Business
National CineMedia, Inc. Reports Results for Fiscal Second Quarter 2022
Second Quarter Revenue and AOIBDA exceeds Consensus Estimates Management guides to first full year of positive AOIBDA since the pandemic began CENTENNIAL,
About this update from National Cinemedia, Inc.
[{"type":"text","content":"\nSecond Quarter Revenue and AOIBDA exceeds Consensus Estimates\n\nManagement guides to first full year of positive AOIBDA since the pandemic began\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 second quarter ended June 30, 2022.\n\nQ2 2022 Results\n\nTotal revenue for the second quarter ended June 30, 2022 increased 379.3% to $67.1 million as compared to $14.0 million for the comparable quarter last year. Operating income improved to $5.6 million for the second quarter of 2022 from operating loss of $29.6 million for the second quarter of 2021. Adjusted OIBDA, a non-GAAP measure, improved to $15.1 million for the second quarter of 2022 from negative $18.7 million for the second quarter of 2021. Net loss for the second quarter of 2022 was $0.7 million, or $0.01 per diluted share, compared to net loss of $22.7 million, or $0.28 per diluted share, for the second quarter of 2021. As adjusted to exclude the loss on the re-measurement of the payable to founding members under the tax receivable agreement, net loss per diluted share for the quarters ended June 30, 2022 and July 1, 2021, would have remained the same. 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\nTotal revenue for the six months ended June 30, 2022 increased 430.9% to $103.0 million as compared to $19.4 million for the six months ended July 1, 2021. Operating loss improved to $16.9 million for the six months ended June 30, 2022 from $57.9 million for the six months ended July 1, 2021. Adjusted OIBDA, a non-GAAP measure, improved to $8.2 million for the six months ended June 30, 2022 from negative $34.9 million for the six months ended July 1, 2021. Net loss for the six months ended June 30, 2022 was $25.9 million, or $0.32 per diluted share, compared to net loss of $42.1 million, or $0.53 per diluted share, for the six months ended July 1, 2021. As adjusted to exclude the impairment of long-lived assets, loss on the re-measurement of the payable to founding ...