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National CineMedia, Inc. Reports Results For Fiscal Second Quarter

The following table reconciles net income (loss) and earnings (loss) per share as reported to net income excluding the loss on swap terminations and the write-off of debt issuance costs and earnings per share excluding the loss on swap terminations and the write-off of debt issuance costs for the periods presented (dollars in millions):

      Quarter       Quarter       Six Months       Six Months
Ended Ended Ended Ended
June 28, 2012 June 30, 2011 June 28, 2012 July 30, 2011
Net (Loss) Income as reported $ (1.9 ) $ 9.0 $ (2.8 ) $ 8.0
 
Loss on swap terminations 26.7 - 26.7 -
Write-off of debt issuance costs 2.5 - 2.5 -
Effect of noncontrolling interest (51.4% and 51.3%, respectively) (15.0 ) - (15.0 ) -
Effect of provision for income taxes (38% effective rate)   (5.4 )         -         (5.4 )         -

Net effect of loss on swap terminations and write-off ofdebt issuance costs
8.8 - 8.8 -
                         

Net income excluding loss on swap terminations and  write-off of debt issuance costs
$ 6.9         $ 9.0       $ 6.0         $ 8.0
 
Weighted Average Shares Outstanding as reported
Basic 54,442,398 53,912,351 54,291,816 53,801,768
Diluted 54,442,398 54,814,211 54,291,816 54,674,293
 
Weighted Average Shares Outstanding as adjusted

 
Basic 54,442,398 53,912,351 54,291,816 53,801,768
Diluted 55,051,319 54,814,211 54,951,208 54,674,293
 
Basic earnings per share as reported $ (0.03 ) $ 0.17 $ (0.05 ) $ 0.15
Net effect of loss on swap terminations and write-off of debt issuance costs   0.16           -         0.16           -

Basic earnings per share excluding loss on swap  terminations and write-off of debt issuance costs
$ 0.13         $ 0.17       $ 0.11         $ 0.15
 
Diluted earnings per share as reported $ (0.03 ) $ 0.16 $ (0.05 ) $ 0.15

Net effect of loss on swap terminations and write-off ofdebt issuance costs
  0.16           -         0.16           -

Diluted earnings per share excluding loss on swap  terminations and write-off of debt issuance costs
$ 0.13         $ 0.16       $ 0.11         $ 0.15
 

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