Regal entertainment group reports results for second quarter 2016 and
declares quarterly dividend
Knoxville, tenn.--(business wire)--regal entertainment group (nyse: rgc), a leading motion picture exhibitor, today announced second quarter 2016 results. total revenues for the second quarter ended june 30, 2016 were $785.9 million compared to total revenues of $862.8 million for the second quarter ended june 30, 2015. net income attributable to controlling interest in the second quarter of 2016 was $33.5 million, which included a $0.9 million after-tax loss on extinguishment of debt, compared to $53.4 million in the second quarter of 2015, which included a $3.6 million after-tax loss on extinguishment of debt. diluted earnings per share(1) was $0.21 for the second quarter of 2016 compared to $0.34 for the second quarter of 2015. adjusted diluted earnings per share(1) was $0.23 for the second quarter of 2016 compared to $0.38 for the second quarter of 2015. net cash provided by operating activities(4) was $58.0 million for the second quarter of 2016 and $187.7 million for the second quarter of 2015. adjusted ebitda(4) was $137.7 million for the second quarter of 2016 and $177.3 million for the second quarter of 2015. 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, 2016, to stockholders of record on september 2, 2016. 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 second quarter box office environment, we were pleased that our ongoing seating and concession initiatives had a positive impact on our operating metrics including new record highs in both average ticket price and concession sales per patron,” stated amy miles, ceo of regal entertainment group. “with year-to-date industry box office results slightly ahead of last year’s record setting pace and an exciting film slate in the back half of the year, we remain optimistic regarding the potential for box office success in 2016.” 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 2015 annual report on form 10-k filed with the securities and exchange commission on february 29, 2016. 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 2016 results on july 26, 2016 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 # 13625454. 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 7,307 screens in 564 theatres in 42 states along with guam, saipan, american samoa and the district of columbia as of june 30, 2016. 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. (in millions, except per share data) (unaudited) adjusted diluted earnings per share(1) weighted average number of diluted shares outstanding(2) (dollars in millions) (unaudited) june 30, 2016 december 31, 2015 (unaudited) (dollars in millions) (unaudited) (dollars in millions) (unaudited) noncontrolling interest, net of tax and equity in income of non-consolidated entities and other, net (dollars in millions) (unaudited) (0.3 ) (dollars in millions, except per share data) (unaudited) loss on extinguishment of debt, net of related tax effects of $0.6 for the quarter and two quarters ended june 30, 2016, and $2.1 for the quarter and two quarters ended june 30, 2015 gain on sale of available for sale securities, net of tax ― ― (0.6 ) ― net loss on disposal and impairment of operating assets and other, net of related tax effects of $0.6 and $1.5 for the quarters ended june 30, 2016 and june 30, 2015, respectively, and $2.3 for the two quarters ended june 30, 2016 and june 30, 2015 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 and other, net of related tax effects 78.0 weighted average number of diluted shares outstanding(2) _________________________ (1) diluted earnings per share is net income attributable to controlling interest divided by weighted average number of diluted shares outstanding. we have included adjusted diluted earnings per share, which is diluted earnings per share excluding loss on extinguishment of debt, net of related tax effects and gain on sale of available for sale securities, net of tax effects, and net loss on disposal and impairment of operating assets and other, net of related tax effects, because we believe it provides investors with a useful industry comparative and is a financial measure used by management to assess the performance of our company.
