Regal entertainment group reports results for fiscal first quarter
2011 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 first quarter 2011 results. total revenues for the first quarter ended march 31, 2011 were $570.9 million compared to total revenues of $719.8 million for the first quarter ended april 1, 2010. net income (loss) attributable to controlling interest was $(23.6) million in the first quarter of 2011 compared to $16.5 million in the first quarter of 2010. diluted earnings (loss) per share was $(0.15) for the first quarter of 2011 compared to $0.11 for the first quarter of 2010. adjusted diluted earnings (loss) per share(1) was $(0.04) for the first quarter of 2011 compared to $0.16 for the first quarter of 2010. adjusted ebitda(3) was $83.9 million for the first quarter of 2011 and $135.1 million for the first quarter of 2010. 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 $0.21 per class a and class b common share, payable on june 15, 2011, to stockholders of record on june 3, 2011. 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 first quarter box office environment we were pleased to complete a refinancing of our senior credit facility, the creation of open road films and dcip’s second round of financing for our rollout of digital cinema,” stated amy miles, ceo of regal entertainment group. “we are excited about the future opportunities created by these transactions and by the films scheduled for release during the upcoming summer movie season,” continued miles. 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 2010 annual report on form 10-k filed with the securities and exchange commission on february 28, 2011. 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 first quarter 2011 results on april 28, 2011 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 web site: 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 web site 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 account #286 and conference call id #360937. in addition, this press release and other pertinent statistical and financial information are available in the investor relations section of the company's web site: www.regmovies.com. about regal entertainment group:regal entertainment group (nyse: rgc) is the largest motion picture exhibitor in the united states. the company's theatre circuit, comprising regal cinemas, united artists theatres and edwards theatres, operates 6,670 screens in 535 locations in 37 states and the district of columbia. regal operates theatres in 43 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 web site at www.regmovies.com. regal entertainment groupconsolidated statements of income (loss) informationfor the fiscal quarters ended 3/31/11 and 4/1/10(in millions, except per share data)(unaudited) april 1, 2010 16.8 15.9 net income (loss) attributable to controlling interest outstanding(2) consolidated summary balance sheet information(dollars in millions)(unaudited) dec. 30, 2010 operating data(unaudited) april 1, 2010 reconciliation of ebitda to net cash provided by operating activities(dollars in millions)(unaudited) april 1, 2010 reconciliation of ebitda to adjusted ebitda(dollars in millions)(unaudited) april 1, 2010 reconciliation of net cash provided by operating activities to free cash flow(dollars in millions)(unaudited) april 1, 2010 reconciliation to diluted earnings (loss) per share and net income (loss) attributable to controlling interest(dollars in millions, except per share data)(unaudited) april 1, 2010 outstanding(2) adjusted diluted earnings (loss) per share(1) represents reported weighted average number of diluted shares outstanding for purposes of computing diluted earnings
