Regal entertainment group reports results for fiscal third quarter
2014, declares quarterly dividend and special cash dividend and
announces exploration of strategic alternatives
Knoxville, tenn.--(business wire)--regal entertainment group (nyse: rgc), a leading motion picture exhibitor owning and operating the largest theatre circuit in the united states, today reported fiscal third quarter 2014 results. total revenues for the third quarter ended september 25, 2014 were $693.8 million compared to total revenues of $813.1 million for the third quarter ended september 26, 2013. net income attributable to controlling interest in the third quarter of 2014, was $26.7 million compared to $75.1 million in the third quarter of 2013. diluted earnings per share was $0.17 for the third quarter of 2014 compared to $0.48 for the third quarter of 2013. adjusted diluted earnings per share(1) was $0.18 for the third quarter of 2014 compared to $0.38 for the third quarter of 2013. adjusted ebitda(3) was $122.1 million for the third quarter of 2014 compared to $177.3 million for the third quarter of 2013. reconciliations of non-gaap financial measures are provided in the financial schedules accompanying this press release. regal’s board of directors today declared both a quarterly cash dividend of $0.22 and a special cash dividend of $1.00 per class a and class b common share, each payable on december 15, 2014, to stockholders of record on december 4, 2014. 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. the company also announced today that its board of directors has authorized the exploration of strategic alternatives to enhance shareholder value, which may include a potential sale of the company. while the board of directors has great confidence in the company’s management team and its strategic plan, the combination of regal’s continued strong performance and attractive industry dynamics has led the board to conclude that this is an opportune time to conduct a thorough review of options. “commitment to delivering shareholder value has been the cornerstone of our strategy for many years and we believe today’s announcement along with the declaration of our sixth special dividend clearly demonstrate that commitment,” 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 2015,” miles continued. the board of directors has retained morgan stanley & co. llc, inc. as its financial advisor to assist in the review process. the company has not set a definitive timetable for completing its exploration of strategic alternatives and there can be no assurance that the process will result in any specific outcome. the company does not intend to disclose further developments during this process, unless and until its board of directors approves a specific course of action or otherwise concludes the review. 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 2013 annual report on form 10-k filed with the securities and exchange commission on february 24, 2014. 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 third quarter 2014 results on october 27, 2014 at 4:30 p.m. (eastern time). interested parties can listen to the call live on the internet 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 877-660-6853 (domestic) or 201-612-7415 (international) and enter conference call id #13574241. about regal entertainment group regal entertainment group (nyse: rgc) operates the largest and most geographically diverse theatre circuit in the united states, consisting of 7,347 screens in 573 theatres in 42 states along with the district of columbia, american samoa, guam and saipan as of september 25, 2014. the company operates theatres in 46 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. regal entertainment group consolidated statements of income information (in millions, except per share data) (unaudited) weighted average number of diluted shares outstanding(2) (dollars in millions) (unaudited) sept. 25, 2014 december 26, 2013 total stockholders’ deficit of regal entertainment group (unaudited) (dollars in millions) (unaudited) (dollars in millions) (unaudited) (dollars in millions) (unaudited) (dollars in millions, except per share data) (unaudited) loss on extinguishment of debt, net of related tax effects net loss on disposal and impairment of operating assets, net of related tax effects net income attributable to controlling interest, excluding loss on extinguishment of debt, net of related tax effects, gain on sale of available for sale securities, net of related tax effects, gain on sale of ncm, inc. common stock, net of related tax effects, and net loss on disposal and impairment of operating assets, net of related tax effects weighted average number of diluted shares outstanding(2) __________________________ (1)
