Business
National CineMedia, Inc. Reports Results for Fiscal Second Quarter 2024
Revenue of $54.7 million exceeds guidance Advertising revenue per attendee reaches $0.56, surpassing 2019 levels National advertising revenue per attendee up
About this update from National Cinemedia, Inc.
[{"type":"text","content":"\nRevenue of $54.7 million exceeds guidance\n\n\nAdvertising revenue per attendee reaches $0.56, surpassing 2019 levels\n\n\nNational advertising revenue per attendee up 37% 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 approximately 100% 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 second quarter ended June 27, 2024.\n\n\n“The second quarter of 2024 highlighted our continued strong performance across the key metrics of inventory utilization and monetization, with advertising revenue per attendee reaching $0.56, marking the highest second quarter advertising revenue per attendee since 2017,” said Tom Lesinski, CEO of NCM. “NCM’s industry-leading platform continues to outperform the box office recovery, as category-leading advertisers turn to NCM to reach young, diverse audiences at an unmatched scale. As we look toward the strong slate ahead in the second half of the year and into 2025, we are confident in the box office’s resurgence and in NCM’s ability to capitalize on this momentum.”\n\n\nQ2 2024 NCM LLC Results1\n\n\nTotal revenue for the second quarter ended June 27, 2024 decreased 15.1% to $54.7 million as compared to $64.4 million for the second quarter of 2023. Operating loss increased to $9.3 million for the second quarter of 2024 from $2.2 million for the second quarter of 2023. Adjusted OIBDA, a non-GAAP measure, decreased to $7.6 million for the second quarter of 2024 from $12.5 million for the second quarter of 2023, as adjusted to exclude workforce reorganization costs, satellite transition 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. See the table at the end of this release for the reconciliation to the closest GAAP basis measurement.\n\n\nTotal revenue for the six months ended June 27, 2024 decreased 7.3% to $92.1 million as compared to $99.3 million for the six months ended June 29, 2023. Operating loss decreased to $32.0 million for the six months ended June 27, 2024 from $32.8 millio...