Regal Entertainment Group (RGC), a leading motion picture exhibitor, today announced second quarter 2017 results.
Total revenues for the second quarter ended June 30, 2017 were $764.2 million compared to total revenues of $785.9 million for the second quarter ended June 30, 2016. Net income attributable to controlling interest in the second quarter of 2017 was $23.6 million compared to $33.5 million in the second quarter of 2016. Diluted earnings per share(1) was $0.15 for the second quarter of 2017 compared to $0.21 for the second quarter of 2016. Adjusted diluted earnings per share(1) was $0.16 for the second quarter of 2017 compared to $0.23 for the second quarter of 2016. Net cash provided by (used in) operating activities was $(41.8) million for the second quarter of 2017 and $58.0 million for the second quarter of 2016. Adjusted EBITDA(3)was $135.5 million for the second quarter of 2017 and $137.7 million for the second quarter of 2016. Reconciliations of non-GAAP financial measures are provided in the financial schedules accompanying this press release.
Regal’s Board of Directors also today declared a cash dividend of $0.22 per Class A and Class B common share, payable on September 15, 2017, to stockholders of record on September 5, 2017. The Company intends to pay a regular quarterly dividend for the foreseeable future at the discretion of the Board of Directors depending on available cash, anticipated cash needs, overall financial condition, loan agreement restrictions, future prospects for earnings and cash flows as well as other relevant factors.
“Both our ongoing seating and concession initiatives and our acquisition of 134 high quality screens had a positive impact on our operating results in the second quarter, including record highs in average ticket price and concession sales per patron,” stated Amy Miles, CEO of Regal Entertainment Group. “With year-to-date industry box office revenue in line with last year’s record total and an exciting film slate yet to come in the back half of the year, we remain optimistic regarding the potential for box office success in 2017.”
Forward-looking Statements:
This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements included herein, other than statements of historical fact, may constitute forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Important factors that could cause actual results to differ materially from the Company’s expectations are disclosed in the risk factors contained in the Company’s 2016 Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 27, 2017. All forward-looking statements are expressly qualified in their entirety by such factors.
Conference Call:
Regal Entertainment Group management will conduct a conference call to discuss second quarter 2017 results on July 26, 2017 at 4:30 p.m. (Eastern Time). Interested parties can listen to the call live on the Internet (HHH) through the Investor Relations section of the Company’s website: www.REGmovies.com or by dialing 877-407-0778 (Domestic) and 201-689-8565 (International). Please dial in to the call at least 5-10 minutes prior to the start of the call or go to the website at least 15 minutes prior to the call to download and install any necessary audio software. When prompted, ask for the Regal Entertainment Group conference call. A replay of the call will be available beginning approximately two hours following the call. Those interested in listening to the replay of the conference call should dial 877-481-4010 (Domestic) or 919-882-2331 (International) and enter conference call ID #10180.
About Regal Entertainment Group:
Regal Entertainment Group (NYSE: RGC) operates one of the largest and most geographically diverse theatre circuits in the United States, consisting of 7,379 screens in 566 theatres in 43 states along with Guam, Saipan, American Samoa and the District of Columbia as of June 30, 2017. The Company operates theatres in 48 of the top 50 U.S. designated market areas. We believe that the size, reach and quality of the Company’s theatre circuit not only provide its patrons with a convenient and enjoyable movie-going experience, but is also an exceptional platform to realize economies of scale in theatre operations.
Additional information is available on the Company’s website at www.REGmovies.com.