National CineMedia Inc. Reports Results for Fiscal Q1/16
Gail Chiasson, North American Editor
Centennial, Colorado-based National CineMedia Inc., the managing member and owner of 43.6% of National CineMedia LLC, operator of the largest in-theatre digital media network in North America, has announced consolidated results for the fiscal first quarter ended March 31, 2016.
Total revenue for the first quarter ended March 31, 2016, decreased 0.9% to $76.2 million from $76.9 million for the comparable quarter last year. Adjusted OIBDA decreased 13.4% to $24.0 million for the first quarter of 2016 from $27.7 million for the first quarter of 2015. Net loss for the first quarter of 2016 was $4.3 million, compared to a net loss of $9.0 million.
The Company announced today that its Board of Directors has authorized the Company’s regular quarterly cash dividend of $0.22 per share of common stock. The dividend will be paid on June 2, 2016, to stockholders of record on May 19, 2016.
Commenting on the company’s Q1, 2016, operating results, Andy England, NCM’s CEO said, “I am pleased that we were able to deliver a solid first quarter performance, exceeding the top end of our revenue guidance and achieving the top end of Adjusted OIBDA guidance versus a record first quarter in 2015.
“While shifts in upfront commitments to the second half of the year have subdued performance versus the first half of 2015, we remain confident in our business for the full year.”
For the second quarter of 2016, the Company expects total revenue to be down 3% to 9% and Adjusted OIBDA is expected to be down 7% to 17% from a record second quarter in 2015 that grew revenue and Adjusted OIBDA 22% and 30%, respectively versus the second quarter of 2014. The Company expects total revenue in the range of $111.0 million to $118.0 million during the second quarter of 2016, compared to total revenue for the second quarter of 2015 of $121.5 million and Adjusted OIBDA in the range of $56.0 million to $63.0 million during the second quarter of 2016 compared to Adjusted OIBDA for the second quarter of 2015 of $67.4 million.
For the full year 2016, the Company reaffirms its outlook of total revenue to be up 4% to 6% and Adjusted OIBDA to be up 4% to 8% from the full year 2015. The Company expects total revenue in the range of $463.0 million to $473.0 million for the full year 2016, compared to total revenue for the full year 2015 of $446.5 million and Adjusted OIBDA in the range of $238.0 million to $248.0 million for the full year 2016 compared to Adjusted OIBDA for the full year 2015 of $229.9 million.
Integration payments due from Cinemark and AMC associated with Rave Theatres for the quarter ended March 31, 2016 and April 2, 2015, were $0.1 million and $0.3 million, respectively. The integration payments were recorded as a reduction of an intangible asset.
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