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

The following table reconciles net income and earnings per share as reported to net income and earnings per share excluding non-cash and other items for the periods presented (dollars in millions):

       
Quarter Ended Quarter Ended Year Ended Year Ended
December 27, December 29, December 27, December 29,

2012

2011

2012

2011

Net income (loss) as reported $ (0.5 ) $ 6.7 $ 13.4 $ 31.5
 

Non-cash and other items

Loss on swap terminations - - 26.7 -
Write-off of debt issuance costs and other non-operating 3.4 0.3 5.8 1.7
Impairment on investment - 6.7 - 6.7
Correction of accretion of interest (5.1 ) - (4.3 ) -
Change in derivative fair value 0.8 (1.4 ) 1.0 1.3
Effect of noncontrolling interest (51.4% in 2012 and 51.3% in 2011) (2.2 ) (2.9 ) (17.2 ) (5.0 )
Effect of provision for income taxes (38% effective rate) 1.2 (1.0 ) (4.6 ) (1.8 )
Tax adjustments   11.0       1.3       11.0       1.3  
Total non-cash and other items 9.1 3.0 18.4 4.2
             
Net income excluding non-cash and other items $ 8.6     $ 9.7     $ 31.8     $ 35.7  
 
Weighted Average Shares Outstanding as reported
Basic 54,473,708 53,928,778 54,377,135 53,864,243
Diluted 55,202,174 54,781,116 55,026,771 54,634,697
 
Weighted Average Shares Outstanding as adjusted
Basic 54,473,708 53,928,778 54,377,135 53,864,243
Diluted 55,202,174 54,781,116 55,026,771 54,634,697
 
Basic earnings (loss) per share as reported $ (0.01 ) $ 0.12 $ 0.25 $ 0.58
Net effect of non-cash and other items   0.17       0.06       0.34       0.08  
Basic earnings per share excluding non-cash and other items $ 0.16     $ 0.18     $ 0.59     $ 0.66  
 
Diluted earnings (loss) per share as reported $ (0.01 ) $ 0.12 $ 0.24 $ 0.58
Net effect of non-cash and other items   0.17       0.06       0.34       0.07  
Diluted earnings per share excluding non-cash and other items $ 0.16     $ 0.18     $ 0.58     $ 0.65  
 




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