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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