EPS of $0.07 beats by $0.02 Revenue of $716M (- 11.8% Y/Y) beats by $9.52M
Regal Entertainment Group (RGC) (NYSE: RGC), a leading motion picture exhibitor, today announced third quarter 2017 results.
Total revenues for the third quarter ended September 30, 2017 were $716.0 million compared to total revenues of $811.5 million for the third quarter ended September 30, 2016. Net income attributable to controlling interest in the third quarter of 2017, which included a $10.7 million after-tax gain on the sale of our investment in Open Road Films, was $11.4 million compared to $42.3 million in the third quarter of 2016. Diluted earnings per share(1) was $0.07 for the third quarter of 2017 compared to $0.27 for the third quarter of 2016. Adjusted diluted earnings per share(1) was $0.07 for the third quarter of 2017 compared to $0.29 for the third quarter of 2016. Net cash provided by operating activities was $47.8 million for the third quarter of 2017 and $9.1 million for the third quarter of 2016. Adjusted EBITDA(3) was $104.4 million for the third quarter of 2017 and $155.9 million for the third 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 December 15, 2017, to stockholders of record on December 4, 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.
“In a challenging third quarter box office environment, we were pleased that our ongoing focus on customer amenities had a positive impact on our market share and operating metrics, including significant growth in both average ticket price and concession sales per patron,” stated Amy Miles, CEO of Regal Entertainment Group. “Looking ahead, we are optimistic regarding the potential for box office success during the upcoming holiday season and throughout 2018,” Miles continued.
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 7,315 screens in 561 theatres in 43 states along with Guam, Saipan, American Samoa and the District of Columbia as of September 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.