Regal entertainment group reports results for fiscal second quarter
2014 and declares quarterly dividend
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 announced fiscal second quarter 2014 results. total revenues for the second quarter ended june 26, 2014 were $770.3 million compared to total revenues of $842.3 million for the second quarter ended june 27, 2013. net income attributable to controlling interest in the second quarter of 2014 was $33.8 million, which included a $6.6 million after-tax loss on extinguishment of debt, compared to $36.1 million in the second quarter of 2013, which included a $19.4 million after-tax loss on extinguishment of debt. diluted earnings per share was $0.22 for the second quarter of 2014 compared to $0.23 for the second quarter of 2013. adjusted diluted earnings per share(1) was $0.27 for the second quarter of 2014 compared to $0.36 for the second quarter of 2013. adjusted ebitda(3) was $146.6 million for the second quarter of 2014 and $178.2 million for the second quarter of 2013. 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, 2014, to stockholders of record on september 5, 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. “in a challenging summer box office environment, the growth in our average concession sales per patron and our focus on controlling variable costs helped drive adjusted ebitda margin of over 19%,” stated amy miles, ceo of regal entertainment group. “with year-to-date industry box office results on par with last year’s record setting pace and an exciting film slate in the back half of the year, we are optimistic regarding the potential for further box office success in 2014.” 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 second quarter 2014 results on july 24, 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 #13574239. about regal entertainment group: regal entertainment group (nyse: rgc) operates the largest and most geographically diverse theatre circuit in the united states, consisting of 7,349 screens in 574 theatres in 42 states along with the district of columbia, american samoa, guam and saipan as of june 26, 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 for the fiscal quarters and two quarters ended 6/26/14 and 6/27/13 (in millions, except per share data) (unaudited) weighted average number of diluted shares outstanding(2) consolidated summary balance sheet information (dollars in millions) (unaudited) june 26, 2014 december 26, 2013 operating data (unaudited) reconciliation of ebitda to net cash provided by operating activities (dollars in millions) (unaudited) reconciliation of ebitda to adjusted ebitda (dollars in millions) (unaudited) reconciliation of net cash provided by operating activities to free cash flow (dollars in millions) (unaudited) reconciliation of net income attributable to controlling interest to adjusted diluted earnings per share (dollars in millions, except per share data) (unaudited) loss on extinguishment of debt, 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, and net loss on disposal and impairment of operating assets, net of related tax effects weighted average number of diluted shares outstanding(2) ______________________ (1)
