\nTotal revenue for the first quarter ended March 31, 2022 increased 564.8% to $35.9 million as compared to $5.4 million for the comparable quarter last year. Operating loss improved to $22.5 million for the first quarter of 2022 from $28.3 million for the first quarter of 2021. Adjusted OIBDA, a non-GAAP measure, improved to negative $6.8 million for the first quarter of 2022 from negative $16.2 million for the first quarter of 2021. Net loss for the first quarter of 2022 was $25.2 million, or $0.31 per diluted share, compared to net loss of $19.4 million, or $0.25 per diluted share, for the first quarter of 2021. As adjusted to exclude the impairment of long-lived assets, loss on the re-measurement of the payable to founding members under the tax receivable agreement and sales force reorganization costs, net loss per diluted share for the first quarter ended March 31, 2022 would have decreased to $0.20 per share and net loss per diluted share for the first quarter ended March 30, 2021 would have increased to $0.27 per share. Adjusted OIBDA, adjusted net loss and adjusted loss per share are non-GAAP measures. See the tables at the end of this release for the reconciliations to the closest GAAP basis measurements.\n\nCOVID-19 Pandemic\n\nAll of the theaters within our network are open and an increasing number of major motion pictures have been released during the fourth quarter of 2021 and the first quarter of 2022, resulting in the highest attendance numbers within our network since the start of the COVID-19 pandemic. While network attendance increased substantially, it remained below historical first quarter levels due primarily to an approximate 57% decrease in the number of films released versus the first quarter of 2019. Fewer films and lower overall industry attendance resulted in l...