Business
National CineMedia, Inc. Reports Results for Fiscal Fourth Quarter and Full Year 2019
Announced Increase in Quarterly Cash Dividend to $0.19 per Share Provides Full Year 2020 Outlook CENTENNIAL, Colo.--(BUSINESS WIRE)-- National CineMedia,
About this update from National Cinemedia, Inc.
[{"type":"text","content":"\nAnnounced Increase in Quarterly Cash Dividend to $0.19 per Share\nProvides Full Year 2020 Outlook\n\n CENTENNIAL, Colo.--(BUSINESS WIRE)--\nNational 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 cinema advertising network reaching movie audiences in North America, announced today consolidated results for the fiscal fourth quarter and year ended December 26, 2019.\n\n\nTotal revenue for the fourth quarter ended December 26, 2019 increased 7.1% to $147.2 million resulting in a record quarter for advertising revenue as compared to $137.4 million for the comparable quarter last year. Operating income increased 19.6% to $72.7 million for the fourth quarter of 2019 from $60.8 million for the fourth quarter of 2018. Adjusted OIBDA increased 9.6% to $83.5 million for the fourth quarter of 2019 from $76.2 million for the fourth quarter of 2018. Net income for the fourth quarter of 2019 was $19.1 million, or $0.24 per diluted share, compared to net income of $16.3 million, or $0.21 per diluted share, for the fourth quarter of 2018. As adjusted to exclude CEO transition-related costs, net income per share for the fourth quarter of 2019 would have remained the same and net income per share for the fourth quarter of 2018 would have increased to $0.23. See the tables at the end of this release for the reconciliations to the closest GAAP basis measurement.\n\n\nTotal revenue for the year ended December 26, 2019 increased 0.8% to $444.8 million from $441.4 million for the year ended 2018. Operating income increased 4.5% to $161.3 million for the year ended 2019 from $154.3 million for the year ended 2018. Adjusted OIBDA increased 1.0% to $207.5 million for the year ended 2019 from $205.4 million for the year ended 2018. Included in Adjusted OIBDA and operating income were $2.0 million and $0.4 million of non-cash impairment charges during the years ended 2019 and 2018, respectively, on investments obtained in prior years in exchange for advertising services. Net income for the year ended 2019 was $36.1 million, or $0.46 per diluted share, compared to net income of $29.8 million, or $0.37 per diluted share, for the year ended 2018. As adjusted to exclude CEO transition-related costs, net income per share in 2019 would have increased to $0.4...