National CineMedia, Inc. Reports Results For Fiscal Fourth Quarter And Full Year 2012

The following table reconciles operating income to OIBDA and Adjusted OIBDA for the periods presented (dollars in millions):

		Quarter				Quarter				Year				Year
		Ended				Ended				Ended				Ended
		December 27,				December 29,				December 27,				December 29,
		2012				2011				2012				2011
Operating income		$	51.4			$	54.5			$	191.8			$	193.7
Depreciation and amortization			5.5				4.8				20.4				18.8
OIBDA			56.9				59.3				212.2				212.5
Share-based compensation costs (1)			1.4				3.7				9.0				11.8
Adjusted OIBDA		$	58.3			$	63.0			$	221.2			$	224.3
Total Revenue		$	115.9			$	114.6			$	448.8			$	435.4
Adjusted OIBDA margin			50.3	%			55.0	%			49.3	%			51.5	%
Adjusted OIBDA		$	58.3			$	63.0			$	221.2			$	224.3
Consolidated Theatres Payments			−				−				−				0.7
Adjusted OIBDA after Consolidated Theatres Payments		$	58.3			$	63.0			$	221.2			$	225.0

(1) Share-based payment costs are included in network operations, selling and marketing and administrative expense in the accompanying financial statements.

Outlook (in millions)
		Quarter Ending						Year Ending
		March 28, 2013						December 26, 2013
		Low			High			Low			High
Operating Income		$	17.0		$	19.5		$	193.5		$	201.5
Depreciation and amortization			5.0			6.0			22.5			23.5
OIBDA			22.0			25.2			216.0			225.0
Share-based compensation costs (1)			2.0			2.5			9.0			10.0
Adjusted OIBDA		$	24.0		$	28.0		$	225.0		$	235.0
Total Revenue		$	79.0		$	84.0		$	455.0		$	465.0

(1) Share-based payment costs are included in network operations, selling and marketing and administrative expense in the accompanying financial statements.

Net Income and Earnings per Share Excluding Non-Cash and Other Items

Net income and earnings per share excluding non-cash and other items are not financial measures calculated in accordance with generally accepted accounting principles (GAAP) in the United States. Net income and earnings per share excluding non-cash and other items are calculated using reported net income and earnings per share and the non-cash and other items shown in the below table. These non-GAAP financial measures are used by management as an additional tool to evaluate operating performance. The Company believes these are important supplemental measures of operating performance because they eliminate items that have less bearing on its operating performance and so highlight trends in its core business that may not otherwise be apparent when relying solely on GAAP financial measures. The Company believes the presentation of these measures is relevant and useful for investors because it enables them to view performance in a manner similar to a method used by the Company’s management and helps improve their ability to understand the Company’s operating performance. Net income excluding non-cash and other items should not be regarded as an alternative to net income and should not be regarded as an alternative to earnings per share or as indicators of operating performance, nor should they be considered in isolation of, or as substitutes for financial measures prepared in accordance with GAAP. The Company believes that net income and earnings per share are the most directly comparable GAAP financial measures. Because not all companies use identical calculations, these presentations may not be comparable to other similarly titled measures of other companies.

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