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National Cinemedia Q2 Revenue Up 11.5% Over Q2 2012

It’s good news for stockholders of National CineMedia [1], who will receive a dividend in late August.

Centennial, Colorado-based National CineMedia Inc., managing member and owner of 45.1% of National CineMedia LLC, operator of the largest digital in-theatre network in North America, this week announced consolidated results for the fiscal second quarter ended June 27, 2013, showing that total revenue for Q2, 2013, increased 11.5% to $122.8 million from $110.1 million for the comparable quarter last year.

ncm.logo [2]Advertising revenue for Q2, 2013, was $116.9 million, an increase of 15.4% from $101.3 million for the comparable quarter last year.

Fathom Events revenue decreased 33.0% to $5.9 million for second quarter 2013 from $8.8 million for the comparable quarter last year. Adjusted OIBDA increased 24.9% to $66.2 million for the second quarter 2013 from $53.0 million for the comparable quarter last year. Net income for Q2, 2013, was $9.5 million, or $0.17 per diluted share, compared to a net loss of $1.9 million, or $0.03 per diluted share for the second quarter of 2012.

Excluding the charges for derivative related items, swap terminations and write-off of debt issuance costs, net income for the second quarter of 2013 would have been $10.7 million, or $0.19 per diluted share, compared to $6.9 million, or $0.13per diluted share for the second quarter of 2012.

For the six months ended June 27, 2013, total revenue increased 8.4% to $205.0 million compared to $189.2 million for the six months ended June 28, 2012. Advertising revenue for the six months ended June 27, 2013 was $190.6 million, an increase of 13.7% from $167.6 million for the comparable period last year.

Fathom Events revenue decreased 33.3% to $14.4 million for the six months ended June 27, 2013 from $21.6 million for the comparable period last year. For the six months ended June 27, 2013, Adjusted OIBDA increased 22.5% to $95.3 million from $77.8 million for the comparable period in 2012. Net income for the six months ended June 27, 2013 was $8.5 million, or $0.15 per diluted share, compared to net loss of $2.8 million, or $0.05 per diluted share for the comparable six month period of 2012. Excluding the charges for derivative related items, swap terminations and write-off of debt issuance costs, net income for the first half of 2013 would have been$10.3 million, or $0.19 per diluted share, compared to $5.9 million, or $0.11 per diluted share for the first half of 2012.

With these results, the company announced that its Board of Directors has authorized the Company’s second quarter cash dividend of $0.22 per share of common stock. The dividend will be paid on August 29, 2013, to stockholders of record on August 15, 2013. The Company plans to pay a regular quarterly dividend for the foreseeable future at the discretion of the Board of Directors dependent on available cash, anticipated cash needs, overall financial condition, future prospects for earnings and cash flows as well as other relevant factors.

“Our record Q2 reflected the continued growth of our national and local advertising businesses that benefited from the continued success of our strategies to broaden our client base and digital theatre network,” says Kurt Hall, NCM’s chairman and CEO. “We also benefited from operating margin improvements resulting from the operating leverage inherent in our business model, tight cost controls and several theatre acquisitions by our founding member circuits. With the strength of our first half and strong proposal activity for the second half, we also appear to be benefiting from the steady economic recovery and the impact on the broader media marketplace of increasing DVR adoption and programming fragmentation, making the selling proposition of our expanding national network and engaging theatre environment stronger than ever.”