Business
National CineMedia, Inc. Reports Results for Fiscal First Quarter 2024
Total revenue per attendee up 26% year-over-year Upfront revenue up 16% and scatter revenue doubled year-over-year CENTENNIAL, Colo.--(BUSINESS WIRE)--
About this update from National Cinemedia, Inc.
[{"type":"text","content":"\nTotal revenue per attendee up 26% year-over-year\n\n\nUpfront revenue up 16% and scatter revenue doubled year-over-year\n\n\n CENTENNIAL, Colo.--(BUSINESS WIRE)--\nNational CineMedia, Inc. (NASDAQ: NCMI) (“the Company” or “NCM”), the managing member and owner of 100.0% of National CineMedia, LLC (NCM LLC), the operator of the largest cinema advertising network reaching movie audiences in the U.S., today announced its consolidated results for the fiscal first quarter ended March 28, 2024.\n\n\n“The first quarter of 2024 yet again proved the resilience of our industry-leading platform with strong performance across both the upfront and scatter marketplaces,” said Tom Lesinski, CEO of NCM. “Our revenue increased 7.2% compared to the prior period, representing the highest first quarter since the pandemic and demonstrating the continued appeal of our premium video advertising solutions. We generated our highest free cash flow in the last 15 quarters which, combined with our previously announced $100 million share repurchase program, provides us with several pathways to create value for our shareholders.”\n\n\nQ1 2024 Results\n\n\nTotal revenue for the first quarter, ended March 28, 2024, increased 7.2% to $37.4 million as compared to $34.9 million for the comparable quarter last year. Operating loss improved to $22.7 million for the first quarter of 2024 from operating loss of $30.6 million for the first quarter of 2023. Adjusted OIBDA, a non-GAAP measure, improved to negative $5.7 million for the first quarter of 2024 from negative $10.9 million for the first quarter of 2023. Net loss for the first quarter of 2024 was $34.7 million, or negative $0.36 per diluted share, compared to net loss of $45.5 million, or negative $3.13 per diluted share, for the first quarter of 2023. As adjusted to exclude the loss on the re-measurement of the payable to ESA Parties under the tax receivable agreement, workforce reorganization costs and legal and advisor fees related to the Cineworld proceeding and NCM LLC’s Chapter 11 case, each as previously reported and described in the Company’s public filings made with the U.S. Securities and Exchange Commission, net loss per diluted share for the quarter, ended March 28, 2024, would have decreased to negative $0.19 per diluted share and net loss per diluted share for the quarter, ended March 30, 2023, ...