Business
National CineMedia, Inc. Reports Results for Fiscal Third Quarter 2022
Third quarter AOIBDA at top end of guidance and exceeds consensus estimates Upfront advertising tracking towards strong finish at 85% of the historical
About this update from National Cinemedia, Inc.
[{"type":"text","content":"\nThird quarter AOIBDA at top end of guidance and exceeds consensus estimates\n\nUpfront advertising tracking towards strong finish at 85% of the historical average\n\n CENTENNIAL, Colo.--(BUSINESS WIRE)--\nNational CineMedia, Inc. (NASDAQ: NCMI) (the Company), the managing member and owner of 47.5% 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 third quarter ended September 29, 2022.\n\nQ3 2022 Results\n\nTotal revenue for the third quarter ended September 29, 2022 increased 71.9% to $54.5 million as compared to $31.7 million for the comparable quarter last year. Operating loss improved to $4.2 million for the third quarter of 2022 from operating loss of $18.7 million for the third quarter of 2021. Adjusted OIBDA, a non-GAAP measure, improved to $7.0 million for the third quarter of 2022 from negative $8.2 million for the third quarter of 2021. Net loss for the third quarter of 2022 was $8.9 million, or $0.11 per diluted share, compared to net loss of $15.2 million, or $0.19 per diluted share, for the third quarter of 2021. As adjusted to exclude the loss on the re-measurement of the payable to founding members under the tax receivable agreement and advisor fees related to the Cineworld proceeding, net loss per diluted share for the quarter ended September 29, 2022 would have decreased to $0.13 per diluted share and net loss per diluted share for the quarter ended September 30, 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 nine months ended September 29, 2022 increased 208.2% to $157.5 million as compared to $51.1 million for the nine months ended September 30, 2021. Operating loss improved to $21.2 million for the nine months ended September 29, 2022 from $76.6 million for the nine months ended September 30, 2021. Adjusted OIBDA, a non-GAAP measure, improved to $15.2 million for the nine months ended September 29, 2022 from negative $43.1 million for the nine months ended September 30, 2021. Net loss for the nine months ended September 29, 2022 was $34.8 million, or $0.43 per diluted share, ...